All-In

Jensen Huang × President Trump

Jensen Huang cites failed forecasts on radiology, AI-generated code and entry-level jobs to challenge doomsday narratives, while arguing that AI incidents so far call for root-cause engineering and independent evaluation rather than sweeping regulation.With 80% of AI-native companies receiving $400 billion in recent venture funding using open models, NVIDIA is building infrastructure bottlenecks as Jensen predicts China will reach advanced lithography by 2030, leaving commercialization, lab controls and data-center execution to monitor.

Jason Calacanis × Pat Gelsinger × Anton Osika

Pat Gelsinger attributes Intel’s decline to replacing technical leadership with spreadsheet-driven capital allocation, while Apple, Nvidia and TSMC compounded patient capability-building into durable platforms.The semiconductor recovery remains exposed to Taiwan’s energy dependence, even as AI’s long runway is constrained by electricity; Lovable meanwhile reports production-scale adoption, with defensibility shifting toward orchestration, security, operational data and user feedback.

Gavin Baker × Travis Kalanick

Mamdani-backed challengers swept three safe Democratic New York districts despite Polymarket assigning only a 26% chance, demonstrating the DSA’s organizational leverage.The panel linked socialism’s momentum to housing, debt, inflation, and downward mobility, while GLM 5.2 brought a 744-billion-parameter, MIT-licensed model near the coding frontier at 85% lower cost than GPT 5.5.Open weights may shift value from frontier labs toward chips, memory, hosting, and routing, as Micron’s sold-out HBM supply makes DRAM and power the immediate constraints.

Gavin Baker × Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

SpaceX’s proposed $75 billion raise at a $1.75 trillion valuation pairs Starlink’s $11.4 billion revenue and $4.4 billion operating income with terrestrial data centers potentially reaching $100-$200 billion by 2030-32.Nvidia’s $81.6 billion quarter and Anthropic’s profitability strengthen the AI case, but rival ASICs still lack comparable MLPerf tests while rising yields, 310% global debt-to-GDP, and uncertain regulation remain risks.

Jensen Huang

Nvidia is expanding from GPUs into complete AI factories, combining Vera Rubin, networking, CPUs, BlueField and Groq to serve increasingly heterogeneous agent workloads.Huang argues that token cost matters more than factory price because 10X throughput can outweigh cheaper chips, while agentic inference and physical AI could drive million-fold demand growth and useful robots within roughly three to five years.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Alan Keating

Tether’s stablecoin model converts dollar demand into a high-margin Treasury-yield engine, with scale and distribution supporting extraordinary economics while falling rates, regulation and competition from Circle, Stripe, Visa and others threaten its margins.Google’s Gemini 3 gains share as custom silicon broadens the long-run challenge to Nvidia, while Huawei remains a conditional catalyst whose potential lithography progress could matter around 2027.

James Litinsky × Lisa Su × Chase Lochmiller × Jensen Huang

MP Materials is positioning rare-earth magnets as “the feedstock to physical AI,” building a vertically integrated US chain from Mountain Pass ore through Texas magnet production.The Department of Defense partnership provides a commodity price floor, 100% offtake from a planned 10x-capacity facility, and shared upside, while MP retains cost, schedule, and operating risk.Lisa Su cited a low-double-digit Arizona fabrication premium, while Crusoe’s 1.2-GW Abilene project and 400,000 NVIDIA GPUs show that energy, construction, and labor are becoming binding constraints.

Chamath Palihapitiya × Jason Calacanis × David Friedberg × Thomas Laffont × David Sacks

Meta is treating AI as a threat to perhaps half of its $1.7 trillion value, pairing reported $100 million talent offers with a $14 billion-plus Scale AI stake.That insurance addresses labeling and agent knowledge, but Chamath says Meta still lacks tightly coupled compute and silicon, making infrastructure integration the key risk as the Mag 7 separates into distinct AI wagers.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Tim Dillon

The H20 ban shows export controls now target memory bandwidth: its 20% advantage over H100 drove Nvidia's $5.5B quarterly hit.Chamath alleges shell-company routes feed China, while TSMC's 3M dies into Huawei expose enforcement gaps.Harvard's $2.2B grant freeze and tax-exempt threat intensify a funding fight tied to research competitiveness.

Travis Kalanick × David Sacks

DeepSeek R1 narrowed perceived China’s AI gap to roughly three-to-six months and challenged frontier-model scarcity after NVIDIA erased roughly $600 billion.GRPO, bare-metal PTX, and a roughly one-twelfth API price support genuine efficiency, though DeepSeek’s $6 million final-run figure and alleged OpenAI distillation remain disputed.Cheaper intelligence could multiply demand and shift value toward applications, proprietary data, and physical execution.