All-In

Luca Ferrari

Bending Spoons converts acquired product-market fit into a repeatable model, using 50+ proprietary tools and an approximately 800-person shared talent base to replace technology foundations.Historically consistent unlevered returns above 25% and debt costing about 9%, fully hedged and maturing in 2031, support the model, while limited customer synergies, competition and replication risk remain watchpoints.

Jason Calacanis × David Sacks × David Friedberg × Brad Gerstner

Google’s infrastructure-first capital shift is coinciding with senior AI departures, while Sacks sees Anthropic and OpenAI forming a premium frontier duopoly as cheaper models pressure weights toward commodity pricing.SpaceX reported $7.8B revenue, up 92% YoY, and Starlink’s cash generation could fund expansion, but the proposed $300B-scale AI buildout leaves financing, spot pricing, and demand sensitivity as key risks.

Bill Ackman

Ackman now prioritizes long-term, durable, protected, non-disruptable growth as AI makes disruption the first underwriting question.He sees Microsoft, Meta, and Amazon as undervalued amid enthusiasm for chips and energy, while SaaS requires company-by-company analysis of pricing power and platform value.Howard Hughes is his 50-year compounding project, combining below-liquidation-value real estate with insurance float and a potential path toward “a trillion-dollar thing over time.”

Travis Kalanick × Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

OpenAI's enterprise growth is described at 3–4X annually versus Anthropic's roughly 10X, while metered coding tokens scale faster than consumer plans limited by perhaps 3–4% premium conversion.Frontier compute is becoming an infrastructure war—Colossus targets 555,000 GPUs—while power and permits threaten roughly 100 contested data centers worth $162 billion; near-record valuation measures and unproven enterprise profits remain key risks.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

Anthropic's coding-first strategy has become an enterprise distribution engine, with Jason citing $6 billion of annual run rate added in February alone and Chamath calling its technical output “head and shoulders above anything else.”OpenAI remains the “overwhelming revenue generator” after normalization, but falling ChatGPT share, Google’s trust and cash-flow advantages, and Meta’s $375 million verdict leave monetization, market structure, and liability as key risks.

Jason Calacanis × Bob Sternfels × Hemant Taneja

AI is compressing product cycles and organizational change, with Anthropic moving from roughly $880 million after one 10x year toward another announced 10x-or-more year and McKinsey pairing 25% client-facing growth with a 25% non-client-facing reduction.Enterprise value depends on data infrastructure, redesigned human-agent workflows, and distribution through incumbent assets, while robotics faces slower hardware diffusion; falling entry-level demand, manufacturing constraints, and the race toward verticalized applications are the catalysts to watch.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Orlando Bravo

Thoma Bravo manages $179 billion to just under $200 billion with about 230 employees, concentrating each fund on 10–12 companies and returning more than $13 billion last year.Modern software private equity depends on terminal-value appreciation rather than leverage, with roughly 30% debt and 70% equity at 7–8x revenue, making profitable growth essential.AI disruption could materially shrink the investable software universe, while $10 billion deals requiring roughly $25 billion exits make concentration, operating evidence, and decisive cost cuts increasingly important.

Travis Kalanick × Keith Rabois

Grok 4 now ranks above OpenAI's o3-pro and Gemini 2.5 Pro, as xAI scales Colossus from 100k to 1M GPUs in under two and a half years.The panel questions Llama's $15B Scale AI stake as human-labeled data may have only a one-to-three-year half-life, while robot kitchens cut labor from 30-35% to 7-10% and browser economics remain unresolved.