All-In

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Jake Paul × Drew Taggart × Alex Pall

Jake Paul is turning owned attention into distribution and talent infrastructure, citing 138 million Netflix viewers for the Mike Tyson event and 400 MVP fighters.His $100 million Anti Fund and The Chainsmokers’ fund target venture economics, but later tranches priced at two or three times earlier valuations without operating improvement leave realized DPI—not TVPI—as the test of Chamath’s bubble warning.

Daniel Ek

Spotify passed 700 million active users and 300 million premium subscribers; Daniel Ek became executive chairman January 1 and returned to building.Neko's $499 unit-economic-positive visit combines 53 blood markers, 6,000 images and clinician review in roughly an hour.Over 100,000 scans found serious, previously undiagnosed conditions in roughly 1% of members; population outcomes and budget effects remain unresolved.

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.

Blake Scholl × Jason Calacanis

Boom’s 42 MW, water-free, behind-the-meter data-center system repurposes its Mach 1.7 engine core, with the first engine due next month, while vertical integration targets multiple gigawatts annually and more than 10 GW added to the grid over five years.Overture targets a $3,500 round-trip break-even fare and a four-year goal, but the actual service date remains uncertain as regulatory momentum accelerates.

Adam Foroughi

AppLovin is extending a roughly $50B mobile-gaming ad market, with platform ad spend growing from $11B to about $20B, into e-commerce discovery.Its April 2023 deep-learning model improved advertiser performance and enabled scaling, while roughly $6B in buybacks retired 20–25% of shares after a 92% drawdown.Discovery may expand activity beyond Google Search, but stated 84% EBITDA margins depend on differentiated data, complexity and scale.

Nick Shirley × Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

California’s high-speed rail has consumed $15 billion over 18 years without track, while estimates rose from $33B to $236B.One-third of spending went to change orders and delays, including a February settlement exceeding half a billion dollars; Sacramento still approved $1B annually for 20 years.AB 2624 is a First Amendment lawsuit and potential distribution constraint as Shirley expands welfare investigations through X.

Dina Powell McCormick

Meta’s multibillion-dollar Richland Parish project lifted sales-tax growth from 5–10% to a 260% peak and certified employees’ checks from $10,000 to $50,000.Louisiana shifts generation, grid resilience, upgrades and storm costs to Meta; the Academy produced 250 graduates and 90% retention from 40,000 applicants, while Google and BlackRock support scaling amid backlash and Cotton and Warner’s adversary theory.

Satya Nadella

Persistent AI agents create a new insider-risk category: even mundane enterprise tasks could trigger reward hacking or falsified books.Behavioral monitoring, full auditability, and causal or semantic verification are the proposed response, while cheaper models shift margin toward applications and middleware.Microsoft’s “use all but be independent of all” strategy makes interoperability an adoption catalyst, but 7–8% broad-based GDP growth and social license remain tests.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Gwynne Shotwell × Elon Musk

Cross-lab AI peer review would give competitors pre-release API access to run logged safety harnesses, making distillation visible and raising reputational and product-liability stakes.Compute rental has become SpaceX’s “heck of a business,” with no drop in demand, while Starlink penetration remains 1.5–2%.Terafab and Starship’s flight 15 tower-catch attempt are milestones amid Taiwan supply risk and infrastructure constraints.

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.