All-In

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.

Chamath Palihapitiya × Aaron Cowen × Dan Dreyfus × Oleg Nodelman × Kyle Samani × Jason Calacanis × David Sacks × David Friedberg

MGM’s $48 bid offers a near-term floor while Osaka and possible Dubai legalization create asymmetric upside, whereas Talen monetizes a 2 GW nuclear and 6 GW gas portfolio amid a projected PJM power shortage.Aktis remains a binary 2027 clinical platform wager, and GEODNET links revenue to token purchases; portfolio sizing ultimately turns on liquidity, downside, regulatory intervention, and whether satellites displace terrestrial RTK.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × John Fetterman × Dave McCormick

Pennsylvania is positioning abundant energy and data-center investment as a national-security and middle-class revival strategy, with $92 billion committed and 4.4 gigawatts planned at Homer City.The buildout is already lifting skilled-trade wages above $100,000 and could give the U.S. a 6–8-month lead over China, but water, grid, job displacement and political opposition remain key execution risks.

Dan Dreyfus

AI, reshoring, defense, and electrification are colliding with decades of infrastructure underinvestment, turning critical minerals into a supply shock against surging demand.China’s export restrictions exposed near-term shutdown risk, while Washington’s equity, permitting, and floor-price offtake package could finance new mines; copper supply may still lag enough for prices to double.

David Friedberg

OpenAI missed its 1 billion weekly-active-user and 2025 ChatGPT revenue targets, but ChatGPT 5.5 and Codex are gaining developer momentum as Opus 4.7 struggles.Power—not demand—is the AI choke point as four hyperscalers guide $725B of 2026 CapEx, shifting leverage toward capacity suppliers while pressuring free cash flow.

Steve Hilton

Steve Hilton proposes roughly $60 billion in tax relief, funded partly by cutting California’s alleged $80 billion annual fraud, waste and abuse, to restore household purchasing power and business investment.His housing, energy, education, enforcement and electoral platform depends on overcoming union and legislative resistance while converting cost-of-living dissatisfaction into a 2026 winning coalition.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

SpaceX’s proposed IPO would raise $75 billion at a $1.75 trillion valuation, potentially creating the external mark Chamath sees as necessary before a “99.999%” likely Tesla combination.That merger would unify xAI, robotics, chips, factories, launch, and satellite communications, while SpaceX infrastructure could support orbital logistics, stations, mining, power generation, and communications.The IPO window may narrow as SpaceX, OpenAI, and Anthropic absorb finite capital, while Friedberg estimates Bitcoin has five to seven years to complete quantum-resistance migration.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Brad Gerstner

Brent’s swing from $84 to $119 and back toward $100 pushed Goldman Sachs’ PCE forecast from 2.1% to 2.9% and GDP growth down 30 basis points, while oil’s fall to $90 suggested a short disruption.AI revenue is accelerating as Opus 4.6 and ChatGPT 5.4 shift spending into labor budgets, but durable demand remains disputed amid canceled data centers and backlash.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

Iran’s roughly 30% average inflation since 2019 signals rupture pressure, but conflicting Polymarket odds and uncertain protest dynamics leave timing unresolved.AI data centers face higher power costs and new-generation demands, while distributed solar and storage could pressure utility rate bases.OpenAI’s more-than-$10 billion Cerebras commitment supports competitive inference silicon and a potential 10-to-20-year opportunity for young decode-chip companies.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

The panel’s most aggressive macro signal is 5%-6% U.S.GDP growth in 2026, supported by AI productivity, tax refunds, capital investment, and possible rate cuts, while California’s proposed 5% wealth tax creates a migration and asset-pricing risk.Copper, Polymarket, Huawei, and Amazon supply the clearest upside calls, but software maintenance, entry-level white-collar work, oil, the dollar, and California luxury property remain key disruption or downside themes.