(0:00) The Besties welcome Gavin Baker back on the show!

(1:20) Nvidia balance sheet questions, CoreWeave IPO, M&A/IPO bounce back

(16:22) US vs China in AI: Manus, China building its own Nvidia, and more

(28:37) The Administration's endgame for tariffs

(53:05) Signalgate: context and fallout

(1:09:42) El Salvador deportations

Follow Gavin:

https://x.com/GavinSBaker

Follow the besties:

https://x.com/chamath

https://x.com/Jason

https://x.com/DavidSacks

https://x.com/friedberg

Follow on X:

https://x.com/theallinpod

Follow on Instagram:

https://www.instagram.com/theallinpod

Follow on TikTok:

https://www.tiktok.com/@theallinpod

Follow on LinkedIn:

https://www.linkedin.com/company/allinpod

Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

Referenced in the show:

https://www.reuters.com/technology/coreweave-planning-cut-us-ipo-size-price-below-range-source-says-2025-03-27

https://www.reuters.com/world/us/us-adds-dozens-entities-export-restriction-list-2025-03-25

https://modelcontextprotocol.io/introduction

https://www.theinformation.com/articles/openai-plots-charging-20-000-a-month-for-phd-level-agents?rc=pxkrxo

https://www.youtube.com/watch?v=A8wJc7vHcTs

https://x.com/JohnArnoldFndtn/status/1905296181208416744

https://x.com/chamath/status/1904547884877701610

https://www.theatlantic.com/politics/archive/2025/03/trump-administration-accidentally-texted-me-its-war-plans/682151

https://www.whitehouse.gov/presidential-actions/2025/03/invocation-of-the-alien-enemies-act-regarding-the-invasion-of-the-united-states-by-tren-de-aragua

https://www.statista.com/statistics/696152/homicide-rate-in-el-salvador

https://x.com/Sec_Noem/status/1905034256826408982

(0:00) Welcoming Cyan Banister and David Sacks!

(3:23) Behind the scenes of the Besties in DC: White House, cabinet interviews, and more

(33:00) How M&A will be unleashed, Google buys Wiz for $32B, Tim Walz on Tesla

(49:09) Deep dive on Google/Wiz: breakup fee, impact on VC, ROIC, cloud advantage

(1:00:28) Treasury vs Fed tension, Bond markets, consumers, deregulation

(1:12:57) Space rescue, SpaceX vs China, lunar landing

Thanks to our partners for making this happen:

Hims: https://www.hims.com | https://www.forhers.com

Gemini: https://www.gemini.com/allin

iTrustCapital (use code allin): https://www.itrustcapital.com/allin

Follow Cyan:

https://x.com/cyantist

Follow the besties:

https://x.com/chamath

https://x.com/Jason

https://x.com/DavidSacks

https://x.com/friedberg

Follow on X:

https://x.com/theallinpod

Follow on Instagram:

https://www.instagram.com/theallinpod

Follow on TikTok:

https://www.tiktok.com/@theallinpod

Follow on LinkedIn:

https://www.linkedin.com/company/allinpod

Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

Referenced in the show:

Bessent interview: https://youtu.be/lSma9suyp24

Lutnick interview: https://youtu.be/182ckTL2KBA

https://www.cnbc.com/2025/03/18/google-to-acquire-cloud-security-startup-wiz-for-32-billion.html

https://x.com/Tim_Walz/status/1902197581586833643

https://www.nbcnews.com/politics/politics-news/democratic-party-hits-new-polling-lowvoters-want-fight-trump-harder-rcna196161

https://x.com/elonmusk/status/1519735033950470144

https://www.ft.com/content/e6f516e8-2262-44d2-a030-7071b62b0be7

https://x.com/thesamparr/status/1902385138308104685

https://www.wsj.com/economy/central-banking/interest-rates-decision-federal-reserve-ed172223

https://www.cnbc.com/quotes/US10Y

https://www.nytimes.com/2025/03/10/technology/eric-schmidt-relativity-space.html

https://arstechnica.com/space/2024/11/chinas-long-term-lunar-plans-now-depend-on-developing-its-own-starship

https://www.nbcnews.com/politics/elections/steve-kornacki-white-men-white-women-gap-gender-gap-rcna196791

(0:00) Chamath and Friedberg welcome Commerce Secretary Howard Lutnick!

(1:10) Howard describes his 30+ year relationship with President Trump and his road from business to politics

(14:44) Running Trump's transition team, DOGE origin story, what it's like working for Trump

(38:01) Balancing the budget and fixing GDP

(52:21) Tariff history and strategy, global trade

(1:10:34) Trump Cards, building better government software, AI thoughts

(1:22:49) Sovereign Wealth Fund strategy

(1:37:16) How his family reacted to his new role

Thanks to our partners for making this happen:

Gemini: https://www.gemini.com/allin

Hims: https://www.hims.com | https://www.forhers.com

iTrustCapital (use code allin): https://www.itrustcapital.com/allin

Follow Secretary Lutnick:

https://x.com/howardlutnick

Follow the besties:

https://x.com/chamath

https://x.com/Jason

https://x.com/DavidSacks

https://x.com/friedberg

Follow on X:

https://x.com/theallinpod

Follow on Instagram:

https://www.instagram.com/theallinpod

Follow on TikTok:

https://www.tiktok.com/@theallinpod

Follow on LinkedIn:

https://www.linkedin.com/company/allinpod

Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

(0:00) Chamath and Friedberg describe their adventures in DC and welcome Treasury Secretary Scott Bessent!

(2:12) Scott's background, what drew him to equities, the role of macro investors

(7:22) The legendary trade that broke the Bank of England in 1992, and how it relates to Main Street vs Wall Street today

(21:30) Scott explains the Trump Administration's economic strategy

(32:45) How this administration plans to de-regulate the economy, Fed relationship, re-financing debt

(42:06) DOGE, DC grifts, shakeup at the IRS

(50:51) Re-engineering social security through the US SWF, how energy factors in

(1:00:02) Surprises, fixing affordability, thoughts on President Trump

Thanks to our partners for making this happen:

Gemini: https://www.gemini.com/allin

Hims: https://www.hims.com | https://www.forhers.com

iTrustCapital (use code allin): https://www.itrustcapital.com/allin

Follow Secretary Bessent:

https://x.com/SecScottBessent

Follow the besties:

https://x.com/chamath

https://x.com/Jason

https://x.com/DavidSacks

https://x.com/friedberg

Follow on X:

https://x.com/theallinpod

Follow on Instagram:

https://www.instagram.com/theallinpod

Follow on TikTok:

https://www.tiktok.com/@theallinpod

Follow on LinkedIn:

https://www.linkedin.com/company/allinpod

Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

(0:00) The Besties intro Andrew Schulz!

(3:29) Friedberg hits a quick Science Corner on the future of fertility

(9:35) Reacting to Gavin Newsom's new podcast: genius or pandering?

(19:36) Tariff experiment so far: risks, communication issues, and more

(30:44) Why the American Dream is broken and how to fix it: cracking the housing market, social security reform

(55:45) Aligning upside via increased stock market participation

(1:11:23) How Andrew blew up in comedy, going direct via YouTube, building a cancel-proof following

(1:22:25) State of America, conspiracy obsession, thoughts on Trump and DOGE

GET TICKETS for All-In Live: Miami

https://allin.com/events

Follow Andrew:

https://x.com/andrewschulz

Check out Andrew's new special LIFE:

https://www.netflix.com/title/81741999

Follow the besties:

https://x.com/chamath

https://x.com/Jason

https://x.com/DavidSacks

https://x.com/friedberg

Follow on X:

https://x.com/theallinpod

Follow on Instagram:

https://www.instagram.com/theallinpod

Follow on TikTok:

https://www.tiktok.com/@theallinpod

Follow on LinkedIn:

https://www.linkedin.com/company/allinpod

Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

Referenced in the show:

https://x.com/chamath/status/1895948351516131515

https://x.com/ChineseEmbinUS/status/1897132043362034153

https://electrek.co/2025/02/07/renewables-90-percent-new-us-capacity-2024-ferc

https://www.wsj.com/opinion/bidens-mortgage-relief-fuels-higher-housing-prices-policy-loans-risk-cb0a1974

(0:00) The Besties welcome Joe Lonsdale!

(3:51) Jason recaps an eventful week in Washington

(8:29) Trump's tariffs: endgame, impact, chaos, master plan

(26:25) DOGE, IRA grifting, do campaign contributions need to be capped?

(53:42) CoreWeave IPO

(1:03:36) Trump 2.0 favoring Main Street over Wall Street, bond market breakdown, re-balancing the economy

(1:14:19) State of Ukraine/Russia, the Western alliance, and how techno-optimism plays into the future of defense pacts

(1:24:31) GPT-4.5, Grok 3 on X, and the Golden Age of language models

(1:33:47) All-In for F1 Miami!

(1:37:34) David Sacks joins Jason to break down the Strategic Bitcoin Reserve and Digital Asset Stockpile

(1:48:30) Sacks addresses clearing all of his crypto-related positions prior to Inauguration Day

(1:57:23) Importance of disclosures and updates on a market structure bill

GET TICKETS for All-In Live: Miami

https://allin.com/events

Follow Joe:

https://x.com/JTLonsdale

Follow the besties:

https://x.com/chamath

https://x.com/Jason

https://x.com/DavidSacks

https://x.com/friedberg

Follow on X:

https://x.com/theallinpod

Follow on Instagram:

https://www.instagram.com/theallinpod

Follow on TikTok:

https://www.tiktok.com/@theallinpod

Follow on LinkedIn:

https://www.linkedin.com/company/allinpod

Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

Referenced in the show:

https://truthsocial.com/@realDonaldTrump/posts/114093526901586124

https://x.com/JTLonsdale/status/1896245689488920748

https://x.com/Jason/status/1896235076456739138

https://truthsocial.com/@realDonaldTrump/posts/114093946326587357

https://www.reuters.com/technology/tsmc-ceo-meet-with-trump-tout-investment-plans-2025-03-03

https://x.com/AutismCapital/status/1896655215899893968

https://x.com/USATODAY/status/1897248477081460849

https://www.nbcnews.com/politics/supreme-court/supreme-court-rejects-trump-administrations-bid-avoid-paying-usaid-con-rcna194230

https://truthsocial.com/@realDonaldTrump/posts/114116432894994278

https://truthsocial.com/@realDonaldTrump/posts/114112015891353323

https://www.reuters.com/business/autos-transportation/trump-auto-tariff-rate-will-be-around-25-2025-02-18

https://fred.stlouisfed.org/series/USGOVT

https://x.com/DOGE/status/1897464303428755692

https://electrek.co/2025/02/07/renewables-90-percent-new-us-capacity-2024-ferc

https://www.thefp.com/p/a-20-billion-slush-fund-nonprofits

https://x.com/bariweiss/status/1896992192197013888

https://truthsocial.com/@realDonaldTrump/posts/114117008305421663

https://x.com/chamath/status/1895948351516131515

https://x.com/chamath/status/1895948351516131515

https://x.com/unusual_whales/status/1897737394964906437

https://x.com/great_martis/status/1897194563800064153

https://x.com/great_martis/status/1897581115952804248

https://www.sec.gov/Archives/edgar/data/1769628/000119312525044231/d899798ds1.htm

https://x.com/chamath/status/1896052861500604884

https://www.newsweek.com/map-global-thorium-reserves-country-2039893

https://apnews.com/article/donald-trump-bitcoin-cryptocurrency-stockpile-6f1314f5e99bbf47cc3ee6fc6178588d

https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology

https://www.whitehouse.gov/presidential-actions/2025/03/establishment-of-the-strategic-bitcoin-reserveand-united-states-digital-asset-stockpile

https://x.com/dmartkc/status/1896260059640025113

https://x.com/ryangrim/status/1896306748052623852

https://x.com/_Andre_Ellis/status/1896935969041104981

https://x.com/KyleSamani/status/1897130321021411750

https://x.com/pbartstephens/status/1897008176467468349

https://x.com/HHorsley/status/1897461451675328879

(0:00) Bestie intros

(1:41) Epstein files first release underwhelms

(4:40) Friedberg recaps his experience on Celebrity Jeopardy!

(14:22) State of autonomous robots

(21:06) Comparing annual reports from Stripe and Adyen; Stripe's network effects, stablecoin infra, and the pace of AI company building

(29:12) State of the market: stocks, tariffs, spending bill, the "great reset"

(49:07) Trump's Gold Card

(56:19) Sophisticated investor test, changing accreditation laws

(1:06:57) USPS, Bezos refocuses the WaPo's opinion page

Follow the besties:

https://x.com/chamath

https://x.com/Jason

https://x.com/DavidSacks

https://x.com/friedberg

Follow on X:

https://x.com/theallinpod

Follow on Instagram:

https://www.instagram.com/theallinpod

Follow on TikTok:

https://www.tiktok.com/@theallinpod

Follow on LinkedIn: 

https://www.linkedin.com/company/allinpod

Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

Referenced in the show:

https://x.com/bennyjohnson/status/1895195194947183047

https://x.com/adcock_brett/status/1895175400160133543

https://x.com/markjeffrey/status/1892735775550406828

https://x.com/pitdesi/status/1895117427480109238

https://x.com/jmover/status/1895129169882661100

https://coinmarketcap.com/currencies/tether

https://coinmarketcap.com/currencies/usd-coin

https://fred.stlouisfed.org/series/UNRATE

https://www.cnbc.com/2025/02/12/cpi-january-2025.html

https://x.com/StealthQE4/status/1894227465616171361

https://www.youtube.com/watch?v=7-ttACozP8s

https://www.cnbc.com/quotes/US10Y

https://x.com/chamath/status/1888371069322686895

https://polymarket.com/event/how-many-gold-cards-will-trump-sell-in-2025/will-trump-sell-2pt5k-5k-gold-cards-in-2025?tid=1740688723350

https://x.com/Jason/status/1706067572226244789

https://www.washingtonpost.com/business/2025/02/20/trump-usps-takeover-dejoy/

https://x.com/Jason/status/1894412028279693546

https://x.com/JeffBezos/status/1894757287052362088

(0:00) The Besties welcome John and Patrick Collison!

(4:28) Stripe's business evolution: $1T in volume/year, stablecoins, challenging the Visa/Mastercard duopoly, publishing economic indicators

(20:31) Jamie Dimon's leaked rant on remote work and bureaucracy

(34:22) DOGE for Defense: Trump ordered the Pentagon to look at cutting the defense budget by 8%/year over the next five years

(43:51) Crypto Corner: Milei's Memecoin embarrassment

(1:00:18) John and Patrick break down the Arc Institute and its new Evo 2 AI model

(1:18:04) Grok 3 takes the LLM lead, lessons learned from Elon's Colossus scale up

(1:30:22) Science Corner: Asteroid update

(1:35:42) Why Stripe hasn't gone public yet, despite great metrics

Register for All-In at SXSW:

https://allin.com/events

Follow John:

https://x.com/collision

Follow Patrick:

https://x.com/patrickc

Follow the besties:

https://x.com/chamath

https://x.com/Jason

https://x.com/DavidSacks

https://x.com/friedberg

Follow on X:

https://x.com/theallinpod

Follow on Instagram:

https://www.instagram.com/theallinpod

Follow on TikTok:

https://www.tiktok.com/@theallinpod

Follow on LinkedIn:

https://www.linkedin.com/company/allinpod

Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

Referenced in the show:

https://www.cnbc.com/2024/10/23/stripes-1point1-billion-deal-for-bridge-marks-much-needed-win-for-vc.html

https://x.com/Zigmanfreud/status/1890202488596492620

https://www.coworker.org/petitions/professional-dignity

https://www.bloomberg.com/news/articles/2023-01-03/shopify-ceo-tobi-lutke-tells-employees-to-just-say-no-to-meetings

https://www.washingtonpost.com/national-security/2025/02/19/trump-pentagon-budget-cuts

https://www.amazon.com/Boyd-Fighter-Pilot-Who-Changed/dp/0316796883

https://www.cnn.com/2025/02/16/americas/argentina-milei-libra-cryptocurrency-impeachment-calls-intl-latam/index.html

https://www.cnn.com/2025/02/18/americas/argentina-milei-defends-libra-crypto-tweet-intl-latam/index.html

https://arcinstitute.org

https://blogs.nvidia.com/blog/evo-2-biomolecular-ai

https://artificialanalysis.ai/models/grok-3

https://x.com/GavinSBaker/status/1891721991444447343

https://www.amazon.com/Henry-J-Kaiser-Builder-American/dp/0292742266

https://x.com/AsteroidWatch/status/1892338055354159256

https://x.com/AsteroidWatch/status/1892631907646447746

(0:00) The Besties intro Naval Ravikant!

(9:07) Naval reflects on his thoughtful tweets and reputation

(14:17) Unique views on parenting

(23:20) Sacks joins to talk AI: JD Vance's speech in Paris, Techno-Optimists vs Doomers

(1:11:06) Tariffs and the US economic experiment

(1:21:15) Thomson Reuters wins first major AI copyright decision on behalf of rights holders

(1:35:35) Chamath's dinner with Bryan Johnson, sleep hacks

(1:45:09) Tulsi Gabbard, RFK Jr. confirmed

Follow Naval:

https://x.com/naval

Follow the besties:

https://x.com/chamath

https://x.com/Jason

https://x.com/DavidSacks

https://x.com/friedberg

Follow on X:

https://x.com/theallinpod

Follow on Instagram:

https://www.instagram.com/theallinpod

Follow on TikTok:

https://www.tiktok.com/@theallinpod

Follow on LinkedIn:

https://www.linkedin.com/company/allinpod

Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

Referenced in the show:

https://x.com/naval/status/1002103360646823936

https://x.com/CollinRugg/status/1889349078657716680

https://www.whitehouse.gov/presidential-actions/2025/01/removing-barriers-to-american-leadership-in-artificial-intelligence

https://www.cnn.com/2021/06/09/politics/kamala-harris-foreign-trip/index.html

https://www.cnbc.com/2025/02/11/anduril-to-take-over-microsofts-22-billion-us-army-headset-program.html

https://x.com/JDVance/status/1889640434793910659

https://www.youtube.com/watch?v=QCNYhuISzxg

https://www.wired.com/story/thomson-reuters-ai-copyright-lawsuit

https://admin.bakerlaw.com/wp-content/uploads/2023/11/ECF-1-Complaint.pdf

https://www.youtube.com/watch?v=7xTGNNLPyMI

https://polymarket.com/event/which-trump-picks-will-be-confirmed?tid=1739471077488

(0:00) The Besties intro Antonio Gracias!

(3:11) DOGE takes on USAID

(31:44) Sacks breaks in to talk USAID

(34:00) Sacks explains what he's working on: Crypto/AI Frameworks

(46:41) The Democratic Party's shrinking base

(52:33) US Sovereign Wealth Fund + Breaking DOGE/Tax News

(1:09:07) Google to spend $75B on AI buildout in 2025, future of work in the age of AI

(1:23:21) Science Corner: GLP-1 macro study

Follow Antonio:

https://x.com/AntonioGracias

Follow the besties:

https://x.com/chamath

https://x.com/Jason

https://x.com/DavidSacks

https://x.com/friedberg

Follow on X:

https://x.com/theallinpod

Follow on Instagram:

https://www.instagram.com/theallinpod

Follow on TikTok:

https://www.tiktok.com/@theallinpod

Follow on LinkedIn:

https://www.linkedin.com/company/allinpod

Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

Referenced in the show:

https://en.wikipedia.org/wiki/United_States_Agency_for_International_Development

https://www.wsj.com/opinion/usaid-donald-trump-elon-musk-marco-rubio-state-department-foreign-aid-8d2a1920

https://www.usa.gov/agencies/u-s-agency-for-international-development

https://www.usaspending.gov/agency/agency-for-international-development?fy=2024

https://www.whitehouse.gov/fact-sheets/2025/02/at-usaid-waste-and-abuse-runs-deep

https://www.wsj.com/finance/banks-sell-5-5-billion-of-x-loans-after-investor-interest-surges-4b84f89c

https://www.usaspending.gov

https://www.foxnews.com/media/ex-politico-reporters-reveal-editors-quashed-slow-walked-negative-biden-stories-with-no-explanation

https://www.usaspending.gov/recipient/fa0cefae-7cfb-881d-29c3-1bd39cc6a49e-C/2024

https://www.bbc.co.uk/mediaaction/about/funding

https://www.whitehouse.gov/presidential-actions/2025/01/reevaluating-and-realigning-united-states-foreign-aid

https://x.com/susancrabtree/status/1884034727046226317

https://x.com/elonmusk/status/1886627783138316442

https://www.nbcnews.com/politics/national-security/usaid-security-leaders-removed-refusing-elon-musks-doge-employees-accercna190357

https://x.com/Jason/status/1885082871074886110

https://x.com/anc_aesthetics/status/1886176995433763188

https://x.com/wikileaks/status/1887501752213409919

https://x.com/pm_viktororban/status/1887224829352280505

https://x.com/daily_romania/status/1887883017550430435

https://x.com/kanekoathegreat/status/1887261736618893636

https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology

https://x.com/davidsacks47/status/1886878016183394403

https://www.banking.senate.gov/newsroom/majority/scott-hagerty-lummis-gillibrand-introduce-legislation-to-establish-a-stablecoin-regulatory-framework

https://www.washingtonpost.com/opinions/2025/02/02/rahm-emanuel-democrats-voters-kitchen-table

https://www.whitehouse.gov/presidential-actions/2025/02/a-plan-for-establishing-a-united-states-sovereign-wealth-fund

https://www.americanprogress.org/article/scott-bessents-3-percent-deficit-target-would-require-massive-cuts-to-anti-poverty-programs-and-middle-class-tax-increases

https://abcnews.go.com/US/judge-weigh-block-doge-accessing-treasury-department-records/story?id=118498817

https://en.wikipedia.org/wiki/United_States_DOGE_Service

https://x.com/libsoftiktok/status/1887585824218509380

https://fedscoop.com/wp-content/uploads/sites/5/2025/02/show_temp.pdf

https://www.cnbc.com/2025/02/05/alphabet-shares-fall-7percent-on-revenue-miss-heightened-ai-investments.html

https://abc.xyz/assets/a3/91/6d1950c148fa84c7d699abe05284/2024q4-alphabet-earnings-release.pdf

https://x.com/SawyerMerritt/status/1886899315735507255

https://www.nature.com/articles/s41591-024-03412-w