The All-In Podcast

How Matt Mahan Thinks He Can Save California 🚨 San Jose Mayor and California Gov Candidate @MattMahanSJ joins @friedberg to talk: -- State of California -- Impact of public sector unions in CA politics -- Pension time bomb -- CA housing, energy crises (0:00) Matt Mahan: Why He's Running for Governor (1:51) How California Went From Bad to Worse (12:05) Public Sector Unions & Lobbying in Sacramento (19:05) California's Housing Crisis: Regulation & Fees (34:52) California Energy Crisis: Gas Taxes & Green Policy (43:57) The $1 Trillion Pension Time Bomb (1:02:37) Trump, Tariffs & the Rise of Dangerous Populism (1:09:14) Immigration Reform: ICE & the Path to Legal Status

Jensen Huang on the future of coding: “Every engineer is going to have 100 agents.” Jensen: “Everything that's too big, too heavy, takes too long, those ideas are all gone.” Chamath: “You're reduced to creativity. Like, what can you come up with?” Jensen: “Exactly.” “Now the question is, how do you work with these agents?” “Well, it's just a new way of doing computer programming.” “In the past, we code.” “In the future, we're going to write ideas, architectures, specifications. We're going to organize teams. We're going to help them define how to evaluate the definition of good versus bad. What does it look like when something is a great outcome? How to iterate with you, how to brainstorm.” “That's really what you're looking for.”

Sen. Fetterman: TDS Rules the Democratic Party Friedberg: “ Who do you think leads the Democratic party today?” Senator Fetterman: “Oh, we don't have one. I think the TDS. I think that's the leader right now.” “Our party is governed by the TDS.” “It's made it virtually impossible, without being punished, as a Democrat … to agree with the other side.” “You don't have to agree on every single thing, but when a good thing happens, just because it comes from a different party, that tells me that you're choosing the demand of the base or the party over country or what's appropriate in those circumstances.”

Jensen Huang: Physical AI is a $50T industry, in 3-5 years robots will be everywhere Nvidia's CEO on the coming explosion of robots in society Jensen: “ Physical AI, as a large category, is the technology industry's first opportunity to address a $50 trillion industry that has largely been void of technology until now.” “And so we need to invent all of the technology necessary to do that.” @Jason: “We had this very weird, I don't know if I want to call it a lost decade or 20 years, of Boston Dynamics, Google bought a bunch of companies, they then wound up selling them and spinning them out, where people just thought, ‘Eh, robotics is just not ready for primetime.’” Jensen: “We invented the industry, largely. America invented it. You could argue we got into it too soon, and we got exhausted, we got tired about five years before the enabling technology appeared.” “We got tired of it just a little too soon. Okay, that's number one.” But it's here now.” “Now the question is how much longer? In three to five years, we're going to have robots all over the place.” Jason: “Elon seems to think we're going to have one robot for every human. 8 billion for 8 billion.” Jensen: “I'm hoping more. First of all, there's a whole bunch of robots that are going to be in factories working around the clock. There's going be a whole bunch of robots that don't move.” “Almost everything will be robotic.”

Jensen Huang: “If that $500,000 engineer did not consume at least $250,000 worth of tokens, I'm going to be deeply alarmed.” The Nvidia CEO expects his highly paid engineers to be spending at least HALF their salaries on tokens to supercharge their abilities. @Jason: “ The conversation we've had on the pod a number of times is, ‘Oh my God, look at the token usage in our companies.’ It is growing massively.” “And some people are asking, ‘Hey, when I join a company, how many tokens do I get? Because I want to be an effective employee.’” “You've postulated, I believe, $75,000 in tokens for each engineer, something like that.” “So are you spending, at Nvidia, $1 billion, $2 billion on tokens for your engineering team right now?” Jensen: “We're trying to.” “Let me give you the thought experiment: Let's say you have a software engineer or AI researcher and you pay them $500,000 a year. We do that all the time.” “That $500,000 engineer, at the end of the year, I'm going to ask them, how much did you spend in tokens?” “If that person said, ‘$5,000,’ I will go ape… something else.” “If that $500,000 engineer did not consume at least $250,000 worth of tokens, I'm going to be deeply alarmed. “And this is no different than one of our chip designers who says, ‘Guess what? I'm just going to use paper and pencil, I don't think I'm going to need any CAD tools.’” Jason: “This is a real paradigm shift, to start thinking about these all-star employees, it almost reminds me of what we learned in the NBA when LeBron James started spending a million dollars a year just on his health and his body, like in maintaining it. Here he is at age 41, still playing.” “These are incredible knowledge workers. Why wouldn't we give them superhuman abilities?”

Jensen to AI Leaders: “We have to be far more thoughtful” when communicating to the public Jensen Huang: “(AI) is not a biological being. It is not alien. It is not conscious. It is computer software.” “We say things like, ‘We don't understand it at all.’ It is not true. We understand a lot of things about this technology.” Chamath: “If you were in the seat in the boardroom of Anthropic over that whole scuttlebutt with the Department of War, what do you think you would've told Dario and that team to do, maybe, differently to try to change some of this outcome and some of this perception?” Jensen: “The first thing that I would say about Anthropic is, first of all, the technology is incredible. We are a large consumer of Anthropic technology.” “The desire to warn people about the capability of the technology is also really terrific.” “We just have to make sure that we understand that the world has a spectrum, and that warning is good, scaring is less good because this technology is too important to us.” “I think that it is fine to predict the future, but we need to be a little bit more circumspect. We need to have a little bit more humility, that, in fact, we can't completely predict the future.” “And to say things that are quite extreme, quite catastrophic, that there's no evidence of it happening, could be more damaging than people think.” “And of course we are technology leaders.” “There was a time when nobody listened to us, but now because technology is so important in the social fabric, such an important industry, so important to national security, our words do matter.” “And I think we have to be much more circumspect, we have to be more moderate, we have to be more balanced, we have to be far more thoughtful.”

🚨MAJOR INTERVIEW: Jensen Huang joins the Besties! The @nvidia CEO joins to discuss: -- Nvidia's future, roadmap to $1T revenue -- Physical AI's $50T market -- Rise of the agent, OpenClaw's inflection moment -- Inference explosion, Groq deal -- AI PR Crisis, Anthropic's comms mistakes -- Token allocation for employees ++ much more! (0:00) Jensen Huang joins the show! (0:26) Acquiring Groq and the inference explosion (8:53) Decision making at the world's most valuable company (10:47) Physical AI's $50T market, OpenClaw's future, the new operating system for modern AI computing (16:38) AI's PR crisis, refuting doomer narratives, Anthropic's comms mistakes (20:48) Revenue capacity, token allocation for employees, Karpathy's autoresearch, agentic future (30:50) Open source, global diffusion, Iran/Taiwan supply chain impact (39:45) Self-driving platform, facing competition from active customers, responding to growth slowdown predictions (47:32) Datacenters in space, AI healthcare, Robotics (56:10) OpenAI/Anthropic revenue potential, how to build an AI moat (59:04) Advice to young people on excelling in the AI era

Big interview with the boss at Nvidia GTC… Pod drops tomorrow!

Fun conversation with @Jason and @friedberg on why Austin and Texas have been a great place to grow @delltech into a $113.5B company, the accelerating demand for AI infrastructure. Plus @altcap on what @InvestAmerica24 @TrumpAccounts means for the next generation. Thanks for having me on @theallinpod open.spotify.com/episode/0FotiY…

🚨 Interview!: Friedberg sits down with Sen. John Fetterman -- The broken Democratic Party -- SAVE Act moves through Senate, election fraud -- Iran exit strategy, NATO allies bail -- Israel's influence, AIPAC, growing anti-Israel sentiment -- National wealth tax, anti-AI sentiment -- Government fraud, debt spiral (0:00) David Friedberg welcomes Senator John Fetterman; SAVE Act thoughts (1:08) The broken Democratic Party: TDS, what he stands for, why the party changed, losing bipartisanship, popularity with Republicans (11:42) Iran exit strategy, NATO allies bail on the US (17:42) Israel's influence, AIPAC, growing anti-Israel sentiment (20:16) SAVE Act, why he supports voter ID but not this bill, election fraud (26:41) Government shutdown, red lines with ICE and immigration, birthright citizenship, why Biden opened the border (32:49) Debt death spiral, government fraud (37:38) Why he's still a Democrat, national wealth tax, anti-AI sentiment, state of agriculture

“ One of the greatest philanthropic gifts in the history of humanity”: $6.25B to fund investment accounts for 25M American kids 🇺🇸 @Jason: “ This is one of the greatest philanthropic gifts in the history of humanity.” “People have just kind of glossed over it because there's a lot of big numbers in the world, but we're talking about you and Susan sat down and said, ‘We're gonna give a number.’ And that number was $5, $6, $7 billion.” @MichaelDell: “It's $250 to 25 million children, ages 2-10, in zip codes where the median income is $150,000 or less. It’s $6.25 billion.” Brad Gerstner (@altcap): “This is Social Security 2.0. This is the biggest change to the social contract in America in 50 years.” “3.7 million kids a year will get an account that can compound. It's a 401k from birth.” “And yes, we're going to have a lot of announcements, but it's not just billionaires.” “It's going to be companies that are donating stock on their IPOs into these accounts, it's going to be wealthy people, it's going to be states, it's going to be moms and dads, it's going to be corporations.” “And the estimate is over 15 years, we can move $5 trillion into the pockets of families that would've otherwise had zero.” @Friedberg: “If this $5 trillion moved through government programs, it would get incinerated.” “That's what we see happen. There's just a million crony structures that take it away and destroy it.” Brad: “And it unlocks the human potential. It's not just the money. ‘It's that ‘I'm in the game. I have a shot.’” Michael Dell: “Invest America, it’s not a red idea or a blue idea. It's a red, white, and blue idea.”

Travis Kalanick: Tesla is the Google of the Physical AI Era “I like to break down the physical AI stack: (it) includes computation, a physical AI model, all the things you think of.” “What about land? Development? That should be in that stack. What about chemistry? That needs to be in the stack. Manufacturing needs to be a stack.” “When you look at the stack, you're like, ‘Damn, Tesla's got this sh*t.’ They are the Google of this era.” “What I mean by that is, if you were doing a startup in the 2000s, the first question you would get is, ‘Why isn't Google gonna kill you?’ Or, ‘Why isn't Google just gonna do it?’ They’re not even gonna know that they killed you.” “And before that, it was Microsoft in the late 90s. Uber had a time, 2010s.” “But in the physical AI space, that's sort of a Tesla thing.” -------------------------------------------- Thanks to our partner for making this happen!: EY (@EYnews) Austin vibes meet AI innovation. Thanks to EY for co‑hosting with us at #SXSW. Discover what executives are saying about AI transformation in the latest AI Pulse Survey. ey.com/en_us/insights…

Two Legendary Founders LIVE in Austin, Texas Travis Kalanick and Michael Dell join @Jason and @friedberg live on stage! (0:00) Travis Kalanick: Officially exiting stealth mode, what he’s been working on (5:52) How to automate the physical world, markets to go after (11:00) Travis’s return to self-driving: Tesla, Waymo, and the autonomous race (16:17) Leaving Los Angeles for Austin, the decline of truth and justice in California (25:51) Actuators, robot hands, “Capital as a weapon,” Middle East SWF impacted by Iran War (36:00) Michael Dell: Dorm room to $140B in annual revenue, why Texas attracts founders (43:46) Dell's $50B AI infrastructure bet (1:03:50) Invest America: Michael Dell's $6.25B gift - A 401k from birth for 25M kids ----------------------------------------------- This podcast was recorded LIVE at Arena Hall in Austin, Texas. Thanks to our partners for making this event possible!: EY (@EYnews): Austin vibes meet AI innovation. Thanks to EY for co‑hosting with us at #SXSW. Discover what executives are saying about AI transformation in the latest AI Pulse Survey. ey.com/en_us/insights… @Forge_Global: We’re proud to highlight our partners at Forge Global, who are helping the world’s most innovative private companies and their teams gain #liquidcourage on their terms. Learn more here: forgeglobal.com/who-we-serve/p… De'Longhi @athenago @Polymarket

Chamath Explains Why AI is So Unpopular in America: Terrible Communication from Industry Leaders “ ICE is more popular than AI. That's where AI is.” Why is this happening? Three reasons according to @chamath: “Entrepreneurs are A/B testing what it takes to raise money.” “At least some parts of the AI ecosystem have decided that this crazy, scary doomerism is the best way to raise money.” “Where they come out and say, ‘All the jobs will be destroyed; this thing is sentient.’ Anthropic, you know, Dario says that.” “And investors are like, okay, here's $10B, here's $50B, here's $100B.’ Then the investors are like, ‘Hey, where's the revenue?’ And so then they start selling everywhere.” “All of a sudden you flip-flop. You become sort of an unserious, dilettante-like partner to the American government.” “All of that to me is an industry that's still in its very early phases and still figuring out what its place in society is.” “The problem is the following two clips.” Palantir CEO Alex Karp: “ These technologies are dangerous societally. If you are going to disrupt the economic and therefore political power, significantly, of one party's base, and you feel like that's gonna work out politically, you're in an insane asylum.” OpenAI CEO Sam Altman: “ We see a future where intelligence is a utility like electricity and people buy it from us on a meter…” “If you take those three messaging veins on a spectrum, one is ‘We have a sentient super god, we're the only ones that can protect you from it.’ That's Dario.” “Alex, which is, ‘Hey, hold on a second. You can't have it both ways.’” “And then Sam's, which is, ‘We want to sell tokens as a service.’” “The result of those three messages: AI is slightly above the Democratic Party and an autocratic state. ICE is more popular than AI.” “To me this is really at the crux of this.” “That revenue traction, if anything else, has distracted people from actually getting on the same page and being much more methodical, and much more reliable and trustworthy in explaining all of this and managing the expansion of this.”

Incredible weekend in Austin, Texas 🤠🔥 Special thanks to two legendary founders for joining us, @MichaelDell and @travisk. And our esteemed fifth bestie @altcap. Full show drops tomorrow on YouTube and podcast feeds! ----------------------------------------------- Thanks to our partners for making this event possible!: @PayPal Open: When you need a partner trusted by millions, there’s one platform for all business - PayPal Open. Grow today at paypalopen.com. EY (@EYnews): Austin vibes meet AI innovation. Thanks to @EY for co‑hosting with us at #SXSW. Discover what executives are saying about AI transformation in the latest AI Pulse Survey. ey.com/en_us/insights… @Forge_Global: We’re proud to highlight our partners at Forge Global, who are helping the world’s most innovative private companies and their teams gain #liquidcourage on their terms. Learn more here. De'Longhi @athenago @Polymarket

AI’s PR Nightmare: New York Might Ban the Most Useful Things AI Can Do for Poor People @chamath: “You know New York is about to outlaw medical and legal advice from AI chatbots?” “Which, by the way, that's probably the most obviously valuable and highest ROI thing for a consumer.” @altcap: “And it hurts the poorest people the most.” @Jason: “This is the craziest, stupidest legislation ever. But New York City is a disgrace.” Chamath: “The problem is, very specifically, that these people that rely on these models to make a healthcare diagnosis, or get a legal opinion to help improve their lives, the makers of those tools are telling everybody that they're about to bring death and destruction upon the economy and the world.” “So then the lawyers and the doctors are like, ‘Well then maybe we should slow this down.’” “And they tell their lobbyists, who then go to New York and then tell the New York legislators, ‘Hey, these guys are trying to wreak havoc.’” “And then they're like, ‘Oh yeah, well then maybe we should shut it down.’” “That is the loop that's happening.”

J-Cal: Democrats Will Sweep the Midterms if Trump Doesn’t Find an Off Ramp FAST @Jason: I do think Trump would only (start a war with Iran) if he had a very high probability of success and an off ramp. However, it's not looking good with the off ramp right now. If the neocons get their way and the people on Polymarket are correct, the sharps who say 57% chance we'll have boots on the ground, I think this is the end of Trump's second term. And if you were to put together the series of mistakes that he's made, and the administration's made, they're really at the heart of why people voted for him. 1) Doing the war that everybody said he should not do. 2) The Epstein Files. 3) The ICE cruelty. 4) Not working for the American working man who doesn't own equities. If this continues for another six months, it's basically going to result in the Democrats doing a clean sweep in the midterms. This is the chart that should be absolutely terrifying. The chances of the Democrats sweeping now is up to 45%. If he doesn't find an off ramp quickly, they're going to lose both houses in the midterms. That's the thing Trump needs to really consider, and I think he will consider it. I think he's going to find an off ramp.

POD UP! -- Iran War economic fallout -- Oil shock, inflation fears -- Impact on midterms -- Off ramps and escalation scenarios PLUS: -- Anthropic/OpenAI see revenue surge -- AI's PR nightmare -- Washington state passes "Millionaire Tax" 👇Watch now! youtu.be/HiVej9_fvl8