Lisa Bacon

All In Podcast

[The All-In Podcast @theallinpod]

LIQUIDITY: Dan Loeb on the Lost Art of Short Selling, and Why Stock Picking is Back

@DanielSLoeb1 joins the Besties on stage in Napa!

(0:00) Dan Loeb joins the Besties!

(0:34) Investor journey: From message boards to a multibillion dollar hedge fund

(3:15) Third Point's early days: mentors and market turmoil

(8:47) Strategy shift: Event-driven to quality and AI

(16:01) The art of short selling

(22:15) Criminal justice reform and the Ross Ulbricht pardon

Thanks to our partners for making this possible!

EY (@EYNews) - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value.
https://t.co/c6sx2BeVNd

NYSE (@NYSE) - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE.
https://t.co/cUEk8db7Sw

Plaud (@PLAUDAI) - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight.
https://t.co/PWuXqT4wYa

[David Sacks @DavidSacks]

Signs you might be trying to get your frontier AI lab nationalized:

You compare it to nukes… threaten half of white-collar jobs… warn recursive self-improvement could end humanity… then race ahead anyway.

In other words, you want the government to save us from… you.

[Сarm1ne @carm1nee]

Bill Ackman bought a third of a $20 billion company after it crashed to $100 million - the stock went from 34 cents to $34

it's the most contrarian bet in modern Wall Street history

"I called the CEO, he didn't return my call - I called again, he didn't return my call - six weeks later they spun off the company, the CEO got fired, then he called to thank me for his exit package"

"there are analogies to 2000 - people got excited about internet stocks and Berkshire traded at the lowest valuation in its history because people said that's all old stuff

a similar thing is happening today to Amazon, Meta, Microsoft - they're undervalued"

bookmark and watch it today - 29 minutes that will change how you think about AI, markets, and what makes a great investment ↓

[The All-In Podcast @theallinpod]

ALL-IN LIQUIDITY IS LIVE!

First up: OpenAI CFO Sarah Friar!

-- IPO timeline

-- AI rivalries and the arms race

-- OpenAI's economics at scale

-- Navigating the compute crunch

-- New device teaser!

-- Ads strategy

(0:00) OpenAI CFO Sarah Friar joins the show!

(0:31) How OpenAI thinks about its IPO timeline

(3:31) OpenAI, Anthropic, Google: The AI arms race

(7:43) Navigating the compute crunch and AI bottlenecks, device preview!

(15:53) OpenAI's economics

(26:08) Push into chips, the cloud

(29:32) OpenAI's ad business and strategy

Thanks to our partners for making this possible!

@EYnews - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value.
https://t.co/c6sx2BftCL

@NYSE - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE.
https://t.co/cUEk8dbFI4

@PLAUDAI - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight.
https://t.co/PWuXqT54NI

[Lisa Bacon @FashPoliceLisa]

@BillAckman Legend!

[Bill Ackman @BillAckman]

With the besties as I am always All-In

[Lisa Bacon @FashPoliceLisa]

@chamath @Jason @friedberg @DavidSacks @theallinpod

[Bill Ackman @BillAckman]

With the besties as I am always All-In

[The All-In Podcast @theallinpod]

Incredible opening dinner at All-In Liquidity.

Thanks to Sovereign AI (https://t.co/EMkh9ZRva4) for making this possible!

Apply now to lock in your early bird pricing for 2027:
https://t.co/qlsYDIQKFV

[Lisa Bacon @FashPoliceLisa]

@elonmusk Was on a starlink enabled United flight yesterday! DREAM COME TRUE — was able to watch a full movie and do all my work with NO INTERRUPTIONS

[Chamath Palihapitiya @chamath]

Incredibly interesting take from @bgurley

[Breanna Morello @BreannaMorello]

It’s actually hard to believe this is a real tweet.

[The All-In Podcast @theallinpod]

Friedberg: 3 Reasons Why College Students Are Booing AI

1) AI creates too much power for the 1% in the short-term, and the 99% aren’t seeing the long-term benefits yet

2) Astroturfing by state actors and foreign adversaries, who want to slow American progress

3) AI is anti-humanist, and it messes with our ego, which fuels the blowback

@Jason:

“When you hear young people booing AI, why are they doing that?”

@friedberg:

“I think that there's an underlying view that technology creates leverage for a small group of people, which creates power imbalances, and nothing represents that more than AI, that a small number of people that control, and profit from, and benefit from AI are going to end up getting outsized returns relative to the broader population.

That the time to diffusion of the technology, because ultimately all technologies commoditize and diffuse, but the time to diffusion here is such that it's going to be extremely asymmetric for society.

And because those questions about, 'When does this benefit me, how does it benefit me?' can't be answered today, the economic benefit that's accruing to the few today becomes the narrative. It becomes the story, and it becomes this power system that a few people take from the many.

And so there's something deeply disturbing for the average person about that. They don't understand how it works, why it works, what it'll do for them, when it will do it, and all that they're being told is that some people are making trillions of dollars. So I think that it's pretty obvious why this has got such a backlash.

Secondly, I think that there's a deep amount of external energy that's fueling this anti-technology sentiment in the United States and has been for decades. I don't think it's just China with NGOs today. I think that there's a long history of state actors intervening in media activities in foreign nations to try and create the sentiment and fuel a sentiment that reduces progress in that competitive state.

This third piece is, when the Copernican revolution happened, it was a mind f**k. Heliocentricity was a totally new way of thinking for humans, and it was deeply disruptive to the church, and it was deeply disruptive to the power centers, which were the centers that could tell people, 'Earth is at the center of the universe, we're in control, we're the direct channel to God.'

And the idea that the sun is at the center of the solar system, and we spin around it, and we're a tiny speck in the universe was very hard for people to grasp.

There's something about AI that's very not human-centric, and it kind of shifts and f**ks with the ego of the human.

It's almost anti-humanist, and I think that that's like a deep psychological current. A lot of people and their disdain for this technology, it fuels it. It's not the cause, but I think it fuels it.”

[Wall Street Apes @WallStreetApes]

Chevron is letting customers know in California that it’s not Donald Trump causing the insane gas prices in the state, it’s California Democrats

Chevron just added these new signs to their pumps educating customers, “Sacramento policies did this. Now you pay more”

“California politicians are choosing foreign oil and fuels over local jobs and lower costs”

This is what we need. Huge companies willing to educate the public and tell the truth

It’s Gavin Newsom and Democrat policies causing $6.30+ average cost per gallon in California

[Marc Benioff @Benioff]

There is no substitute for bestie @DavidSacks … showed up black-shirted, caffeinated, & fully armed with enough crazy. Besties talked future of enterprise, AI agents that actually work (not just hype), and @chamath has enough truth China bombs to trigger all the Besties. Zero filter. Brilliant El Niño insight from @friedberg. I wasn’t ready for @Jason and neither was the group chat. Buckle up. This one’s XX spicy. 🌶️ 🚀 Check out the full episode here → https://t.co/VeqjCG0loE

[The All-In Podcast @theallinpod]

🚨 POD UP! HAPPY FRIDAY!

Bestie Guestie Marc Benioff (@Benioff) fills in for Sacks

A LOT covered on this one:

-- Trump-Xi Summit: Trade, Taiwan, midterms impact

-- AI's impact on software: What thrives and what dies?

-- OpenAI could sue Apple over failed ChatGPT integration

-- Thinking Machines drops new model, future of AI is multi-sensory

-- BIG Science Corner on a potentially devastating El Nino

(0:00) Salesforce CEO Marc Benioff joins the show!

(1:14) Trump-Xi summit, doing business in China as a US company, impact on Americans and the midterms

(18:46) Taiwan, chips, AI models, and peace through trade

(31:41) AI's impact on software: What SaaS thrives, what SaaS dies?

(47:26) OpenAI is considering suing Apple over failed ChatGPT integration

(56:54) Thinking Machines releases real-time model, future of consumer AI, multi-sensory models

(1:02:24) Science Corner: Impacts of a historically strong El Nino in 2026

(1:11:40) Anthropic goes after "Dark SPVs"

[Ben Shapiro @benshapiro]

All the haters can kiss my ass

[Ashley Zavala @ZavalaA]

New:
Dana Williamson —Gov. Newsom’s ex-top aide + Xavier Becerra’s former campaign manager pleads guilty in case involving Becerra’s campaign funds.

Her plea deal involves 3 felonies:

•Conspiracy to Commit Bank & Wire Fraud, False Tax Return, and Making False Statements

[Lisa Bacon @FashPoliceLisa]

@spencerpratt Ignore them (TMZ +) and keep speaking to voters

[Lisa Bacon @FashPoliceLisa]

@GigiLevangie @Jason I remember that!!!!

[Chamath Palihapitiya @chamath]

Key to winning:

Choose to be positive and grateful. Then, just keep at it. Time is the great compounder and will do the rest.

So many people just don’t have the discipline to stay positive and grateful. Then time compounds the bitterness instead.