David
Appearances
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Nick, these guys are low energy today, you notice that? You know what we need to do? We need to f***ing gamble. Let's do it, Nick. Let's play a f***ing hand of blackjack. Let's get these guys f***ing amped.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Nat thought he was hilarious. Oh, because of the disparity in the looks between you and Nat is what he was sort of implying.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
It sounds like you guys are in the halls of power now, and Trump has flipped his positions on EVs, abortion, and taking away a woman's right to choose. He's flipped his position on TikTok and flipped his position on crypto. I give him a ton of credit. Four flips in a month, and he just sweeps all those votes. It's pretty smart. And for the Democrats who are listening,
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
You're losers, and you're not listening to people. So you're going to lose the election, and Biden's going to get demolished. Nobody wants to vote for somebody who they think is incognito. That's your bet right now, Jacob.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
I mean, did you see the video that came out this week where he was at some event, and it looked like a Mitch McConnell moment, right, where he was kind of frozen? He was like stuck. And so I don't want to make it like elder abuse, and I know...
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Yeah, he's got to bow out.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Who knows? I think it's all going to be determined by the debates.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
We need a cognitive test. But the Democrats need to just look deeply in the mirror and say, hey, you're fielding a candidate that nobody's going to vote for. That's the problem here. And there's not enough anti-Trump sentiment. And Trump's a genius at flipping his position to get huge swaths of voters. And so you're going to get demolished if you don't hot swap them.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
So lads, what do we want to do here? We want to put 10K and then give it to one of Tim's mates who's stuck or something. How do we do this? We Mr. Beast this? We give 10K to the next time you get coffee if we win? And give it to the barista or something? What should we do?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
I guarantee you a hot swap is coming. I predicted the Trump TV flip, and I predict it now.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
And if you frame it as that, Chamath, then it's even a bigger trouncing, right? Like if you put Biden, if you put Kamala against Trump, then what would the, it would be an even bigger shellacking, yeah? In your mind?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
And listen, Biden hasn't made it to the finish line of his first term. It's obvious to everybody he's in cognitive decline. You put up a candidate who's in cognitive decline, you're going to lose. even against, you know, Trump, who people really don't like. These are the two most unpopular candidates of our lifetime.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
I think that- Oh, he's got a core, but yeah, no, people, the Republicans, including yourself, were looking for a different candidate just months ago. You said Trump was not your preferred candidate and you were all in on DeSantis. So let's not pretend like he was your preferred candidate. He's the remaining candidate.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
There's some, yeah.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
In this, we are in total agreement. Yes, there is no enthusiasm to put somebody in cognitive decline in the White House. All right, listen, we gotta get to the docket. We could talk for hours about Biden, Biden, Biden, Trump, Trump, Trump, and we will. It's gonna be a continuing topic, but let's get to a very full docket here. Breaking news, last night, Tesla shareholders have backed their guy.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Yes, there was two important votes, measures, that Tesla just had taken with their shareholders. The first was approving Elon's pay package, the $56 billion pay package that was voided by a Delaware judge. We talked about that on episode 164 back in February. And then moving Tesla's incorporation from Delaware to Texas. This is also major.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Yes, absolutely. We want to be in a 10K sweat with you.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Remember, we talked last week about the Texas Stock Exchange. Here's the two charts. massive overwhelming support. There were some notable people who dissented. I think Norway's Sovereign Wealth Fund and CalPERS were two of the ones who were voting against it. Tesla share price popped 6% on the news. You don't want to lose Elon at Tesla. That would be really bad.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
So your thoughts, Chamath, on this vote and maybe the move and what that represents.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Are these real dealers or are these AI news? We had a debate.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Saks, you have thoughts on this outcome? Is it surprising to you? Not surprising? And then I think the jurisdiction thing is bigger than maybe people are thinking because Delaware has been the standard for incorporating companies, but Elon is putting his companies in Nevada and Texas. We saw the stock exchange last week getting back to move to Texas.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
This does seem like there's something about jurisdiction in the water. What are your thoughts, Sax?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Yeah, pick a book. Pick a book. Somebody who feels blue collar, who wants to work for us. We need somebody who's a worker. And you have over a million followers now watching this craziness.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Freedberg, is this a John Galt moment? Is this where capitalism, socialism, and the state collide and people now start thinking, hmm, maybe we need to create a new jurisdiction, a new framework?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
What do you think of this guy, Tim?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
when i don't have to yeah very simple because he would leave uh morals and ethics matter and you want to do the right thing and you want to incentivize capitalism to operate properly and want to incentivize the people who take on the burden of running these companies and the people who voted against it i think people should just make a list of those individuals chamar and they should not do business with that because if somebody is going to double cross you
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
They've shown you who they are. These are people who double cross them. They got the benefit. And then they stabbed him in the back.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Then you're a true scumbag.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
I'm not saying a blacklist, but I would say making a list of people who maybe you want to consider not doing business with is how I would frame it.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
And 10% being the ownership of the company that he gets. Yeah. The pay package was laughed at on CNBC by all the experts. There is no way for him to hit this stuff. If he does hit it, he's getting a fraction of the value of it. And this is why stock is such a valuable device. If employees get stock,
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
and the CEO gets stock and everybody in between and retail investors get it and endowments get it and your retirement account gets it, everybody rose in the right direction. Is it perfect? No, people can buy back their stock. They can do a little gaming on the margins, but it is the most pure system we have. Everybody has a share of the company.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
So if you're a socialist, you should actually kind of appreciate how stock works that everybody has a chance to buy it, everybody has a chance to participate. This is the model we should be using for all CEOs, they should all get a massive package. If the stock goes up into the right. It's so obvious. And this was so unfair. Let's see this flipper. I want to see their explanation.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Yeah, put a stop for $10,000. Put a stop for $10,000.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
This woman is so smug. What is her name? Karen Frost? I don't think she's smug.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Yeah, they're trying to catch up. They've been behind on venture.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
How does a lawyer make $5 billion? How is that possible?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
When people ask, why does Delaware have this special place that everybody decided Delaware would incorporate? It was because it was predictable. Lawyers felt this was the most predictable jurisdiction that would be the most shareholder-friendly, most shareholder-thoughtful, whatever word you want to use. They would defend the shareholders, and here we are.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
It's becoming a trend. We're having very big discussions about this in the startup community of where to domicile your company, and more to come on this one. Okay, let's keep moving. Apple had a huge announcement this week, Apple has entered the chat, they announced Apple intelligence, get it AI. And they have included a chat GPT integration from open AI.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
This was really, I think, impressive in many ways because people thought Apple was far behind. It was a banger of a demo. A lot of un-Apple-like future-looking demos. So none of these demos that we're going to show are coming to your phone this week. They were really, I think, playing catch-up with Microsoft, and it worked. Stock is up 10%. They added about 300 billion in market cap.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Now the top three market cap companies are all driven specifically by the perception that AI is going to be the next technological wave. Microsoft, Apple, and Nvidia all cruising around about $3.2 trillion. And this top three keeps flipping back and forth. Apple had past Microsoft and Market Cap. Here's the features. I'll just give you a quick overview of what we're seeing.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
It's added Grammarly-like features. Great product, Grammarly. I'm not an investor, but they added the ability to proof, get grammar help. AI will transcribe and summarize phone calls with permission, obviously double opt-in. It will prioritize notifications and iMessage and email that are super important. You can do smart replies.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
A company where an investor in Superhuman already does this kind of stuff. And they're bringing AI to Siri. And this is going to be the big win in my mind. You're going to be able to say things like you want to order something in DoorDash or Uber Eats or Instacart. And the AI Siri will be able to dip down into apps.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
They're building a whole app AI interface, much like the Rabbit device CEO talked about doing. And I think this means that Apple is going to win the AI consumer. There is a deal with ChatGPT that I'll get your feedback on, gentlemen, in a moment. According to sources, Apple is not paying OpenAI. It's a non-exclusive deal. ChatGPT can be swapped out.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Apple is also talking to Google about a similar deal. Obviously, it doesn't take a genius to predict that Apple is going to auction off the LLM integration, I think, to the highest bidder. They did that with the search deal. Google pays Apple $20 billion to be the default search engine. That's about 5% of Apple's annual revenue, if you didn't know. And it's all profit, right?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
So this is a huge profit moment. I'm going to pause there for a second before I get into more of this and just get your general reaction, Chamath.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Freebird, your thoughts on the vision here, at least? And to Chamath's point, Apple used to release dope stuff. fully baked, ready to go. And now we are increasingly see them talking about what's coming next year or at some point. Do you think Apple's going to win the consumer? Do you think Apple's falling behind? Should they have built their own LLM by this point?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
It's clear sacks that right now, to enable these features, you're going to have to have a pretty solid device They announced here at the keynote at WWDC that you need to have an M1 chip or better, iPhone 15 or better. So, and having all this local data is a huge advantage for Apple. They've got your messages, your phone, your calendar, your photos.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
your app behavior, the data inside of your wallet, all of this gives them a huge, huge advantage. So I guess the question is, do you think this renews the Apple franchise and people start upgrading their phones again to get all these new features, David Sachs?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
might have to there's i cannot believe we've just blackjacked that is unbelievable well tim have a good day all right tim you are a legend everybody follow tim on instagram let's get him to 10 million let's get i mean you have a future in broadcasting you are going to make millions you you went from the farmhouse oh yeah literally and here we go now you're going to be running a casino
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
It turns out Apple has addressed this head on. They hear the concerns and much like when you share a photo or you share your location, it's going to ask you over and over again, do you want to let this app do this? So they're aware that this is an issue. They brought up privacy every single time, but people don't trust open AI and they do trust Apple. So this is strange bedfellows to be sure.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Chamath, your thoughts.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Yeah. Well, when you're behind, you know, you behave differently than when you're ahead and you have your monopoly. Freeberg, you wanted to add anything here before we move on to the next story? Okay. In related news, OpenAI... has hit a run rate, and this is kind of stunning, of $3.4 billion. That means they've roughly doubled their monthly revenue in the past six months or so.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
These are not official numbers. OpenAI is denying them. But here's a chart that somebody put together based on all the different leaks and approximations of what OpenAI is making. The reason this makes no sense, this chart, and it shows a year, and then it shows a month, a month, a month, a month, is because there's been different leaks at different points in time.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
But just to normalize this, in 2022, for all of 2022, before... They really had a lot of customers, 28 million, and now on a $3.4 billion run rate. Again, it's a pretty stunning number if it's true.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
And so if we were to even look at the number of people who work there, 770, if you put that at 500,000 a person, some engineers getting a couple of million, some people maybe getting less, they're probably only got a half billion dollars in salaries a year. Who knows what they're spending on the infrastructure for this?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
If you were to do evaluation on this, everybody knows they sold a bunch of shares in secondary at around 80 billion, which means they're trading at, if these numbers are true, 25 times for revenue, which is close to what Nvidia is trading at right now. Obviously, they're two very different businesses. So your thoughts on this as a SaaS company?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Obviously, the majority of this revenue is consumption-based. Some portion of it is SaaS-based, reoccurring, like subscriptions we pay for At launch, my venture fund, we pay for 6,000 a year to have all 20, 25 people on ChatGPT as a corporate account. Maybe it's 250, 300 a year per person. So what do you think of this business, Saks, and how fast it's growing?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Obviously, some of it's API consumption-based, not reoccurring. Some of it is reoccurring.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
I think you should have Tim's blackjack. You should have your own brand. We could build a whole brand on this. Tim.Nacki on Insta. T-I-M dot N-A-K-I.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
So you would compare this business to Amazon Web Services, Google Cloud, Azure. That's really the business here.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
We'll find out eventually. Chamath, your thoughts on OpenAI's surging revenue?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Yeah. And like we said, that 15K we won. That's yours for you and the missus. Go on vacation. No, no, no, no. We said it. We said it. We want you to do something. Go with it. We're already cashed up. You take that 15K. You take the missus out. You get some first class tickets. You meet them up in Italy. And then let's go. That's it. Come to the summit.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
The average revenue per user, ARPU, per year is single digits, maybe it hits double digits, as opposed to the United States where it could be triple digits, right?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Okay, Freeberg, you I don't know if you got to see Sonny's talk liquidity last week, but he talked about how many of the CIOs CEOs are looking for open source solutions here. 80% of them want to go open source, they don't want a proprietary model to invest in. But the best model right now is a proprietary model. So what do you think about open as revenue surge? Is it sustainable? Or are there 20?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Better open source projects that are going to be death by 20 open source project cuts? and schmucks general feeling here that, hey, it's not ready for primetime yet. It will be but we're in the AI dial up era, to use an analogy here, hey, you can see the promise, but it kind of sucks in terms of reliability, maybe open AI is AOL.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
We could play some. Oh, we could have a whole session.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
You do have to do that stuff. Yeah, so we pulled the source.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Yeah, you got to come to Orland Summit for sure. Yeah, get the misses. Take the 15K. Two first class tickets. Get yourself set up in a nice hotel and we will see you there. All right, everybody. Let's get to the docket. Well done. Tim.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
It's the same thing for the enterprise, Chamath. You can just sign up and for 20 bucks a month, you can have your whole organization on it.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
So we took the time to set up the corporate. It's really easy. And then anybody with your domain can sign up and let you track it. But it doesn't consolidate. That's what I'm looking for. Chamath is the ability to consolidate all the searches in one place and everybody can share their searches. But like I said, the application layer is doing right in some ways.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Definitely makes everybody bionic. I agree.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
If there's an internal tool and an internal people are really getting dependent on this, and they use it constantly. We're on our investment team meeting, we're evaluating a company for real estate brokers, we're evaluating a company for therapists and like tools and SaaS products for those type of people.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
And when I asked them, well, how many what's the total addressable market, boom, three or four researchers and analysts on my team are doing that search, finding sources and saying there are this many therapists, this many social workers, this many real estate brokers, as many buyers, And then I'm saying, well, did you source that? And they're like, yeah, of course.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
And one of them was like, well, I asked Claude. I asked Gemini. I asked ChatGPT. I asked them all for sources. I cross-referenced them. So they have three of these things open. And so just everybody's knowledge level goes up, but you do have to check it because one out of four facts is probably wrong or cited wrong. And so it's going to be... I think one out of four is about the right number.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Well, think about it. If somebody's salary is $100,000 and these cost $1,000 to have five of them, of course I'd pay for five.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Consumption and metered API usage, yeah. That enterprise is really powerful.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Anyway, this is going to make people bionic. I think all organizations will have the same number of people for the next couple of years. And then just individuals will get better and better at their jobs. And so efficiency is going to go way up. Speaking of efficiency, the market is ripping. We're going to get a little macro here in three acts. Inflation has been broken, I think it's safe to say.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
We're down at 3.X, 3.3, lower than expected. And hiring wages are surging and stocks are surging. So let's go through it here and get the besties take on the vibe session.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Yeah, I agree. I disagree as well. Disagree with it. Let me go through the numbers and then you can all disagree. That's how that's how this works, folks. Inflation print came in at 3.3%, lower than expected. Here's your 10-year chart. Super easy to explain what's happening here. Rates were low for a long time. Inflation cruising at about 2%. And then lunatic spending during COVID.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
And we added $8 trillion to the national debt. And then Biden added a bunch. Everybody getting those STEMI checks and PPP loans. And so if you look at inflation here, we were just cruising along at 2%. Massive spike up to 9% year-over-year inflation. And now coming back down to 3.X%. And the question is, can we get to a two handle? And the rates went up faster than ever in history.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Here's the Fred chart. You can see there in, and this goes from the 80s. You see that massive spike when they tried to break the back of inflation previously. So this is the fastest ever gone up. And here we go. The common sentiment here is that savings has been burned off and people are starting to have debt. And so now we are in act two, the lowest unemployment rate of our lifetime continues.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
If you believe those numbers, some people do, some people don't. Labor Department reported 272,000 new jobs in May, smashing, crushing the 190,000 estimate.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
uh and then act three average hourly wages up a massive four percent from last year at 35 an hour that also topped estimates so if inflation is at 3.x and hourly earnings are at 4.x maybe consumers will start feeling better about the economy eventually they obviously uh have been pretty shocked by that nine percent inflation and only four percent growth here's your chart from fred
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
of the hourly earnings of all employees. And you can feel pretty good about that. Everybody's wages keep going up. The question is, do they go up faster than inflation? Okay, so there's my framing of the situation. Freiburg, tell me what I got right. Tell me what I got wrong.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
And it is true for the federal government. just to point out here what you're saying, the goal was to, in fact, increase the interest rate to cool the economy, right? Which they got too late, but that was the goal. That was the explicit goal was to cool the economy.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Yeah, you know what happened was somebody emailed me and they're like, hey, that's my mate that you talked about. He's a big fan of the show. It turns out, you know, this is the thing about influencers now. This is the thing about this micro-celebrity stuff. We all know each other by default, right? Yeah. So he was just slid into the DMs. There's definitely camaraderie. Yeah, that was awesome.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Yeah, that's- I'm saying this is very hard on people. Chamath, what's your take on this? We have a slowing GDP growth. We have inflation going from nine down to three. We have wages going up 4%. How do you make sense of all this? Do you feel like... Sorry, Freebrook, are you saying we're going to have stagflation or... We have stagflation right now, definitely.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
So here is total job openings. To your point, Shamath, they're getting burned off, we peaked at 12 million. Again, if you believe the numbers are not there, they obviously have some value. And we've burned off a ton of those. So sex, what's your non political, nonpartisan take first principles of what's going on with the economy?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
That's awesome. I'm so glad he won. And, you know, he basically got smashed in his DMs, like a thousand people DMed him. Oh, you're on all in. They're bugging out to you on all in. And so, yeah, I just said, hey, would you do a hand? Would you do your live hand with us? And then I didn't I didn't I wanted to clear with you guys before I put our money on it or whatever.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Betting markets had a 70% chance of two rate cuts before Powell spoke. Afterwards, now it's one rate cut. Dow, record high again. This past week, and NASDAQ record highs each of the last month for the last four months. So the market, putting aside individual stocks, has broken records almost every month for the last three.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
NVIDIA, Microsoft, and Apple.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
But I couldn't do that because I wanted to surprise you.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
And to remind everybody, maximum employment, stable prices, moderate long-term interest rates is the mandate for the Federal Reserve. They're supposed to be independent. Famously, Reagan pushed Volcker to get rate cuts. And there is a lot of politics involved in this. And so legacy does seem like The organizing principle here, I would agree with Chamath and Sachs, that it's legacy.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
But there's always political pressure here, as you can see. Elizabeth Warren is trying to push him to make cuts for obvious reasons.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
And then there's a letter writing like Elizabeth Warren's doing here, right? So the pressure can be there. The question is, do they bow to it? Right, sex?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
My position is I think he might have already stuck the landing. I think like the fact that we've burned off all that savings to your point, Shamath, that people are going back to work and that these businesses are doing fantastic and efficient because of AI and other gains. It feels like all the record that he, I think he's stuck the landing already.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
They're trying to go back to work, but the jobs don't exist. Yeah. I think they're going to take jobs. They just might get the job they want. And that's what I think people have to recognize is they have to take a job and they may not be the one that they want working from home.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
We'll find out. All right, everybody. This has been another amazing episode of the All In podcast.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Okay, best wishes to Peter and his sister. Help out if you can. And you're in our thoughts and our prayers.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
been busy having some adventure, Sax. Seems like you were busy last week. Anything to report from your side of the world?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
So it's exhausting to be against Trump for eight years. Like, this has been exhausting. I think they've exhausted folks.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
What were some of the greatest hits? What did he hit on? Did he hit on low pressure from showers? Did he... Because I know he's got like some things he hits on that are relatable. Was it all like... specific crypto topics, tech topics?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
I mean, they're very good looking. Huge IQ. And I mean, look at him.
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Chamath, your thoughts before this goes on for an hour?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
Freeberg, your thoughts on all this?
All-In with Chamath, Jason, Sacks & Friedberg
Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
No, I know. Just big picture. I want to know why Chamath didn't wear a tie.