All-In with Chamath, Jason, Sacks & Friedberg
Fed Hesitates on Tariffs, The New Mag 7, Death of VC, Google's Value in a Post-Search World
Fri, 09 May 2025
(0:00) The Besties intro Philippe Laffont! (2:12) Miami F1 Recap! (12:10) Fed holds rates steady on tariff uncertainty (32:47) Google drops after Apple sees fall in search queries on Safari (56:48) Creating a new Mag 7 (1:07:00) Private markets: Is traditional VC dead? Philippe details Coatue's new fund structure and what makes a great investor Follow Philippe Laffont: https://x.com/plaffont 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://polymarket.com/event/fed-decision-in-june/fed-decreases-interest-rates-by-50-bps-after-june-2025-meeting?tid=1746821096114 https://www.federalreserve.gov/newsevents/pressreleases/monetary20250507a.htm https://www.mlex.com/mlex/antitrust/articles/2337168/apple-exec-testimony-on-search-volume-drop-hurts-google-stock-price https://www.bloomberg.com/news/articles/2025-05-07/apple-working-to-move-to-ai-search-in-browser-amid-google-fallout https://blog.google/products/search/statement-press-reports-about-search-traffic https://x.com/EconomyApp/status/1915501252420784499 https://x.com/Similarweb/status/1920026287625658628 https://openai.com/index/leadership-expansion-with-fidji-simo https://files.pitchbook.com/website/files/pdf/Q1_2025_PitchBook-NVCA_Venture_Monitor_19001.pdf https://stockanalysis.com/ipos/statistics
Chapter 1: Who is Philippe Laffont and what is his role in this episode?
Chapter 2: What happened at the Miami F1 event?
And if you zoom out from that statement, and you zoom out from the comments you're making, Philippe, there's, I would say, like a once in a generational opportunity to select companies that are going to accelerate growth, because of the leverage they're going to create by adoption of these tools, not tech companies, in the traditional sense, but across the entire economy.
And some of what we're seeing right now in the reformation of venture capitalists. And I know you're going to talk a little bit about CO2 here in a bit, but so much of the thesis is around traditional businesses being reinvented using AI.
And as a result, it's not just the few tech companies that are providing the fuel, but there are these fires that are going to take off in all these different markets that we could sit and spend probably hours kind of extrapolating and theorizing on that creates a real opportunity for incredible market value creation.
And traditionally, it's like the market grows and the differentiation among the competitors is minimized once the market has matured. But for the first time ever, every mature market can be completely disrupted. And so if you're smart about selecting management teams and selecting companies, it seems to be an incredible opportunity to realize investment returns, even in a mature equity market.
Let's move on to our next topic, which is obviously super related. Google was down 8% on Wednesday after some bad search data came out because the Justice Department, as everybody probably knows, is doing this antitrust lawsuit with Google. And the key part of that lawsuit is Google paying Apple $20 billion a year to be the default search engine on iPhones.
Obviously, we all know iPhones have elite customers. Those are very precious searches from people with a lot of money because iPhones are expensive. Anyway, Eddie Q, who's been with Apple for 35 years, he said, quote, for the first time ever last month, our search volume actually went down. Quote, that has never happened in 20 years.
If you ask what's happening, it's because people are using chat GPT. They're using perplexity. I use it at times, he believes. that AI search is going to replace classic search like Google, quote, again, there's enough money now enough large players that I don't see how it doesn't happen. Bloomberg reported on Q's comments at 11am.
An hour later, Google was down $100 billion in market cap, it bounced back a little bit. Today, we're taping this on Thursday. Here's the statement from Google. responding to Q's comments, we continue to see overall query growth in search that includes an increase in total queries coming from Apple's devices and platforms freeberg.
Is it time for Google to panic Google shareholders to panic we talked last week about making bold decisions about what is the default? And how might Google get out of this classic innovators dilemma? What do you think?
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