All-In PodcastTrump Takes On the Fed, US-Intel Deal, Why Bankruptcies Are Up, OpenAI's Longevity Breakthrough
CHAPTERS
- 0:00 – 9:00
Cold Open, Moose Visit, Bar Mitzvahs, and All-In Summit Promotions
The episode opens with Jason’s dog ‘the moose’ crashing the recording, followed by friendly banter among the besties about ad reads, sponsors, and the upcoming All-In Summit in Los Angeles. They reminisce about their bar mitzvahs and childhood birthday parties, mixing self-deprecating humor with a bit of generational commentary on Gen Z attitudes toward ethics and ‘square’ behavior.
- 9:00 – 20:35
Travel, On Running Shoes, and Founder University Expands to Riyadh
Chamath briefly recaps his European trip, including a rough stretch on the island of Pantelleria and a decompression stop in Milan, which leads to a mini-endorsement of On Running shoes. Jason then announces the expansion of his Founder University program to Riyadh, describing its pre-accelerator model and deal-flow logic.
- 20:35 – 33:40
Trump vs. Fed Governor Lisa Cook and the Myth of Fed Independence
The group dives into Trump’s unprecedented attempt to fire Fed Governor Lisa Cook ‘for cause’ over an alleged mortgage-fraud issue predating her appointment. This sparks a wider debate over whether the Fed is truly independent or inherently political, whether presidents should be able to remove governors at will, and what the Fed should even do in a 2025+ economy.
- 33:40 – 45:50
Powell, ‘Transitory’ Inflation, and Politicized Rate Cycles
Sachs lays out a detailed case that Jerome Powell’s decisions around inflation and rate moves were politically timed—to get renominated and to aid Democrats—while Jason pushes back using FOMC voting structure and inflation data. They spar over the ‘transitory’ period, QE continuation, and the 2024 pre-election 50-basis-point cut.
- 45:50 – 55:30
What Should the Fed Actually Do in a Modern Economy?
The conversation moves from Powell’s record to first principles about central banking. Chamath outlines a reduced-scope Fed whose core monetary functions are supplanted by highly data-driven markets, while Friedberg maintains that expert judgment and independence are critical for balancing short- and long-term tradeoffs.
- 55:30 – 1:08:40
U.S. Buys 10% of Intel: Industrial Policy, China, and Sovereign Wealth Funds
Attention shifts to the Trump administration’s move to convert CHIPS Act grants into a 10% non-voting equity stake in Intel, following public criticism of Intel’s CEO. The besties compare this model to China’s state-directed investment and golden shares, debate when equity-for-subsidy is appropriate, and explore how such stakes should be managed for the public good.
- 1:08:40 – 1:23:25
Should America Build a Sovereign Wealth Fund—and Tie It to Social Security?
The Intel discussion segues into a broader exploration of whether the U.S. should operate a sovereign wealth fund. Chamath suggests seeding it with tariff-linked inbound capital and strategic equity stakes, while Friedberg argues it should be integrated with the Social Security trust fund to address looming insolvency. Jason warns that any new asset pool risks being raided by Congress.
- 1:23:25 – 1:32:30
Corporate Bankruptcies, Creative Destruction, and the End of ZIRP
The panel examines S&P data showing 2025 on pace for the highest number of large corporate bankruptcies since 2010. They reject the idea that recent tariffs are the primary driver and instead trace failures back to a decade-plus of artificially cheap money, over-levered buyouts, and suppressed M&A that delayed necessary restructuring.
- 1:32:30 – 1:57:30
CRE Refinancing Stress, Zombie Buildings, and the Case for Faster Cuts
Sachs zooms in on commercial real estate as a key locus of rate-sensitive distress. He explains how higher refinancing rates and lower valuations are wiping out equity, discouraging investment in tenant improvements, and keeping buildings half-empty. He blames Powell’s slow reaction for prolonging the pain.
- 1:57:30 – 2:11:00
OpenAI’s GPT-4B Micro and the AI-Designed Rejuvenation Proteins
Friedberg leads a deep dive into OpenAI’s collaboration with Retro Biosciences using a specialized model, GPT-4B Micro, to design more effective variants of Yamanaka factors for cellular rejuvenation. The results show massive gains in conversion efficiency, illustrating both how AI can accelerate drug/protein discovery and how close we might be to impactful anti-aging therapies.
- 2:11:00 – 2:22:30
Speculating on Clinical Timelines, Offshore Clinics, and Vaccine Politics
The besties probe the practical implications of rejuvenation tech—how soon it reaches humans, whether offshore clinics will move faster, and what safety issues remain. They briefly touch on RFK’s evolving vaccine policies and the social psychology around revisiting COVID-era decisions.
- 2:22:30
Closing Banter: Fed ‘High Priests,’ Clubs, and the All-In Club Idea
The episode winds down with jokes about the Fed as robe-wearing high priests, membership clubs, and the idea of an ‘All-In Club’ for backgammon, poker, and cigars. They tease surprise speakers for the upcoming All-In Summit and sign off with their usual self-aware bravado.
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