New SEC Chair, Bitcoin, xAI Supercomputer, UnitedHealth CEO murder, with Gavin Baker & Joe Lonsdale

David Sacks was named Trump’s White House AI and crypto czar, giving an All-In co-host direct influence over two industries the podcast regularly covers. Trump’s announcement said Sacks would guide AI and cryptocurrency policy and lead the President’s Council of Advisors on Science and Technology.

xAI’s Colossus reportedly linked more than 100,000 Nvidia GPUs into one coherent training cluster, far beyond the roughly 30,000-GPU limit many engineers had assumed. Investor Gavin Baker called Grok 3 the first meaningful test of whether training-scale gains were stalling, while disclosing that his firm owns xAI.

Baker argued that AI already has measurable economic returns, especially where it replaces labor rather than merely adding software features. He said some foundation-model “wrappers” rapidly reached profitability and estimated comparable startups now employ roughly 50% fewer people than three years earlier.

Friedberg said non-programmers at his company used Cursor to build and deploy working internal applications during a hackathon. He estimated AI-assisted development had improved from roughly 60% complete to 70–80% in two months, with debugging and production work still requiring humans.

Joe Lonsdale expects defense-tech consolidation around roughly seven to ten new major contractors rather than hundreds of lasting startups. He said about 95% of current defense spending still goes toward legacy systems, while disclosing that he founded three and backed three of what he described as nine defense-tech unicorns.

Baker warned that MicroStrategy’s debt-funded Bitcoin strategy eventually collides with the earning power of its underlying business. He estimated roughly $75 million in convertible-note interest against about $400 million of company revenue, arguing that heavy overcollateralization would ultimately destroy the strategy’s apparent “magic money” economics.

The sharpest regulatory disagreement concerned whether wealth should determine who may invest in private funds. Atkins had questioned a proposed $2.5 million threshold; Baker and Lonsdale favored broader access with stronger safeguards, while Friedberg warned that private markets’ weaker disclosure could expose ordinary investors to serious fraud.

Friedberg framed electricity generation—not merely chips—as a central constraint on American AI, manufacturing and strategic competitiveness. He cited projections of U.S. capacity rising from roughly one to two terawatts while China rises from about two to eight, and argued that accelerated nuclear construction should be a national priority.