| Ticker | Direction | Speaker | Thesis | Time |
|---|---|---|---|---|
| LONG |
Chamath Palihapitiya
Host, All-In Podcast / CEO, Social Capital |
"Is on-prem the new cloud?... Once you use these tools, it is very difficult for a company to be able to control how their data is used... The only solution is to have the pendulum swing all the way back and have private provisioned networks." Enterprises will panic about leaking IP to public models (like OpenAI/Anthropic). This forces a massive capex cycle into local hardware and private clouds. Companies that sell the hardware for local inference (Apple Mac Studios were explicitly mentioned as the current solution) and the chips to run private clusters (Nvidia, AMD) will capture this spend. Long hardware providers enabling "Sovereign AI" and local inference. Public cloud providers (AWS/Azure) solve the privacy layer faster than hardware can be deployed on-prem. | 63:53 | |
| LONG |
Chamath Palihapitiya
Host, All-In Podcast / CEO, Social Capital |
"The general trend since 1700 to now [for Debt to GDP] is up and to the right... You got to find ways of hedging and owning real durable assets because the underlying currency... will fluctuate wildly and just fall off of a cliff." Fiscal discipline is politically impossible. Governments will continue to print money to service debt, leading to currency debasement. To protect purchasing power, investors must own assets with finite supply that cannot be inflated away by central banks. Long Hard Assets (Gold and Bitcoin) as a hedge against fiscal dominance and currency erosion. A "black swan" deflationary event or radical government austerity that strengthens the dollar. | 45:57 | |
| LONG |
David Sacks
Craft Ventures / General Partner |
"The capex for this year that's expected just from the four leading hyperscalers is $600 billion... That's a roughly 2% tailwind to GDP growth right there." While bears focus on debt, the sheer magnitude of AI infrastructure spending by the "Hyperscalers" is creating a productivity boom and economic floor. These companies are not just spending; they are building the utility layer for the next decade of the economy. Long the Hyperscalers (Big Tech) as the primary drivers of the "New Golden Age." AI applications fail to generate ROI to justify the massive capex spend. | 4:15 | |
| LONG |
David Sacks
Craft Ventures / General Partner |
"You're seeing a lot of jobs being created in construction, especially non-residential construction. Has to do with the data centers, the AI boom that's going on." The $600B capex spend requires physical infrastructure. This directly benefits engineering, construction, and industrial firms that build the shells and power systems for AI data centers. Long Industrial and Construction sectors exposed to data center build-outs. Regulatory halts on power consumption or a slowdown in AI scaling laws. | 7:04 | |
| LONG |
Chamath Palihapitiya
Host, All-In Podcast / CEO, Social Capital |
"FSD and autonomy is going to shift the number of people that even know what it means to drive... the rest of us will be using FSD or Waymo." As insurance costs rise and convenience increases, human driving will become obsolete for the masses. Tesla (via FSD) is positioned to capture the mass market of "transportation as a service," making their software margin profile superior to traditional auto manufacturing. Long Tesla as a robotics/AI play, not a car company. Regulatory hurdles for Level 5 autonomy or competition from Waymo. | 64:37 | |
| LONG |
Chamath Palihapitiya
Host, All-In Podcast / CEO, Social Capital |
"There's a Ferrari experience that's different from every other car... In places like China and India, they're always going to have a market." As driving becomes automated for the masses, manual driving becomes a luxury hobby for the ultra-wealthy (similar to horse riding). Ferrari is a Veblen good that retains value and pricing power regardless of the shift to EVs or autonomy. Long Ferrari as a luxury holding, immune to the commoditization of transport. Brand dilution if they fail to execute on their EV transition (though the interior design was praised). | 63:14 |