SpaceX’s $2T Case, Nvidia’s Shock Selloff, America Turns on AI, Trump Pulls AI Order, Bond Crisis?
Speakers
Chamath Palihapitiya
— CEO, Social Capital
GavinSBaker
— Portfolio Manager, Treaties Management
David Friedberg
— CEO, The Production Board
Summary
The podcast covers Andrej Karpathy joining Anthropic for recursive self-improvement, the AI PR backlash and layoffs, SpaceX's S-1 filing targeting a $2T valuation, Nvidia's blowout earnings, and rising macro risks from inflation and bond yields. Gavin Baker provides detailed investment theses on Nvidia and SpaceX.
- Andrej Karpathy joins Anthropic to work on recursive self-improvement, potentially accelerating AI progress.
- AI faces a PR crisis as layoffs and dystopian messaging fuel public backlash.
- SpaceX files for IPO with three business units: Starlink, launch, and AI compute; Elon Web Services already has a $15B/year deal with Anthropic.
- Nvidia reports 85% revenue growth, $48B free cash flow, and a new $80B buyback; stock remains flat despite strong fundamentals.
- Macro signals flash red: oil elevated, inflation expectations at 4-6%, 10-year yield at 4.6%, global bond yields at multi-year highs.
- US-China summit yields no grand deal but some chip and agricultural sales; tensions persist.
- Gavin Baker argues Nvidia is undervalued and SpaceX's AI compute business justifies a high multiple.
- Chamath Palihapitiya advocates concentrated long positions in transformative companies and avoiding speculation.
Trade Ideas
SpaceX is cheap at 20x revenue.
SpaceX's Starlink business is scaling to hundreds of millions of subscribers, its AI compute business (Elon Web Services) has already secured a $15B annual deal from Anthropic, and the company builds data centers faster than anyone. At 20x revenue for just terrestrial data centers, the rest of the business (launch, orbital compute, potential Tesla merger) is upside. The 'one more thing' creativity premium and Elon's unique execution capability justify a $2T+ valuation.
Nvidia is undervalued at low teens PE.
Nvidia's AI revenue is growing faster than hyperscaler capex and Broadcom's AI semi revenue, disproving the share-loss narrative. The company now has a $20B CPU business, domain-specific architectures through co-design with every lab, and a low-teens multiple on real earnings. Asset-backed financing for GPUs at 6% provides a structural advantage. Nvidia is undervalued.
Up Next
This All-In Podcast video, published May 22, 2026, features Chamath Palihapitiya, GavinSBaker discussing SPCX, NVDA. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Chamath Palihapitiya, GavinSBaker · Tickers: SPCX, NVDA