Epstein Files, Is SaaS Dead?, Moltbook Panic, SpaceX xAI Merger, Trump's Fed Pick
Speakers
Jason Calacanis — Host / Angel Investor
— angel investor, All-In host
David Sacks — Craft Ventures / General Partner
— White House AI/crypto czar
David Friedberg — The Production Board / CEO
— Production Board CEO
Brad Gerstner — Altimeter Capital / CEO
— Altimeter Capital CEO
Summary
- The "SaaS Crash" is accelerating, with trillions in market cap wiped out. The market is permanently re-rating software from 30x to 15x Free Cash Flow due to the existential threat of AI agents reducing seat-based pricing.
- A massive divergence is occurring in tech: Application layer SaaS is suffering, while Data Infrastructure (Snowflake, Data Bricks) is re-accelerating because AI models require organized data.
- President Trump has nominated Kevin Warsh as Fed Chair (to take office May 2026). Warsh is viewed as pro-growth and believes AI is deflationary, suggesting he will allow the economy to run hotter than Powell did.
- SpaceX is merging with xAI in a $1.25T transaction. The thesis is "Data Centers in Space" to solve the power constraint on Earth.
- The "Invest America Act" (Trump Accounts) has passed, creating a structural bid for the S&P 500 by seeding investment accounts for every American child.
Trade Ideas
The "Invest America Act" (Trump Accounts) is now law. Every child gets an account seeded with $1,000 in the S&P 500. 1.5 million families claimed accounts in 5 days. This creates a government-mandated, structural "bid" for US equities. It ensures a constant inflow of passive capital into the index for decades, effectively capitalizing the population. Long. Structural tailwinds for the broad US index. Political reversal of the law or broader macro recession.
Gerstner notes Salesforce (CRM) has compressed from 30x to 15x Free Cash Flow despite hitting revenue numbers. Sacks argues AI agents (like Claude Co-work) will work across applications, turning current SaaS tools into a commoditized "legacy infrastructure" layer. The market is discounting the terminal value of these companies. If AI agents can execute tasks across databases without a human needing a UI "seat," the per-seat pricing model collapses. The profit pool moves from the application layer to the agentic layer. Avoid or Short. The multiple compression is not a temporary dip but a structural repricing of future cash flow durability. These incumbents successfully pivot to become the "agentic workspace" themselves (e.g., Salesforce successfully monopolizing the agent layer).
Amazon executed 100,000 layoffs (mostly efficiency/UPS related) while maintaining/growing output. JCal calls it his "number one pick." This is the "Efficiency" trade. Large tech companies are using AI to consolidate job functions (e.g., one person doing the job of a PM, Designer, and Coder). Amazon is proving it can expand margins by doing more with less labor. Long. The company is successfully decoupling revenue growth from headcount growth. Regulatory scrutiny or consumer spending slowdowns affecting the retail side.
Up Next
This All-In Podcast video, published February 07, 2026, features Brad Gerstner, Jason Calacanis discussing SPY, CRM, NOW, ADBE, LZ, TRI, AMZN. 3 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Brad Gerstner, Jason Calacanis · Tickers: SPY, CRM, NOW, ADBE, LZ, TRI, AMZN