Biggest LBO Ever, SPAC 2.0, Open Source AI Models, State AI Regulation Frenzy
All-In with Chamath, Jason, Sacks & Friedberg
All-In Podcast, LLC
4.2 • 7.1K Ratings
🗓️ 3 October 2025
⏱️ 90 minutes
🧾️ Download transcript
Summary
(0:00) Bestie intros!
(1:53) EA acquired for $55B in biggest LBO ever, why PE is in trouble
(17:42) IPO market, SPAC 2.0
(27:41) The AI rollup opportunity
(36:01) Sacks joins the show!
(38:27) OpenAI and Meta launch short-form video apps: "AI Slop" or the future of content?
(45:04) Open source AI: DeepSeek's new model, pressure on US AI industry
(1:05:11) State AI regulation frenzy: States' rights vs Federal control, overregulation
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Referenced in the show:
https://x.com/Jason/status/1973461806585966655
https://www.npr.org/2025/09/05/nx-s1-5529404/anthropic-settlement-authors-copyright-ai
Transcript
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| 0:00.0 | All right, everybody, welcome back to the number one podcast in the world. |
| 0:03.4 | Of course, that's the all-in podcast. |
| 0:05.4 | I'm your host, Jason Caledganis, with me again, your chairman, dictator, Shemoth Palli Hopatia, |
| 0:09.9 | and the Sultan of Science, David Freberg. |
| 0:12.8 | David Sachs will be calling in from the Skift. |
| 0:16.2 | He's in some deep negotiations for the United States of America. |
| 0:19.9 | Skiff. |
| 0:20.7 | Skiff. |
| 0:20.9 | It's not, |
| 0:21.3 | there's no tea at the end. |
| 0:22.0 | It's just skiff. |
| 0:22.8 | No tea. No tea. Oh, skiff to my limb. He's in a skiff doing something with his blackberry and a bunch of generals. Nobody knows what's going on in Sacks's life. But he'll crack in from the skiff any moment now. But we'll start with. I see that Pete Hanks have announced a PT and a fitness test for the generalist. |
| 0:40.0 | Could you imagine if Sacks had to pass a P.T. Oh, my God. They should totally make it for the administration. Sacks, we need you to do one push-up, Sacks. What do they do if you don't pass? They remove you from your... You probably get a cure period. We should do a push-up contest. |
| 1:11.4 | That would be great. Winner take all. How many push-ups can you do, Freeburn? You have to adjust for people's heights. I'm the tallest of all of you. I have a much longer limb system. What does that mean? 20 for me is much harder than 20 for you, Jason. I mean, 20 is easy for me at this point. You're like Bill Bull Baggins. |
| 1:13.0 | It'll take you like eight seconds to put on it. |
| 1:14.1 | I'm a tank, man. |
| 1:11.3 | Bilbo Baggins. |
| 1:13.0 | It'll take you like eight seconds to put on. |
| 1:26.0 | I'm a tank, man. Bilbo Baggins. How about Thor? I'm like Thor at this. I'm going into my Daniel Craig era. Jake L has an elbow to list. I'm going to my Daniel Craig era. The weight ratio that's highly advantaged. All right. Let's get started. enough shenanigans. |
| 1:28.3 | EA is being taken. What is your arm length, Jake out? |
| 1:28.8 | Do you have a good arm length? |
| 1:29.7 | My wingspan? |
... |
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