All-In with Chamath, Jason, Sacks & Friedberg

Epstein Files, Is SaaS Dead?, Moltbook Panic, SpaceX xAI Merger, Trump's Fed Pick

February 7, 2026

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  • J. Cal's limited, tangential interactions with Jeffrey Epstein and Ghislaine Maxwell, primarily through the tech/investor networking scene like TED conferences, contrast sharply with the media focus, which the hosts suggest ignores figures with deeper connections like Reid Hoffman. 
  • The massive sell-off in SaaS stocks, dubbed the 'Claude crash,' is driven by investor uncertainty regarding the durability of future free cash flows due to the disruptive potential of AI agents, causing a re-rating of multiples rather than an immediate collapse of the business model. 
  • The appointment of Kevin Warsh as the potential new Federal Reserve Chair is viewed positively by the hosts as a sign of intellectual honesty and a potential shift toward more prudent monetary policy, though the market initially reacted nervously to his hawkish reputation. 
  • Kevin Warsh's potential appointment as Fed Chair is viewed positively due to his understanding of inflation's root cause (government spending) and his potential to modernize the Fed's outdated, laggy data collection methods using real-time private sector and AI data. 
  • Elon Musk's announced merger of SpaceX and XAI (which includes X) to potentially IPO with a $1.25 trillion combined valuation signals an aggressive move to combine the TAMs of AI and space, including plans for data centers in space within 30 months. 
  • Brad Gerstner's 'Trump accounts' initiative, which grants every newborn an initial investment stake in the S\&P 500, is lauded as a crucial, visionary first step to combat rising socialism by making every American a capitalist from birth. 

Segments

Besties Intros and Ohollo Update
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(00:00:00)
  • Key Takeaway: Ohollo is launching its world’s first true seed potato product this spring, aiming to revolutionize potato farming economics.
  • Summary: Brad Gerstner joins the show as the ‘fifth bestie.’ David Sacks notes his internet issues in Texas are resolved, contrasting it with California’s difficulties. David Friedberg explains Ohollo is named after a 26,000-year-old archaeological site and is commercializing true seed potatoes, replacing the need to plant 5,000 pounds of chopped potatoes with a handful of seed.
Epstein Files Testimony
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(00:03:16)
  • Key Takeaway: J. Cal confirmed meeting Epstein at a 1990s TED conference dinner and exchanging one email in 2011 regarding Bitcoin introductions, unequivocally denying any knowledge or participation in illicit activities.
  • Summary: The DOJ released documents under the Epstein Files Transparency Act, mentioning many high-profile figures. J. Cal detailed his limited interactions, including visiting Epstein’s townhouse once regarding an investment in his magazine. He stated he was never invited to the island, plane, or ranch, and only became aware of the extent of Epstein’s crimes around 2018.
Media Coverage of Epstein Files
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(00:06:45)
  • Key Takeaway: The hosts criticize the New York Times for disproportionately featuring J. Cal while minimizing the deep, multi-year connections of figures like Reid Hoffman to Epstein.
  • Summary: The hosts believe Epstein was a hyper-networker who likely had intelligence connections, though it is unclear if he was an asset or using intelligence assets. The lack of prosecutions for others named in the files undermines public trust in institutions. The media’s selective focus suggests an approval of certain ‘right-coded’ figures while targeting others.
SaaS Stock Crash and AI Impact
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(00:15:45)
  • Key Takeaway: SaaS valuations are plummeting due to the perceived threat of AI agents capturing the next layer of value, forcing software companies to prove they are AI beneficiaries or risk trading at permanently lower multiples.
  • Summary: Software stocks lost $300 billion in value following Anthropic’s announcement of Claude Cowork, which automates multi-step tasks, hitting legal tech particularly hard. Companies like Salesforce and Figma are down significantly, trading at all-time lows on free cash flow multiples because AI introduces uncertainty into long-term cash flow durability. The risk is that the value accrues to the agentic layer spanning multiple tools, not the individual SaaS applications.
Agentic Workflow and Open Source
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(00:24:41)
  • Key Takeaway: The future of work involves agents consolidating job functions, leading to increased profitability per employee, and SaaS companies must evolve toward value-based pricing, resembling services businesses.
  • Summary: The hosts are excited about building internal ‘Ultron’ agents that pull data from Slack, Notion, and Gmail to act as a unified organizational intelligence layer. This shift means software companies must provide unique value that labor cannot replicate, moving away from per-seat pricing. The ability of one person to perform three or four job functions due to AI tools like Zoom’s summarization is fundamentally changing corporate efficiency.
Maltbook Panic and Agent Behavior
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(00:35:00)
  • Key Takeaway: The viral posts on Maltbook, allegedly from agents scheming against humans, highlight the emergent behavior possible through agent-to-agent interaction (recursive prompting) rather than immediate proof of sentience.
  • Summary: Maltbook (formerly related to Claudebot/Maltbot) is a message board for AI agents using ‘skills’ files as meta-prompts, allowing them to riff off each other’s output. The hosts caution that the posts might be human-engineered pranks, but the underlying concept of prompt attenuation and recursive improvement is significant. The rapid acceleration of model capability means this emergent behavior will become increasingly sophisticated.
Trump’s Fed Chair Pick
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(00:47:37)
  • Key Takeaway: President Trump nominated Kevin Warsh, an inflation hawk and pro-growth economist, as the next Fed Chair, a move viewed as independent and reassuring to markets concerned about currency debasement.
  • Summary: Warsh, the youngest former Fed governor, is known for being critical of Jerome Powell’s delayed response to 2021 inflation. Brad Gerstner argues Warsh will leverage AI’s deflationary impact to allow higher GDP growth without panicking about inflation, potentially leading to more rate cuts than the market currently expects. A key opportunity under Warsh could be modernizing the Fed’s legacy data systems, such as housing inflation metrics.
Warsh Fed Data Modernization (Unknown)
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  • Key Takeaway: None
  • Summary: None
SpaceX xAI Merger Details
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(01:00:51)
  • Key Takeaway: The merger of SpaceX and XAI (including X) positions the combined entity to potentially execute on building data centers in space within 30 months, leveraging power as the primitive for AI.
  • Summary: The transaction combines the massive Total Addressable Markets (TAMs) of artificial intelligence and space under Elon Musk’s leadership, aiming for the biggest IPO in history. Musk stated an intention to have data centers in space within 30 months, which could provide a massive cost advantage for AI compute, as power is the key primitive for AI scaling. Investors are eager to bet on this future, which also involves Starlink expanding its mobile service capabilities.
AI Compute Constraints and Innovation
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(01:03:27)
  • Key Takeaway: Global AI scaling is constrained by energy limits on Earth, forcing parallel innovation paths: escaping constraints via space-based compute or achieving massive efficiency gains on the ground.
  • Summary: The world is currently limited by power availability, which restricts the scaling of compute necessary for AI applications. One path is Elon’s strategy to escape terrestrial constraints by launching data centers into space to secure energy. The parallel path involves achieving 70x to 100x compute efficiency improvements through new chip architectures and model designs, such as breaking LLMs into smaller, networked models.
Societal Impact of Rapid Change
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(01:06:35)
  • Key Takeaway: The rapid, asymmetric rate of technological change unleashed by AI and space innovation will force immediate political and business responses globally to prevent one entity from monopolizing compute.
  • Summary: If Musk successfully executes his vision, the planet will not allow one man to control the world’s compute, forcing governments and businesses (like Google investing $185 billion in data centers) to respond aggressively. This rapid change, solving scarcity issues like food and aging, will ultimately create the greatest challenge: maintaining social order due to the disruption. Embracing these tools is the best way for individuals to remain employable amidst this disruption.
Brad Gerstner’s America Accounts (Unknown)
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  • Key Takeaway: None
  • Summary: None
Social Security Reform Proposal
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(01:15:39)
  • Key Takeaway: Social Security should transition from its current defined benefit structure, which relies on a $4 trillion government IOU, to a defined contribution model similar to a 401k.
  • Summary: To fight socialism, the government must cut spending and transition retirement programs away from defined benefits. The current Social Security Trust Fund holds only an IOU from the U.S. Treasury, as contributions are spent by the government. Every paycheck contribution should instead be directed into a traceable investment account, allowing citizens to see their wealth grow in real assets like Google or Amazon.