All-In with Chamath, Jason, Sacks & Friedberg

(0:00) Friedberg Introduces Ray Dalio (1:29) 5 Forces That Will Decide America's Future (7:26) Why Government Reform Is Nearly Impossible (11:19) Gold vs. Bitcoin (28:16) What Economists Got Wrong About Tariffs (41:11) Is America Heading Towards Collapse? Airwallex is a leading global payments and financial platform for modern businesses, offering trusted solutions to manage everything from business account, payments, treasury, and spend management to embedded finance. Check it out: https://airwallex.com/allin Ray Dalio joins the All-In Podcast for the third time to break down why America's debt crisis is worse than most people realize, and what comes next. Dalio covers the five forces reshaping the global order, why DOGE faced structural limits, what's driving gold to all-time highs while Bitcoin stumbles, the real story behind tariffs and trade deficits, and why he believes the US might be approaching a collapse. Follow Ray Dalio: https://x.com/RayDalio Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg

(0:00) Bestie intros (1:22) Claude's hit list, SaaS crash, and Citrini's AI letter (30:39) Why Doomer narratives are more popular, valuable new AI jobs (40:19) Understanding the Rate Payer Protection Pledge, what's behind datacenter opposition? (52:13) State of the Union reactions (1:03:58) Science Corner: Cure for blindness via Yamanaka Factors? (1:10:17) SCOTUS strikes down tariffs, Trump pivots Apply for Liquidity: https://allinliquidity.com Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://www.investing.com/news/stock-market-news/wolters-kluwer-relx-shares-slip-after-anthropic-unveils-aienhanced-legal-tool-4481124 https://www.barrons.com/articles/ibm-stock-had-worst-day-in-25-years-ai-disruption-fears-5f632d6c https://www.forbes.com/sites/daniellechemtob/2026/02/24/forbes-daily-ibm-suffers-its-worst-day-since-the-dot-com-bubble https://x.com/chamath/status/2027077786503164260 https://www.citriniresearch.com/p/2028gic https://thedefiant.io/news/tradfi-and-fintech/credit-card-stocks-fall-after-citrini-ai-report https://x.com/TurnerNovak/status/2026332990914101699 https://x.com/anistotle_/status/2026306126674108788 https://www.notyourtypicalfinancebro.com/p/vibe-laundering-pt-2-citrini-the https://www.goodreads.com/quotes/457097-nobody-knows-anything-not-one-person-in-the-entire-motion https://www.derekthompson.org/p/nobody-knows-anything https://x.com/kalshi/status/2027040345419129166 https://x.com/StockMarketNerd/status/2019837212515528730 https://www.citadelsecurities.com/news-and-insights/2026-global-intelligence-crisis/ https://x.com/DavidSacks/status/2027087693327237251 https://x.com/levie/status/2026885050411745491 https://x.com/typesfast/status/2026998028222013679 https://x.com/cboyack/status/2021647373571862952 https://x.com/chamath/status/2025369318696124859 https://x.com/pat_hedger/status/2026742424471560636 https://x.com/SemiAnalysis_/status/2026719180284666046 https://x.com/WesternLensman/status/2024661247296172486 https://www.bloomberg.com/opinion/articles/2026-02-20/supreme-court-s-tariffs-ruling-finally-holds-trump-accountable https://polymarket.com/event/will-the-court-force-trump-to-refund-tariffs-2026-06-30 https://polymarket.com/event/will-congress-pass-any-tariffs-by-march-31

(0:00) David Sacks introduces Saagar Enjeti and Michael Tracey (1:04) Reacting to the arrest of Prince Andrew in the UK, Epstein's global finance network (11:24) Who was Jeffrey Epstein, and what is this story really about? (34:10) Michael Tracey explains "Epstein Mythology" (1:14:23) Kevin Bass joins to discuss Reid Hoffman's history with Epstein (1:32:52) Michael Tracey responds to criticism Follow Saagar: https://x.com/esaagar Follow Michael: https://x.com/mtracey Follow Kevin: https://x.com/kevinnbass Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://x.com/kevinnbass/status/2024276079888732649 https://www.nytimes.com/live/2026/02/19/world/uk-prince-andrew-arrest-epstein https://signalohio.org/les-wexner-deposed-by-house-oversight-committee-over-epstein-ties https://www.nytimes.com/2025/12/16/magazine/jeffrey-epstein-money-scams-investigation.html https://www.axios.com/2019/09/12/reid-hoffman-jeffrey-epstein-mit-donations https://x.com/kevinnbass/status/2023941188588290502 https://x.com/kevinnbass/status/2024276084401828260 https://x.com/kevinnbass/status/2023941213951512966 https://x.com/presentwitness_/status/2024522531542356447

(0:00) Bestie intros (0:23) AI updates: On-prem comeback, token budgets surpass salaries (19:19) Prediction markets: Super Bowl insider trading, how to police? (28:44) All-In Liquidity: The ultimate investor conference (32:48) CBO report: Death spiral, growth opportunity, or golden age? (48:06) State of the economy and US jobs (1:03:22) Ferrari's fully electric car goes viral Apply for Liquidity: https://allinliquidity.com Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://hbr.org/2026/02/ai-doesnt-reduce-work-it-intensifies-it?ab=HP-latest-text-3 https://x.com/mattshumer_/status/2021256989876109403 https://x.com/Jason/status/2021272988100984862 https://x.com/chamath/status/2022009107964899755 https://x.com/chamath/status/2021991383327027322 https://lobstertank.co/?v=1 https://www.cbo.gov/system/files/2026-02/61882-Executive-Summary.pdf https://www.covers.com/industry/prediction-markets-sportsbooks-super-bowl-nevadabetting-handle-february-2026 https://defirate.com/news/insider-trading-claims-hit-super-bowl-prediction-markets/ https://www.wsj.com/world/middle-east/israeli-soldiers-accused-of-using-polymarket-to-bet-on-strikes-72d53012 https://www.youtube.com/watch?v=SzuvVcH2amc https://www.cbo.gov/system/files/2026-02/61882-Executive-Summary.pdf https://fred.stlouisfed.org/series/FYONGDA188S https://fred.stlouisfed.org/series/FYFRGDA188S https://x.com/RealEJAntoni/status/2021608233866027065 https://www.ice.gov/news/releases/asplundh-tree-experts-co-pays-largest-civil-settlement-agreement-ever-levied-ice https://www.justice.gov/usao-edpa/pr/asplundh-tree-expert-co-charged-recruiting-hiring-and-employing-unauthorized-aliens https://www.nbcnews.com/news/us-news/tree-company-pay-record-fine-immigration-practices-n805756 https://www.kff.org/racial-equity-and-health-policy/kff-la-times-survey-of-immigrants/#d53efe98-31a4-48f1-944f-b1b1aff36c06