Big Beautiful Bill, Elon/Trump, Dollar Down Big, Harvard's Money Problems, Figma IPO

**Jason Calacanis** (0:00)
All right, welcome to the show, everybody. Number one podcast in the world. And man, gonna be really exciting come September, September 7th, 8th, and 9th, the All-In Summit in its fourth year this week, doing Friedberg's job for him, because he's been a little bit busy.

**Erik Friedberg** (0:15)
Oh, you're not.

**Jason Calacanis** (0:16)
Lockdown is in.

**Erik Friedberg** (0:19)
Looks like- Jason, what are you doing? Why are you doing this? Nick Cut, Nick Bean. Every year, you pre-announce a bunch of people who don't show up. You literally pick people who won't show up. What are you talking about?

**Jason Calacanis** (0:32)
I got Elon to come three out of three years. I have gotten a couple of trillion dollars in market cap for your Friedberg, and more to come.

**Erik Friedberg** (0:39)
Don't worry about it. This year is going to be better than ever.

**Jason Calacanis** (0:42)
Better than ever. allin.com. So I submit and lots of exciting news around the tequila boys.

**Chamath Palihapitiya** (0:49)
Friedberg, did you see MSN covered me sending a case of the tequila to Bezos?

**Erik Friedberg** (0:53)
I didn't see that.

**Chamath Palihapitiya** (0:57)
Friedberg, what do we do now?

**Jason Calacanis** (1:17)
We've been crushed with orders. Apologies if we're taking a little bit of time with customer support. But you can go to tequila.allin.com.
Deliveries begin in late summer. Right around the time, I think, of the summit.

**Chamath Palihapitiya** (1:31)
Friedberg and I were in Las Vegas this past weekend. It was a blast as always. We had a really good time. We had 20 of our besties or so with us. No?

**Erik Friedberg** (1:41)
Great, great time.

**Chamath Palihapitiya** (1:42)
It was a great time.

**Jason Calacanis** (1:44)
I wish I could have been there, but I was on the Snake River doing a little- Oh, so you were not invited? I was invited. I was getting a lobby, like cancel your family trip, Whitewater Rafting, to come to Vegas.

**Chamath Palihapitiya** (1:56)
I was like, yeah, I don't remember inviting you.

**Jason Calacanis** (1:59)
Friedberg, do you remember? Trust me. People, when you go to Vegas, you want Jay Cal. Jay Cal is a good time in Vegas, but- That is true. That is true. I got a lot of invites. Nick, pull up the picture. I was on the Snake River there. I was doing my Whitewater Rafting trip. If you're ever interested in doing a fun trip with your family, you can do these two or three-night occasions.

**Chamath Palihapitiya** (2:20)
No, I'm not.

**Jason Calacanis** (2:21)
You camp on the side, you eat mid-food, you don't shower for three days and you have four days. But yeah, there's the view from the Snake River. It was absolutely stunning.

**Chamath Palihapitiya** (2:34)
Is that also where Snake River Farms comes from?

**Jason Calacanis** (2:38)
I'm guessing, yes.

**Chamath Palihapitiya** (2:38)
The high-quality meat?

**Jason Calacanis** (2:40)
Yes, I'm sure it is.

**Chamath Palihapitiya** (2:44)
Idaho, Oregon border, yeah. Yeah, that's where Snake River Farms is. Not as good as Long Hill Wagyu, but you know.

**Jason Calacanis** (2:50)
Listen, that's like two elite steak producers. Get the Kool-Aid, aka the Picanha. All right, listen, the BBB has passed the Senate. Let's get into this docket. But there was a bit of drama in the house after an all-night session, and over 24 hours of deliberation. Senate passed the big beautiful bill on Tuesday.
A friend of the pod, JD. Vance, cast the tie-breaking vote after a 50-50 deadlock. Three Republicans voted no, and Trump won over Senator Ron Johnson. On this very podcast, he said he would be a no unless more spending was cut. There were significant changes to the bill. We'll get into that in a minute. And so it's got to pass the house again before Trump can sign into law. Lots of drama. Trump set the deadline for July 4th, which is Friday, when you're listening to this. And it will, in all likelihood, get there. According to PolyMarket, there is a 96% chance the bill will pass by Thursday, and a 97% chance it'll pass by Friday, July 4th, Independence Day, the day we publish. So it looks like it's pretty much a lock. Some big changes in the Senate. Biggest change, the 10-year AI regulation moratorium, which we're going to talk about, for states was removed. Ted Cruz tried to negotiate cutting it to five years. Suggestion I made, maybe 10 years was a little bit too long for folks, but that didn't work, according to an NGO called National Conference of State Legislatures. Over a thousand bills related to AI had been filed by state lawmakers in 2025 So expect a lot of state by state AI regulation. I think this is a good place to stop. We don't have Sacks here to talk about AI regulation, but he talked about it the last time. Friedberg, your thoughts on states, we talked about state rights here in relation to abortion, guns, gun regulations, cannabis, many different debates over who should get to decide for the country. Where do you stand on this one? Should states have a voice in how AI is deployed in their borders, within their borders, or should the federal government take this? And if so, for how many years? Because that seemed to be a sticking point.