Debt Spiral or NEW Golden Age? Super Bowl Insider Trading, Booming Token Budgets, Ferrari's New EV

All-In with Chamath, Jason, Sacks & Friedberg

February 13, 2026

(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?
Speakers: Jason Calacanis, David Sacks
**Jason Calacanis** (0:00)
All right, everybody, welcome back to the number one podcast in the world, the All-In podcast with me again, the core four, the original quartet, David Sacks, David Friedberg, Chamath Palihapitiya, I'm Jason Calacanis, and we have a very full docket today. All right, topic one, gentlemen, AI acceleration. It was a big week for AI. New study published on Monday, February 9th in the HBR Harvard Business Review.
Suggesting that AI tools intensify work but do not reduce it. Two UC Berkeley researchers spent eight months embedded at a 200-person tech company. So this is one company's experience. What they found, employees who use AI worked at a faster pace, took a broader scope of tasks, and extended work into more hours of the day. Workers reported feeling more productive, but they also felt a little more stress and burnout. Sacks, your hot take here, your quick take on this study. Obviously, it's just one company, but it does track, I think, some of my experiences. All right.

**David Sacks** (1:06)
Well, a few points here. Number one, as you may recall on the prediction show for this year, my most contrarian belief is that AI would increase demand for knowledge workers, not put them out of business. I think you see in this UC Berkeley study, the reason why that might be the case is because the employees who use these tools, like you said, they worked faster. They took on a broader scope of tasks. They actually ended up working more hours in the day, so they did more work, not less, and even more effort rather than less, not because they were required to, but just because they were more motivated. And I think they were more motivated because their work was getting upleveled, right? They're kind of able to offload more menial tasks to AI, and it made their work more purposeful and meaningful.
So I think we're kind of moving from what some people, I think maybe Jensen has called task-based jobs to purpose-based jobs. And I think a key skill of employees is going to be the ability to structure work for themselves and their AI agents. And the employees who can do that are going to be far more productive than those who can't. That kind of brings me to point number two, which is that I think there's a tremendous opportunity this year for employees who are early adopters of these tools, who are so-called AI natives, to demonstrate their value to their employers. They're going to be able to get a lot more done. They're going to appear to have superpowers. They're going to be the people in meetings who can take an assignment that would have taken days before and get it done in two hours. Whether it's a presentation or a spreadsheet, people are going to be shocked at how quickly they can get these things done because they're going to be facile at working with AI. So I think there's a big opportunity there. There was an article that went viral this week by Matt Schumer called Something Big Is Happening where he talked about this career option that's going to be available to AI early adopters. And I think that brings me to my third point, which is I think that you're going to see massive enterprise adoption of AI, not just chatbots, but agents this year. But I think it's going to be driven by the bottom up. It's going to be driven by these early adopter employees coming in to their workplaces, bringing in these consumerized AI tools, start using them at work. As opposed to top-down initiatives, I think there's a lot of top-down company transformation initiatives that are happening in large enterprises, where the CEO has tasked a team with figuring out how to use AI, how to transform their business with AI. Those initiatives are going to take months. They're going to be studying what tools they should use. They're going to be doing RFPs. And I think it's ultimately going to be very slow. And while those things are trudging along, I think there's going to be these early adopter employees who just make the transformation a fait accompli, by again bringing these tools into their workplace from the bottom up. So I think in the same way that you saw consumerized SaaS tools spread from the bottom up in enterprises, I think you're going to see consumerized AI tools spread from the bottom up in enterprises. I think it will ultimately be one of the big themes this year.

**Jason Calacanis** (4:07)
Couldn't concur or agree more. Nick, throw up that tweet I did. I did a tweet and it got 2 million views. Basically, I said, listen, if you got laid off by Amazon or Microsoft over the last two years, just wear an open claw and automate your previous job, show you know how to use these tools, go back to your boss and say, hey, I want to come back and automate everything or go to startups. Every startup I know is hiring for this position, which is somebody who knows how to build and manage agents. There is no job rec for this yet or a title. We should come up with what this person does. But it used to be called prompt engineer. It's no longer just prompt engineering. It's managing and educating and offloading work to an agent, and then making sure they're actually doing it.

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