OpenAI Misses Targets, Codex vs Claude, Elon vs Sam Trial, Big Hyperscaler Beats, Peptide Craze

**David Friedberg** (0:00)
Jason, do you want to tell us about your new favorite podcast?

**Jason Calacanis** (0:03)
Oh, it's so good.
My feed is now, because since cancer culture ended Sacks, everybody uses the R word and the F word right now, my entire feed on Instagram is either gay or Down syndrome or Bulldogs. It's one of those three. And then I stumbled upon the Miss Thing pod, Miss Thing, and they do a bit called Gay Name Straight Name. Here's Gay Name or Straight Name for David. This is good news and bad news, Friedberg.

**SPEAKER_3** (0:34)
Here we go. Gay Name or Straight Name? David.
David to me is straight.

**Jason Calacanis** (0:42)
Okay.

**SPEAKER_3** (0:43)
But he has my perfect body. It can be confusing because I'm kind of like, are you gay? And it's like, no, I just want to be you, David.

**SPEAKER_4** (0:51)
Totally. Well, it's so like the Michelangelo's David, the male ideal. It's like incredible body, kind of small, sorry.

**Chamath Palihapitiya** (0:58)
Yeah.

**Jason Calacanis** (0:59)
Oh, it's a little rough.

**David Sacks** (1:01)
What are you watching there, Jay Cal?

**Chamath Palihapitiya** (1:04)
They basically nailed these two. But okay, keep going.

**Jason Calacanis** (1:07)
I don't think Chamath is on their shortlist, but I know Jason will come up at some point.

**SPEAKER_3** (1:11)
Gay name or straight name?

**Jason Calacanis** (1:13)
Maybe this is it.

**SPEAKER_3** (1:14)
Chamath.

**SPEAKER_4** (1:16)
What went on the count of three? Yeah. Three, two, one, gay.
I think like Italian sweater, like really kind of like a loud, vibrant sweater. He wears it to poker night with his boys, and I'm not talking like straight poker, I'm talking like gay poker nights, like at the bar. Yeah.

**SPEAKER_3** (1:38)
Always talking about wine. Always sort of like swishies. Yeah, exactly.

**SPEAKER_4** (1:45)
Yeah.

**SPEAKER_3** (1:45)
Also, it's so like the guy at the gym, taking off his shirt, taking selfies.

**SPEAKER_4** (1:52)
Yeah. And everyone else is kind of like, excuse me, Chamath, I'd like to use the mirror.

**SPEAKER_3** (1:56)
Yeah.

**SPEAKER_4** (1:57)
I'd like to see myself.

**SPEAKER_3** (1:58)
See you at the next gay poker night. Totally. You bring the wine.

**SPEAKER_4** (2:03)
We'll bring the sweater.

**SPEAKER_3** (2:04)
Yeah.

**Jason Calacanis** (2:04)
There it is. Wow, they did do it, Chamath.

**Chamath Palihapitiya** (2:06)
That is fantastic.

**Jason Calacanis** (2:08)
That is fantastic. Shout out to my guys at the Miss Thing podcast.

**David Friedberg** (2:12)
Wow, that was awesome.

**Chamath Palihapitiya** (2:14)
I think I'm gay. What did you do? Like cameo? Did you pay them to do that?

**Jason Calacanis** (2:37)
Did it for me as a favor. So I did it for myself.

**Chamath Palihapitiya** (2:39)
That's awesome. Well, thanks to those guys.

**Jason Calacanis** (2:41)
Thanks to the Miss Thing podcast.

**Chamath Palihapitiya** (2:43)
I've seen those guys before in clips. I find them very funny.

**Jason Calacanis** (2:46)
It's so great. Shout out to my guys.

**Chamath Palihapitiya** (2:49)
That was awesome.

**Jason Calacanis** (2:50)
All right, everybody, seriously, welcome back to the number one podcast in the world. It's the All-In podcast with me again, David Friedberg, Chamath Palihapitiya, David Sacks. And of course, I'm Jason Calacanis. You can call me Jay Cal if you're here for the first time. Topic one, OpenAI.
They missed their targets for ChatGPT Friedberg both on users and revenue. Let's talk about it. The Wall Street Journal says in a breaking investigative report on Tuesday that OpenAI expected to hit 1 billion WoWs weekly active users before the end of 2025 They missed that, and they still haven't hit the milestone four months into 2026 Also, Chamath, they missed their 2025 revenue target for ChatGPT. Exact number wasn't specified, but as we've talked about here, they're at a 20, 30 billion dollar run rate. There's a little bit of a counting nuance that is yet to be worked out in the industry. Two reasons why this matters, Sacks. OpenAI has $600 billion in spending commitments for Compute. Just to put that in perspective, that's about what they're trading for on secondary markets. In other words, the entire value of the OpenAI enterprise equals their spend commitments in the coming year. CFO, Sarah Friar, who is coming to liquidity, is reportedly worried, hey, that revenue isn't growing fast enough to keep up with expense, and OpenAI wants to IPO later this year. This has put Friar and Altman in conflict, or maybe there's some natural tension there. Friar doesn't think OpenAI is ready for public reporting standards, according to the Wall Street Journal, Altman obviously wants to move faster. So they released a joint statement, this is ridiculous, yada, yada, yada.
Let's go to you, Sacks. What do you think is going on here? Are these major headwinds or is this just managing expectations as the leader of the pack in the most important race of our lifetimes, the race towards super intelligence?