SpaceX's $2T Case, Nvidia's Shock Selloff, America Turns on AI, Trump Pulls AI Order, Bond Crisis?

**Jason Calacanis** (0:00)
All right, everybody, welcome back to the number one podcast in the world. It's the All-In Podcast, episode 274 Sacks is out today, but we're very lucky to have Gavin Baker from Atreides Management joining us, the spicy takes must flow.
Welcome back to the program, Bestie Gavin.

**Gavin Baker** (0:19)
Thanks for having me. Always love it.

**Jason Calacanis** (0:21)
It's been a huge week in tech. We can start with the SpaceX and OpenAI IPOs. We've got Andrej Karpathy joining Anthropic, Nvidia crushing it, so many different places to go. But I think we'll start with Andrej Karpathy joining Anthropic. Karpathy is only 39 years old. He's already a legend in the tech industry if you don't know him. I believe he's also coming to Liquidity. Yeah Chamath?

**Chamath Palihapitiya** (0:42)
He's going to keynote on Monday morning. Oh, fantastic. Tuesday, Tuesday, Tuesday, day two, I think he's keynoteing.

**Jason Calacanis** (0:48)
Okay.
As is Gavin. Gavin will be there. Founding member of-

**Chamath Palihapitiya** (0:52)
Gavin anchoring day two as well. Excellent.

**Jason Calacanis** (0:54)
Yeah. This is Gavin's second appearance.

**Chamath Palihapitiya** (0:57)
Look at those two bookmarks, Andrej Karpathy and Gavin Baker.

**Jason Calacanis** (1:00)
Yeah. I mean, quiddity pulls in the stars.
Obviously, Andrej was a founding member of OpenAI. He led the self-driving team.

**Chamath Palihapitiya** (1:08)
Also hold on, Gavin is going to help us judge the best ideas section as well. I don't know if you know that, Gavin, but you're a judge. You're going to be a judge.

**Gavin Baker** (1:16)
I'm up for anything, man. I'm easy.

**Jason Calacanis** (1:18)
Yes. Karpathy also coined the term vibe coding. He recently built Auto Research. I think we talked about that here a bit. That's an open source training tool. It helps AI models improve themselves by running five-minute experiments. That got over 82,000 stars in GitHub. He did that as a weekend experiment, and all these civilians started building their own recursive LLMs. It's really inspiring, and the Andrej Karpathy skills is a tool based on his set of principles for Claude code, and somebody just released that, and so that's just pretty crazy when you think about it. He's going to be in charge of a new pre-training team at Anthropic, the focus obviously being recursive self-improvement. In other words, they're going to have Claude improve itself, and they've already talked a little bit about AI, improving AI over at Anthropic. Chamath, what's your take on this? Is this super important in 2026? Obviously, Karpathy is super well respected. He's obviously one of the true talents in the space, but hey, we're in a different inning than we were, say, 10 years ago when he was at Tesla, or five years ago when he co-founded OpenAI.

**Chamath Palihapitiya** (2:25)
You know what's interesting? If you go back to Google, the culture of Google, which they got right was the singular technical talents there, they were singled out and they were called Google fellows. I don't know if you guys remember this, like Comet Singlet, Sridhar Ramaswamy, Jeff Dean.
These guys are stars. What's interesting is if you track what folks, particularly Jeff Dean, I guess now, because the other two aren't there anymore, but what they did inside of Google, it's like wave upon wave, they were at the foot of those waves. What's interesting about Andrej, he's been at the wave upon wave of AI. He was probably the first person that really commercialized the Richard Sutton bitter lesson essay when he was leading FSD at Tesla, which was really about the brute force computation. I remember him telling me this story, I don't know if he said this publicly or not, but where he spent a portion of his time, I want to say a quarter of his time labeling data. Could you imagine 2016, 17 hand labeling video data from Tesla's? So he did that, then he co-founder of OpenAI, he's a star and he's an exceptional human being and he's super curious.
Then what he's done as a free agent is also quite impressive. So I think that this is a really important deal. I think he's one of these really curious people that can be sent off and they'll just go and invent new things. I think this idea of recursive self-learning puts these models on a combination of overdrive and autopilot. So if you put those two things together, I think that you start to, you could potentially live out this idea that there's an order of magnitude improvement on a yearly basis. So like this new form of Moore's law. So then the model quality just goes absolutely parabolically just like this, straight up.

**Jason Calacanis** (4:22)
I think a bunch of compute at the problem and these things learn really quick.