Trump's First Week: Inauguration Recap, Executive Actions, TikTok, Stargate + Sacks is Back!

Executive Orders & Policy Shifts (Day 1):

• President Trump signed 26 executive orders (EOs), surpassing the prior record of 9 signed by Joe Biden on day one.
• DOGE Establishment: Created a formal "Department of Government Efficiency" (DOGE) as a government agency (not just outside counsel), tasking agency heads with forming four-person "SWAT teams" (engineer, HR specialist, attorney) to audit federal agencies.
• TikTok: Suspended the ban for 75 days; Trump proposed a deal where the U.S. government would own 50% of the TikTok U.S. asset, potentially valued at $100B–$1T.
• January 6th: Pardoned approximately 1,500 individuals convicted of Jan 6-related offenses, a move described by hosts as politically motivated and controversial.
• Birthright Citizenship: Issued an EO to end birthright citizenship for children of illegal immigrants, a measure immediately challenged by 22 state attorneys general and heading to the Supreme Court.
• Energy & Labor: Implemented a federal hiring freeze (excluding military/public safety), mandated a full return to office, and froze new regulations.

Stargate AI Infrastructure Project:

• OpenAI, SoftBank (led by Masayoshi Son), Oracle, Microsoft, and NVIDIA launched the "Stargate" project.
• Investment Scope: Announced $500 billion investment over four years to build AI infrastructure and data centers in the U.S.
• Leadership: Masayoshi Son named Chairman; Gavin Baker and Elon Musk initially questioned the financing feasibility on X (Twitter).
• Energy Constraints: Discussion highlighted that AI expansion is bottlenecked by U.S. electricity capacity; China currently has 9,000 terawatt-hours of capacity vs. the U.S. at 1,600 terawatt-hours.
• Nuclear Imperative: Hosts and guests agreed that nuclear power (specifically Gen 4 reactors) is the only viable path to meet AI energy demands, noting China is building nuclear plants while the U.S. has stalled for 25 years.

Crypto & David Sacks' Appointments:

• New Roles: David Sacks appointed to lead a working group to make the U.S. the "world capital of crypto" and co-chair the President's Council of Advisors on Science and Technology (PCAST).
• Executive Orders Signed by Sacks:
  • Crypto: Formed an internal working group (SEC, Treasury, etc.) to develop stablecoin rails and payments infrastructure.
  • AI: Rescinded the Biden-era AI EO, directing a new "AI Action Plan" to prioritize global dominance and "truth-telling" science without ideological bias.
  • PCAST: Authorized a new science council to advise the President, focusing on returning to "unbiased" scientific inquiry.
• Oval Office Visit: Sacks confirmed attending the inauguration at the front of the dais, receiving the pen used to sign EOs from Trump.

Inauguration Weekend & Social Observations:

• Attendees: High-profile attendees included Sundar Pichai (Google), Mark Zuckerberg (Meta), Elon Musk, Tim Cook (Apple), and international leaders like Mukesh Ambani.
• Fashion: Notable outfits included Louis Beccaria and Armani for the hosts; Thomas Lafon wore a "refined green paisley" shirt; Trump wore a consistent black suit/white shirt/black tie.
• Davos Reaction: Hosts noted the decline of Davos, describing it as "irrelevant" compared to Trump's recent dominance over the event, citing empty rooms and the "elite" narrative being overturned by a populist mandate.
• Networking: Photos confirmed meetings with FCC Commissioner Brendan Carr (incoming chairman), NASA leader Jared Isaacman, and FHFA nominee Bill Pulte.

Investment Perspectives & Market Analysis:

• TikTok Valuation: Thomas Lafon (Kotau Management) estimated the U.S. TikTok asset at $100B based on user engagement metrics (100M DAU, time spent equivalent to Meta) but noted the valuation depends on government participation as a shareholder.
• China Tech: Discussed the end of the "golden age" of Chinese tech investing (e.g., Meituan, Tencent) due to national security concerns and regulatory crackdowns; investors view the U.S. approach as more open to private sector collaboration.
• Broadcom: Teased a future deep dive on Broadcom (ticker: AVGO), noting it is a $1.12T company founded by Henry Samueli and Hock Tan that grew 8x in market cap over five years, contrasting with Intel's 70% decline.
• Netflix Societal Commentary: Chamath Palihapitiya linked Netflix's stock rise (since 2010) to negative societal trends: increased SSRI usage for depression/anxiety, declining labor participation rates, and falling fertility rates.

Disagreements & Forward-Looking Concerns:

• DOGE Efficacy: David Friedberg expressed skepticism about DOGE's ability to cut costs, citing political incentives for representatives to protect constituent programs (e.g., a specific farm bill request for a Kentucky lab).
• Precedent Risk: Friedberg warned that the U.S. seizing 50% of TikTok could create a dangerous precedent for foreign governments (like the CCP) to seize U.S. assets (Tesla, Apple) under national security claims.
• Pardon Power: Hosts debated the constitutional intent of the pardon power (restoring tranquility per Federalist No. 74) vs. its modern use for political rehabilitation, with Friedberg noting the abuse of the power under the Biden administration (8,000 pardons).
• AI Spending Efficiency: Chamath argued that the $500B AI spend figure may be "marketing sizzle" rather than technical necessity, noting that cheaper models (like DeepSeek) are achieving comparable results to billion-dollar training runs.