Latest Interviews
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The Kill Chain: 2025 Edition
By early 2025, the defense technology ecosystem has matured into a collaborative network where companies like Anduril, Palantir, and SpaceX are delivering autonomous systems at scale, a shift catalyzed by the war in Ukraine and accelerated by a 25-year trajectory of theoretical innovation. Anduril now prioritizes mass production of low-cost assets, including cruise missiles and undersea vehicles, to meet the U.S. government's demand for industrial capacity in great power competition rather than relying on traditional, low-volume procurement models. This evolution reflects a broader strategic pivot toward iterative development and manufacturing readiness, challenging the Department of Defense to accept calculated risks and chaos as essential components of modern warfare.
- Goldman Sachs10 min
Opportunities amidst historic volatility
Josh Schifrin and market analysts assess a volatile economic landscape where projected tariffs threaten to spark inflation and a temporary growth dip while creating a binary risk scenario between a trade war recession or a deal-driven recovery. Treasury yields have surged following hawkish commentary on tariff-induced inflation, breaking historical inverse correlations with equities and signaling fragility in market liquidity that mirrors structural stresses without reaching COVID-era severity. Despite this turbulence, strategists recommend buying equity dips and anticipate a weakening U.S. dollar alongside bearish oil prices as the market awaits the outcomes of the 90-day tariff pause to stabilize the frenetic trading environment.
- Goldman Sachs11 min
Recession watch: How to hedge now
Daan Struyven, Allison Nathan, Don Stryven
Recorded on April 8, 2025, Goldman Sachs analysts presented a strategic pivot toward hedging with commodities, projecting a 10% rise in gold to $3,300 per ounce under stagnation while forecasting a decline to $55 per barrel for Brent crude by 2026. The presentation detailed a "long gold, short oil" portfolio architecture designed to capitalize on anticipated Fed rate cuts and supply surges, respectively, with recession scenarios potentially pushing gold toward $4,250 or oil below $40. Additionally, the analysis highlighted copper's resilient long-term outlook driven by supply deficits, despite near-term volatility exacerbated by U.S. tariff announcements.
- a16z15 min
Unbundling the BPO: How AI Is Disrupting Outsourced Work
A $300 billion Business Process Outsourcing (BPO) market dominated by firms like Accenture and Wipro is undergoing a fundamental transformation as Voice AI and autonomous browser agents dismantle traditional reliance on human labor. By enabling near-zero latency processing of unstructured data across sectors ranging from healthcare to logistics, these AI-native technologies offer founders a pathway to create new value by automating complex workflows previously inaccessible to small and medium enterprises. As the industry evolves over a two-to-three-year horizon, success will depend on strategically targeting high-impact use cases where AI can flatten operational costs while navigating the structural inertia of legacy labor-heavy models.
- Goldman Sachs13 min
10KSB Voices Rural Advocacy Conference in DC: David Solomon with Program Graduate & Punchbowl News
David Solomon, Anna Palmer, Jenny Steffensmeyer
Goldman Sachs CEO David Solomon and small business owner Jenny Steffensmeyer discussed critical challenges facing the "10,000 Small Business Voices" program, including capital access, workforce shortages, and a significant rural artificial intelligence adoption gap. Solomon expressed optimism that a Republican-controlled administration will reduce regulatory burdens to stimulate growth, while Steffensmeyer highlighted that technological upskilling remains impossible without affordable financing. To address these disparities, the group urged Congress to deregulate small businesses, simplify SBA lending, and provide incentives to level the competitive playing field.
- a16z14 min
Why American Dynamism Is Just Getting Started
Katherine Boyle, David Ulevitch
Launched three years ago with a 2022 geopolitical catalyst, the "American Dynamism" thesis rapidly transformed the venture capital landscape by shifting founder focus toward physical-world technologies and critical national infrastructure. This movement mobilizes a broad coalition of investors and engineers to support companies serving federal agencies and sectors like defense, energy, and manufacturing, effectively overcoming Silicon Valley's earlier resistance to patriotic business narratives. By prioritizing tangible outcomes over digital ad optimization, the initiative has established a new industry standard for building meaningful supply chains and technologies aligned with U.S. government interests.
- Goldman Sachs8 min
Chief US Equity Strategist David Kostin on the market impact of recent policy updates
David Kostin, Carl, John Yang, Sarah
Goldman Sachs strategist David Koston revised 2024 U.S. equity EPS growth forecasts downward to 9% due to a weakening economic outlook, while maintaining a 6,500 target for the S&P 500. Portfolio rotations are shifting toward defensive healthcare and consumer staples as investors grow indifferent to trade policy uncertainty, with a specific focus on low-volatility earnings and companies leveraging AI for revenue generation. Although tariff scenarios could compress margins, the firm continues to view GDP growth and the Magnificent Seven's high reinvestment rates as the primary drivers for sustained market performance pending durable economic data.
- All-In Podcast8 min
"Bad News for the Stock Market": Chamath Explains The Great Economic Reset
Chamath, Jason, DavidSacks, Nick, Friedberg
The speaker predicts a mid-year economic slowdown driven by tariffs and austerity measures, forecasting a market correction as valuations in major tech stocks become unsustainable. This outlook is anchored in a "Great Reset" theory where the US may endure structural pain to defend dollar credibility, potentially by economically depressing asset values to align with a rising political coalition of asset-light voters. Such a scenario involves a $10 trillion refinancing need and a shift toward a dominant political alliance that prioritizes fiscal soundness, though the speaker explicitly frames these forecasts as a working theory subject to revision.
- a16z15 min
How to use DeepSeek safely
Security audits recommend against deploying DeepSeek in production environments due to its volatile stability, significantly weaker jailbreak resistance compared to GPT models, and insecure underlying infrastructure. The model enforces heavy censorship on Chinese political topics while exhibiting operational inefficiencies such as slow inference speeds and language errors, prompting experts to suggest restricting its use to non-end-user-facing applications if absolutely necessary. Industry observers anticipate a more stable, secure open-source alternative utilizing similar reasoning techniques will soon replace the current unstable variant.
- All-In Podcast11 min
Remote Work Under Fire: All-In Podcast Unpacks Jamie Dimon’s Leaked Rant!
Jamie Dimon, Chamath, Jason, Friedberg, John
Jamie Dimon and fellow executives convened to critique the cultural and operational costs of remote work, arguing that physical presence is essential for mentorship, efficiency, and organizational discipline. While Dimon condemned the "semi-disease" of virtual meetings and highlighted bureaucratic bloat caused by rigid software, leaders from Stripe and Shopify acknowledged remote benefits but supported a strategic pivot toward hybrid models and "zero-based budgeting" to restore productivity. The dialogue underscores a broader industry shift away from accommodating all employee preferences, prioritizing instead the retention of top talent and the elimination of inefficiencies that hinder mission execution.
- The Economist14 min
AI bosses on what keeps them up at night
Demis Hassabis, Dario Amodei, Zanny Minton Beddoes
Anthropic CEO Dario Amodei and DeepMind CEO Demis Hassabis offer diverging timelines for Artificial General Intelligence, with Amodei predicting arrival by 2026–2027 and Hassabis estimating a 50% probability only by 2030. Both leaders warn of severe geopolitical risks from authoritarian dominance and catastrophic safety failures, advocating for an international "CERN for AGI" framework and new global institutions akin to the IAEA to manage the technology. While Amodei emphasizes the danger of a self-improving threshold moment and the potential for lab-tested autonomous agents to cause immediate harm, Hassabis highlights regulatory imbalances and the medium-term potential for AI to solve major scientific challenges like curing diseases.
- Y Combinator14 min
How Blake Scholl Built The First Independent Supersonic Jet
Boom Supersonic, founded by former Amazon and Groupon engineer Blake Schull, is advancing its XB-1 supersonic prototype to validate the technical feasibility of a next-generation airliner. This initiative aims to replace the Concorde with the Overture, a 65-passenger aircraft utilizing sustainable fuel and sonic boom mitigation technology to enable overland travel. By prioritizing business-class pricing and targeting commercial operations by 2029, the venture seeks to overcome the historical economic failures of supersonic flight through a lean development strategy.
- All-In Podcast12 min
Science Corner with David Friedberg: GLP-1 Study Shows Encouraging Results
David Friedberg, Chamath, Jason, Antonio, Dave, Jamal
Researchers analyzing 2 million anonymized VA medical records identified that GLP-1 agonists significantly reduce risks of cardiac arrest, hepatic failure, and schizophrenia while triggering anti-inflammatory molecular mechanisms beyond simple weight loss. Despite mild adverse effects such as nausea and potential muscle loss, industry experts and speakers emphasized that combining these drugs with rigorous protein intake and weightlifting offers superior preventative outcomes compared to fragmented medical advice or unproven protocols. As pharmaceutical companies like Eli Lilly advance trials for non-obesity indications, the prevailing consensus advocates for a simplified "core four" approach of sleep, exercise, diet, and meditation to maximize healthspan and mitigate cognitive overload.
- Dwarkesh Patel9 min
The Limits of American Power – Sarah Paine
The speaker argues that U.S. policy in 1940s China failed due to a catastrophic misallocation of resources compared to the Marshall Plan, exacerbated by the absence of indigenous institutions required to sustain foreign aid or enforce decommunization. Historical warnings from competent Foreign Service officers regarding the infeasibility of a Nationalist-Communist coalition were suppressed during McCarthy-era purges, preventing the U.S. from recognizing that Chiang Kai-shek lacked the necessary peasant support to defeat the Communists. Ultimately, the intervention is presented as a strategic error driven by the inability to compel primary adversaries to share power and the domestic political constraints of an isolationist American public unwilling to fund an indefinite civil war.
- All-In Podcast7 min
Ray Dalio: How DOGE and Trump Can Solve America's Debt Crisis
Ray Dalio, DOGE, Trump, Chamath, Jason, Friedberg
Citing a Congressional Budget Office projection that U.S. government debt-to-revenue will reach 700% within a decade, the speaker advocates for an immediate "three percent solution" to slash the deficit from 7.5% to 3% of GDP. This strategy demands a rapid reduction of more than $900 billion annually through deep cuts to discretionary spending, regulatory reform, and AI-driven efficiency rather than gradual adjustment, thereby leveraging current economic strength to prevent an "arithmetic death spiral." By pledging a political consequence for missing the target, the proposal aims to trigger immediate market relief through lower interest rates while avoiding the inflationary effects of relying heavily on tariff revenue or speculative growth.