All-In with Chamath, Jason, Sacks & Friedberg

Nvidia's Dominance in AI Training and GPU Markets

-1.83%current return

"So NVIDIA was in a very, very good place to seize that moment relative to the DeepMind moment slash Alex Nett slash the transformer slash training... NVIDIA is the leader with general purpose."

Arm CEO Rene Haas discusses Nvidia's strong positioning in AI, emphasizing their early move into leveraging gaming GPUs for training complex AI models and dominating the market. This commentary underscores Nvidia's leadership role in AI workloads, making it a compelling story for investors interested in the AI and tech sectors.

Intel: A Cautionary Tale on Missed Technological Shifts

-10.40%current return

"They were punished on mobile, obviously. They missed that completely. They were also punished in terms of manufacturing of going to EUV... Once you fall behind in chips, it's very, very difficult to catch up."

Arm CEO Rene Haas highlights Intel's struggles in adapting to emerging chip technologies, citing missed opportunities in mobile and advanced EUV manufacturing. This commentary implies a negative view on Intel, suggesting that its inability to pivot fast enough in process technology could continue to hamper its competitiveness.

Balancing R&D Investment and Supply Chain Expansion for Long-Term Innovation

+10.76%current return

"We spend 25% of sales on R&D. This year that'll be $14.2 billion. And with our commitment to building out the supply chain, constructing six plants with plans for four more, we're betting on both organic growth and external innovation to fuel the next generation of drugs. We have to balance lowering prices for accessibility with preserving incentives for future innovation."

The CEO outlines Eli Lilly's strategy of reinvesting heavily in R&D (25% of sales, amounting to $14.2 billion this year) and expanding its supply chain through new plant construction. This approach aims to maintain a competitive edge in innovation while carefully managing drug pricing to sustain future product development. The discussion provides investors with an overview of both growth catalysts and inherent risks in the pricing-innovation trade-off.

Eli Lilly GLP-1 Drugs Drive Explosive Revenue Growth and Pricing Adjustments

+10.76%current return

"We reported global sales, which surpassed Keytruda to becoming the best selling drug in the world, actually the best selling drug in the world of all time in Q2 this year. How much did it make in Q2? We, uh, $8.1 billion in revenue and growing at 80%. And originally it was priced around $1,000, now down to $499, with plans to push it further lower, and eventually moving to an oral pill format next year."

The CEO discusses the remarkable performance of Eli Lilly's GLP-1 drugs, noting an $8.1 billion revenue in Q2 with 80% growth, pricing cuts from $1,000 to $499, and plans to launch an oral pill version next year. This commentary underscores the company's strong product traction, market leadership, and potential for further growth as pricing adjusts to broader market access.

Balancing Price Reductions with Future R&D Investments

+10.76%current return

"We've led in reducing the out-of-pocket costs from, it was originally $1,000. Now it's $499 ... But here's the risk... if we cut the price too low, there will be no more new medicines in this category."

The CEO addresses Eli Lilly’s strategy to cut drug prices to improve patient access while simultaneously investing heavily in R&D. By lowering the cost to consumers gradually, the company seeks to balance immediate market competitiveness with the need to sustain innovation and future growth. This nuanced strategy offers investors compelling insights into how pricing pressures can coexist with reinvestment in breakthrough therapies.

Eli Lilly’s GLP-1 Innovation Boost Spurs Growth Potential

+10.76%current return

"G-L-P-1 drugs have become increasingly popular. Eli Lilly coming to save us here. ... Eli Lilly's experimental pill appears to work as well as the injected drug."

The discussion highlights Eli Lilly’s transition in its GLP-1 portfolio from traditional injectable formulations to an experimental pill format that promises similar efficacy. The remarks underscore strong organic growth, evidenced by massive revenue gains and market cap expansion, pointing to a transformative moment for the company’s diabetes and weight loss treatments. The conversation also touches upon the company’s robust investment in R&D and supply chain expansion, reinforcing its competitive positioning in the lucrative healthcare segment.

Breakthrough GPU Architecture Signals Disruption in AI Hardware

+2.78%current return

"Their architecture led to a speedup of 7,000x compared to the NVIDIA Jetson Nano, 300x compared with NVIDIA RTX 4090, and 100x compared with the NVIDIA H100. And the energy was reduced by 40,000x compared to Jetson Nano, 90,000x compared to RTX 4090, and 70,000x over an H100."

A German research team presented a breakthrough in GPU architecture that dramatically reduces memory requirements and energy consumption for AI inference. The improvements noted against current NVIDIA products (including the RTX 4090 and H100) may pave the way for deploying advanced AI models on edge devices, potentially reshaping the competitive landscape in the AI hardware sector. Investors may want to consider the implications for companies like NVIDIA as well as potential emerging challengers.

Positive Commentary on Google\'s Gemini AI Performance

+2.49%current return

"Well, I'm not at Google anymore. Every issue of Gemini is top of the leaderboard. So, 2.5 just overcame everybody and I'm sure there's another one coming. Demis is working really hard on this question about scientific discovery."

Eric Schmidt highlights the strong performance and competitive edge of Google\'s Gemini initiative within the AI space, suggesting continued innovation and a promising outlook on the path toward AGI. While not a direct trade call, this commentary provides valuable investor color on a leading tech company.

Oracle-TikTok U.S. Divestiture as a Disruptive Play

-5.73%current return

"Oracle is now the heavy favorite to acquire TikTok; Polymarket even shows an 84% chance for Larry Ellison or Oracle acquiring TikTok. With TikTok U.S. spun out from its Chinese owner, the coming deal could reshape digital content distribution and give Oracle an influential role in shaping algorithmic exposure."

Discussion shifts to the potential divestiture of TikTok U.S., where Oracle (founded by Larry Ellison) emerges as the frontrunner to acquire the platform. The conversation highlights the possibility that, under Oracle’s control, TikTok could leverage its algorithm as a competitive differentiator in digital media. This company commentary provides investor insight into how such a deal might influence market structure in social media and digital content, presenting a disruptive play that could benefit Oracle.

Ellison-Driven Media Consolidation and Legacy Media Shift

-5.69%current return

"Larry and David Ellison are making massive media moves; David Ellison is reportedly looking to acquire Warner Brothers Discovery, which owns brands like CNN, HBO, and DC Comics. If he also finalizes a deal to acquire a free press asset for $200 million, it would be seismic for the news business."

The panel discusses the Ellison family's aggressive repositioning in the media landscape through potential acquisitions and strategic mergers. With David Ellison eyeing Warner Brothers Discovery and possibly acquiring additional media assets, the commentary centers on how these moves could disrupt traditional media and accelerate convergence between premium content and new digital distribution channels. While no explicit trade call is made, the discussion provides investor color on a potential long-term transformation within legacy media companies.

Long Stablecoin, Short Banks Trade Call

-11.49%current return

"Long stablecoin, short banks."

A direct trade call advising investors to go long on stablecoins and short on banks. The rationale is that as blockchain-based stablecoin systems advance and integrate with traditional finance, banks—despite being established financial institutions with technology backbones—may be disrupted due to thin margins and legacy business models.

Bullish Palantir Stock Signal Based on Revenue Milestone

+9.87%current return

"Alex Karp is a great deal for the stock of Palantir. That's how I feel about the stock of Palantir. A billion dollars in quarterly revenue for the first time ever. The stock has just ripped."

The speakers express strong confidence in Palantir by highlighting its achievement of a billion dollars in quarterly revenue, suggesting robust growth. This commentary serves as an actionable signal for public market investors to consider buying Palantir (PLTR) stock, even though detailed price targets or timeframes are not provided.