David Sacks
David Sacks is a technology entrepreneur and investor, a partner at Craft Ventures, and co-host of the All-In podcast. He was named White House AI and Crypto Czar in 2025 and chaired the President’s Council of Advisors on Science and Technology.
Short Selling Returns as Stock Selection Replaces Broad Market Bets
Dan Loeb, founder of Third Point, argues that markets have moved back toward stock picking and short selling, but not in the simple sense of betting against expensive companies. In an All-In interview, he says the useful short now requires a clear mechanism of deterioration, while long investing increasingly depends on understanding technology, business durability, management adaptability and the limits of old market-cap assumptions. Loeb presents Third Point’s evolution as an accumulation of tools: event-driven investing, activism, credit, venture-style technology work and a renewed need for selectivity.
Ackman Says AI Threats Are Leaving Durable Incumbents Mispriced
Bill Ackman told the All-In hosts that Pershing Square’s investment filter has shifted toward durable business quality while remaining activist where influence can extend a company’s time horizon. He argued that AI has made disruption risk the first question for long-term investors, even as markets may be overlooking incumbents such as Microsoft, Meta and Amazon. Ackman also cast founder control, valuation discipline and permanent capital — including his Howard Hughes project — as ways to underwrite businesses through a period when public markets and CEOs are still working out AI’s practical effects.
OpenAI CFO Says Compute Scarcity Will Define Its Next Phase
OpenAI CFO Sarah Friar used an All-In interview to frame the company less as an IPO candidate chasing public-market timing than as an infrastructure-scale AI business trying to finance scarce compute, broaden distribution, and defend the intelligence layer between users and the underlying technology. Friar argued that OpenAI’s consumer and enterprise products are meant to compound off the same foundation, even as the company raises unprecedented capital, diversifies cloud and chip supply, and considers ads without letting sponsored results distort ChatGPT.
AI Governance Fight Shifts to Centralization, Open Models, and Worker Agency
On All-In, Bill Gurley joined Jason Calacanis, David Sacks and Chamath Palihapitiya for a debate framed less around whether AI is powerful than around who will control it. The panel read Pope Leo XIV’s AI encyclical as a warning about concentrated power, but split over the remedy: Sacks argued government regulation could become the centralizing threat, while Gurley and others scrutinized Anthropic’s safety posture as either regulatory strategy or something closer to a belief in building a superior intelligence. Their practical conclusion was that open models, swappable systems and worker fluency are the main checks against AI power consolidating in a few labs or agencies.
Los Angeles Must Restore Law Enforcement Before It Can Rebuild
Spencer Pratt frames his Los Angeles mayoral run as a response to basic government failure, beginning with the Palisades fire that destroyed his home. He argues that Los Angeles stopped doing core public work — enforcing laws, preparing for fires, tracking public money and approving building — and says recovery depends first on public-safety enforcement, audits of institutions spending taxpayer funds and replacing bureaucratic discretion with accountable management.
SpaceX-Anthropic Deal Highlights Compute as AI’s Revenue Bottleneck
The All-In panel used SpaceX’s compute deal with Anthropic to argue that frontier AI is now being constrained less by demand than by access to power, GPUs and data-center capacity. David Sacks warned that Anthropic’s reported revenue trajectory could make it a historic monopoly if sustained, while Brad Gerstner pushed back that the market is still too early and competitive for pre-emptive regulation. The discussion turned on whether AI safety concerns justify coordination with government or risk becoming an “FDA for AI,” and whether the AI boom will ultimately show up as measurable productivity and profit for customers buying tokens.