All-In Interview : IBM CEO, Arvind Krishna & Palo Alto Networks CEO, Nikesh Arora -- Quantum Computing’s Threat to Encryption -- Open Weight vs. Frontier AI Models -- AI and Cyber Warfare -- Vertical Integration and the Return of the Conglomerate -- The Future of SaaS ++ much more! (0:00) @ArvindKrishna & @nikesharora talk Quantum Computing’s Threat to Encryption (9:07) Open Weight vs. Frontier AI Models (18:07) AI and Cyber Warfare (21:14) AI Regulation and the Global AI Arms Race (30:32) Vertical Integration and Software Consolidation

The All-In Summit is returning to Los Angeles, September 12-14, 2027. Meet us there to experience the event and stage surprises firsthand: theallinsummit.com #AllInSummit #AllInPodcast

On November 3, join the Besties LIVE for Election Night, with special guests to be announced. The Midterms Live 8-10 PM ET: The All-In Besties Watch online on All-In’s YouTube, X, or the @Polymarket app. Visit allin.com/live for more details. #AllInPodcast #ElectionNight #Polymarket

At Liquidity Summit, the dining experiences are part of the program. Enjoy food from exclusive vendors and wine poured in the valley it came from, alongside the people you want to be in the room with. Apply today: allinliquidity.com #LiquiditySummit #AllInPodcast – at Yountville, CA

Figma CEO Dylan Field: AI Slop Is Creating a Trust Problem at Work “I'm already hearing from so many like, ‘Ugh, I got another deck made by AI today. And I don't even know if the person who made it, like, I don't know if they read it. Do they even know what's in their deck?’ And at Figma, we actually made it so that, it was just a simple thing, but we said, ‘Hey, if you are using AI in your writing of any kind, just put at the top ‘Written with AI.’ And it makes it so that we can all trust that when we see something, we know that it's been cared for enough that it's worth your time to process. And I think that we're gonna see some bifurcation here around trust, and one way to get trust is to do something with your hands.” $FIG ------------------------------ Thanks to our partners for making this possible! As wealth grows, complexity compounds. Between investments, tax strategy and estate planning, coordinating it all can feel like a full-time job. Creative Planning can help with the heavy lifting. URL to use for any links: ad.doubleclick.net/ddm/track… With over nine million acres protected across all fifty states, The Conservation Fund secures the irreplaceable lands we love. Learn more at conservationfund.org

Figma CEO speaks out on Claude Design: “It's easy to mistake model progress for product progress.” Friedberg: “How worried were you when they came out with Claude Design, relative to what you guys were offering? Because the market looked at it and said, ‘Oh my God, Figma's dead. Claude is going to crush Figma.’ Dylan Field: “The nature of online discourse right now is, ‘We're so back, it's so over.’ And it's just a cycle, right? I think it's easy to mistake model progress for product progress. The reality is a tool like Figma has taken a very long time to build and a very long time to make sure that we get the workflows right for our users, and we still have work to do. They've made Claude Design into a product that is broad. So it's trying to do a lot of things. Like, you'll see posters and stuff as well, like graphic design scenarios, I believe, when you go to their homepage. And maybe they'll do well in some areas and not other areas. I'm not bullish or bearish on the product. I think it's just hard to make good design tools for professionals.” $FIG ------------------------------ Thanks to our partners for making this possible! As wealth grows, complexity compounds. Between investments, tax strategy and estate planning, coordinating it all can feel like a full-time job. Creative Planning can help with the heavy lifting. ad.doubleclick.net/ddm/track… With over nine million acres protected across all fifty states, The Conservation Fund secures the irreplaceable lands we love. Learn more at conservationfund.org

LIVE NOW: Figma CEO joins Friedberg! $FIG Co-Founder and CEO Dylan Field (@zoink) talks: -- Figma vs Frontier Companies -- SaaSpocalypse -- Lessons from the failed Adobe acquisition -- Future of design in the AI era

All-In Interview : Co-Founder & CEO of Figma, Dylan Field Thanks to our partners: @CPIWealth @ConservationFnd -- Design is the New Code -- Figma vs. Frontier AI Companies -- Demystifying the SaaSpocalypse -- Unlocking Human Creativity in the AI Era -- The Turbulent Adobe Acquisition ++ much more! (0:00) @zoink joins the show: Figma’s origin story and mission (3:16) Adobe’s $20B deal blocked: inside the antitrust fight (12:29) Is AI killing SaaS? Frontier Companies vs. Figma, the “SaaS apocalypse” (18:52) Creativity in the AI era: why taste and boldness win (36:02) Human agency, AI’s promise, and what comes next ----------------------------------------- Thanks to our partners for making this possible! As wealth grows, complexity compounds. Between investments, tax strategy and estate planning, coordinating it all can feel like a full-time job. Creative Planning can help with the heavy lifting. Learn more at CreativePlanning.com/AllIn With over nine million acres protected across all fifty states, The Conservation Fund secures the irreplaceable lands we love. Learn more at conservationfund.org

Curated dinners with the right people across from you. At this year's All-In Summit, our intimate networking dinners at The ROW DTLA gave attendees the space to connect and close deals. #AllInSummit #AllInPodcast #TheROWDTLA

Ben Horowitz: “The most dangerous thing going on in AI is Anthropic and Bill Gates” “Anybody can go say, ‘AI is going to kill us,’ and you'll be on every major news station and every newspaper and so forth. I think it's extremely dangerous, though, when it comes from Bill Gates because he is so credible, because he did build Microsoft, and people think of him that way, and then certainly he's been a big political donor, so he has a lot of political juice, particularly on the Democratic side. The big risk that everybody talks about is that the models are going to recursively self-improve, and then they're going to take off, and then they're going to become so smart and run away from us. Well, what would be the preconditions for that? Ali Ghodsi from Databricks had a great formulation of, ‘Well, what would be the preconditions for that?’ And he had four preconditions. One is that the next model has to require fewer GPUs than the last. The second thing is the next model has to take less time to train. And then the accuracy of the next model has to be better than the last, so it's got to be a better model. And then finally, it's gotta keep happening again and again and again. Zero of those four have been met. We're not on track for any of those four to be met, and so we're really talking about a risk that's entirely theoretical at this point that we're not mapping to.”

Ben Horowitz: “Anthropic is one of the most negligent companies that we've ever seen in terms of security.” “I'll tell you a funny story. So when we first got Opus 4.5, we were doing cybersecurity checks for the firm. So we had an agent basically set up a website for a pet store. And then we took another agent and said, ‘Tell us if we can exploit that web store.’ And it gave us all the exploits it could find. So Opus 4.5 wrote really buggy code. Great. And then we said, ‘Oh, the SQL injection, is that actually exploitable that you found?’ And it goes, ‘Let's pop it open.’ And the agent using Opus 4.5 breaks into the website and steals all the customer data immediately. We then call Anthropic, and what they tell us is, ‘You prompted it wrong.’ Like that was their answer.”

Chamath Explains the AI Boom’s Achilles Heel “Doesn't matter what you do, doesn't matter what you claim to do, you're going to get run over. You're going to be roadkill. If the bond market walks the 10-year up to 5.5 and 6%, which has nothing to do with AI, it has everything to do with debt to GDP and a bunch of other factors in broad-based Western economies, any business model that thrives on a financing spread gets cornholed. Any and every, all of them. It will not matter when the 10-year’s at 6%. It won't matter. As long as we can keep that from happening, we're going to be fine. So what's the most important way, I guess, post these midterms to keep the party going? You have to really start to focus on deficits, and you have to find a fair trade where the bond market backs off. And I think you can see it in the tape, meaning if we start proposing huge spending programs, they're going to walk the 10-year up. That then has a negative cascade to everything. If, however, the posture becomes much more about keeping everything calm and like, ‘Let's just tone things down and let's find the waste in the system and squeeze it all out,’ I think people will respond very favorably. The last thing I will say is these are like Achilles' heels, meaning all of the asset value that's getting built up, but just like the great warriors, you just slice the Achilles tendon and they just crumble to the knees. I just want to point out, this is that thing. There is no other thing. Meaning, all this other stuff is complete goodness, but the fact that you need to finance these things in a variable rate model as a spread to the risk-free rate is the big problem in these businesses. And you need to essentially have Microsoft, Google, Meta, and Nvidia backstop all of this in a worst case scenario because that's the only way you can withstand a one or two-year correction in this market.”

POD UP! 🚨 Ben Horowitz (@bhorowitz) fills in for @friedberg! -- CoreWeave's Tanks After Debt Selloff: Did the AI Trade Just Crack? $CRWV -- AI Deflation and the Future of Software -- Anthropic IPO: Red Flags, Valuation, How Much to Raise? -- Psyop Corner with Sacks -- Bill Gates the Doomer: What’s Behind His AI Warnings? (0:00) Ben Horowitz fills in for Friedberg! (2:18) CoreWeave's debt selloff: did the AI bubble just pop? (31:14) AI's deflationary impact: decompiled software (45:44) Anthropic's investor day gets mixed reactions (1:03:45) Psyop Corner: Anthropic warns about self-replicating models on IoT devices (1:22:19) Understanding Bill Gates the Doomer

Liquidity Summit is returning to the heart of Napa Valley in May of 2027. Michelin-starred dining and luxury stays in the town of Yountville for 500 LPs, GPs, thought leaders, and investors, each hand-selected by the Besties. Be there when it happens: allinliquidity.com #LiquiditySummit #AllInPodcast #AllIn #Liquidity – at Yountville, CA

All-In Summit: Billy Evans – Marrying Elizabeth Holmes: the person vs the headlines – The trial, sentencing, and her life in prison – Why they did Nathan Fielder’s documentary ++ more (0:00) Billy Evans joins Friedberg (3:38) How they met, Elizabeth the person vs the headlines, indictment (11:02) Life on trial, having a child, where she went wrong in fundraising (19:28) Understanding the verdict, sentencing, and the mistake of staying silent (26:09) Elizabeth calls from prison, her life in jail (31:34) Why they did the documentary with Nathan Fielder (35:47) The road home, restitution math, why his new company is not Theranos 2.0

David Sacks Calls Out the “Rotating Hoaxes” Fueling Superintelligence Fears “Let's just get back to first principles here. What is the problem that we're trying to solve? The affordability of goods like housing and education and healthcare. How do we bring those prices down? Through abundance. What creates abundance? Technology in general, and specifically superintelligence will be the driver over the next decade. Now, what is the most hated thing in society right now? Superintelligence. If you judge it by its fruits as opposed to a bunch of fake narratives, then I think that people would be in favor of this thing. What does superintelligence create? First of all, people's 401ks are going up. It’s a 3% tailwind to GDP. A million new jobs created, according to The Economist, already. Productivity goes up, which means that wages and living standards go up. This is a driver right now of nothing but positive economic trends. But what do we hear about? ‘AI's going to put everyone out of work.’ Total fake narrative. That was last year's hoax. Data centers using up everyone's water. Now there's a new hoax about human extinction. So we have a series of, I call them rotating hoaxes, where every six months there's a new one to try and convince us to sabotage the thing that's going to solve so many of our problems, especially the ones around affordability.”

The best conversations at the All-In Summit didn't stop when the sessions did. Thank you to @CooleyLLP for bringing founders and investors together over dinner. Cooley provides strategic legal counsel to innovative companies and investors as they build, finance, protect and scale market-defining businesses. #AllInSummit #CooleyLLP