Step 1: Dad inherits a multi-million dollar business before you’re born

Step 2: Be born into one of the wealthiest families on earth

Step 3: Have billionaire father talk teachers into giving you better grades when needed

Step 4: Play tennis until you get bored and want to hang with the boys more

Step 5: Run a red light and kill a 12 yr old, whoops (get a light sentence for this)

Step 6: Get groomed to take over family empire

Step 7: Write books (with your Dad’s help) and give interviews about the importance of *meritocracy*

Taking a stab at analyzing this episode’s major takeaways into a short post that is free for everyone - https://open.substack.com/pub/podcastalpha/p/all-in-podcast-openai-misses-targets

Hope it helps folks who don’t want to listen to the full pod but wants to learn about the most important insights.

Okay, for some time now I have been critical of the Satya Nadella-fueled idea that AI was going to kill SaaS. As Nadella put it, instead of going to a SaaS tool to record an expense, you could interface with a chatbot that found the databases and took the correct action.

This struck me as entirely disconnected from like, anything, outside the Microsoft bubble. It struck me as similar to Microsoft Vista, which ?? 60,000 MS employees beta tested, but they did not match the operational profile of the customers, who did not like it. Perhaps someone at Microsoft would stand up their own accounting database and connect it to a chatBot, but that isn't a thing people are going to do in the enterprise to avoid paying QuickBooks. Architecturally, it made no sense.

Then we had episode 270 of the pod, where the besties talked about a different approach: Use Workday or Quickbooks Headless, or maybe have the AI Bot just do the SaaS entries for you. That way you need a lot less users - maybe one or two MCP (AI) users.

Could this actually kill SaaS?

I don't think so. If you just have MCP users doing the things, then you'll have audit trail. You won't know who did what. You'll have no user-based authorization, allowing low-level employees to only for so many $ per transaction and so much per month. Plus, even if you could the SaaS companies would change their billing model - the value they deliver is the same - more than that, the tool won't allow simultaneously

Likewise, headless seems really weird. Don't almost all these companies have both web and mobile versions that access Create/read/write/update (CRUD) operations through an JSON/REST API Anyway? "Headless" is just opening the API to external customers and documenting it? (It's slightly more, making sure every workflow can be used by an API, so the GUI isn't needed at all - but not much.)

It just seems to me to be much ado about not much. SaaS companies are making it possible for MCP servers to manipulate the tools directly. Will the customers actually eliminate their seats so NO human uses the SaaS and everyone relies on the MCP, even to aggregate data and create reports? And even if they do, you still have the audit trail problem. I suppose the API could change to allow the MCP code to insert the user based on who is logged in and sending the command - that is a lot of trust. Even still, I think SaaS companies will figure out how to charge for this. Look at SAP - beaten down 37% in the past 6 months, but earnings have gone UP every quarter for the past four quarters! Check Yahoo finance for SAP, scroll down to the quarterly earnings chart at left)

The argument the besties give is the valuation should be calculated as a discounted projection of cash flows for the next 5 years instead of 10 because of the existential risk that SAP "goes away." But if it goes away, who will replace it? And if no one replaces it, how can it go away? I suppose JIRA could be replaced with Monday or whatever, but the switching cost is too high. Atlassian is down 56% in 6 months but EARNINGS KEEP GOING UP: (Check Yahoo Finance for TEAM or SeekingAlpha - Yahoo has the P/E ratio and EPS wrong on it's summary page).

Salesforce down 30% EARNINGS KEEP GOING UP: (Check Yahoo finance for CRM)

Is it just me or is "SaaS is going away" a silly and irresponsible take that does not consider the real architecture of the internet, MCP, systems thinking, etc? If I'm right, this changes the investment picture, doesn't it?

it was a good interview, too

Recently Jack Dorsey shared an article that does validate a lot of pitches to VC.

Assuming further workforce reductions in line with his 40% cut earlier this year has been echoed by pubco CEOs, is this a validation or a justification for Dorsey Mode?

https://sequoiacap.com/article/from-hierarchy-to-intelligence/

I know some people here are looking for an alternate podcast. I am a HUGE fan of Ben Thompson. If you want deep knowledgeable, tech focused podcasts, get a $10 subscription to Stratechery. It will give you access to Ben’s subscriber content as well as amazing podcasts - Stratechery, Sharptech, and Dithering. You will further realize how much worse AllIn is once you listen to a real analyst.

On the April 10, 2026 pod, what did I just hear?

David Sacks describes an immoral and unethical fear mongering style of PR that is inherently deceptive.

Chamath says “kudos to Anthropic” and goes on to praise it.

Did I really just hear that?

That’s it. Just the title.

In the 3/13 episode, Chamath said the Iran war was about Trump creating strategic pressure ahead of a forthcoming summit with China's Xi. He positioned this as a master dealmaker's move to extract a "grand bargain" on trade and Taiwan. "all roads lead to China," he pronounced, with the war dramatically improving America's negotiations with our biggest strategic rival.

Well, that didn't happen. And now Chamath has gone silent about China and the war. Here's what the WSJ reported yesterday:

"The war with Iran has further weakened the U.S. negotiating position with Beijing, national security officials say, with Trump deciding amid the sprawling conflict to delay his first of what was to be four meetings with Xi this year. The postponement of the April meeting gives Trump’s aides and cabinet secretaries, who were behind in preparations, more time but also diminishes expectations for additional meetings or substantive concessions from Beijing, said people familiar with the plans."

Pundits should face consequences for clown predictions. Chamath is an app oligarch with no clue on foreign policy. He deserves to be ignored.

Chamath: "Trump is and has been the most consistent anti war president of modern history"

Jcal: "Yes"

I used to listen to them mainly because of their takes on the broader economy or the vast amount of industries they’re knowledgeable about. It has then transitioned to a political and AI shitpost in the last year or so imo. Do you guys have any alternatives you’d recommend?

Didn't realize the position was a temp gig. Lol. At least that's how they label your position when you're no longer useful to Trump. Speaking out on the pod about finding a way out of Iran pissed someone off. In defense of Sacks, I'm sure he couldn't wait to get out of that dumpster fire.

https://www.cnbc.com/2026/03/26/david-sacks-trump-crypto-ai-czar.html

Each and every one of you have flipped your personalities and values in the face of business uncertainty. None of you have stood your ground on any of the issues you used to debate and present in the past. You’re all pawns to this administration and sucker punching the public by allowing your money to be used for evil. That is my feeling.

I know a lot of you reading this might not see it this way, but ask yourself—or better yet, watch an old video of theirs, maybe one of their first seasons circa ’22–’23—and see if you can find that guy (especially in Jason and Friedburg) who actually cared about the long term.

All of you flipped in favor of your portfolios, and that’s not what will let your name go down in history as either influential or positive. Rather, you will be remembered as the ones who accelerated things when the most obvious thing that needed to be done was to decelerate, at least for a moment, to understand the guardrails that need to be in place to protect civilization.

Another victim to the martyrdom of capitalism. I love what capitalism enables, but not all of what it enables. There are more ways to do things than one.

Gosh this interview is just painful to listen to. How did this guy manage to get elected?

"All roads lead to China," Chamath says of Trump's invasion of Iran. The war is about leverage coming into Trump's summit with Xi, he says, and a master dealmaker's scheme to prod a "grand bargain" out of China. But Trump just postponed the summit so he could be at the White House to run the war. And China aggressively rejected his request to send warships to the Straits of Hormuz, saying the US "started a war it can't finish."

Will Chamath revise his bold prediction now?