The New Era of the Stock Market with Nasdaq CEO Adena Friedman | All-In Summit 2025

(0:00) Introducing Sir Demis Hassabis, reflecting on his Nobel Prize win (2:39) What is Google DeepMind? How does it interact with Google and Alphabet? (4:01) Genie 3 world model (9:21) State of robotics models, form factors, and more (14:42) AI science breakthroughs, measuring AGI (20:49) Nano-Banana and the future of creative tools, democratization of creativity (24:44) Isomorphic Labs, probabilistic vs deterministic, scaling compute, a golden age of science Thanks to our partners for making this happen! Solana: https://solana.com/ OKX: https://www.okx.com/ Google Cloud: https://cloud.google.com/ IREN: https://iren.com/ Oracle: https://www.oracle.com/ Circle: https://www.circle.com/ BVNK: https://www.bvnk.com/ Follow Demis: https://x.com/demishassabis Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect  

(0:00) Introducing Elon Musk, and reflecting on his DOGE experience (2:47) Optimus: Progress and potential, the “hands problem” (12:20) Tesla: AI5 chips, impact on FSD (16:50) SpaceX: Vision for Starlink-enabled smartphones, $17B spectrum deal, Starship update (26:16) xAI: Next-gen Grok models, Colossus 2, scaling laws, “Grokipedia” (31:29) Evolving alongside AI, implosion of the West, the religion vacuum (37:36) Understanding the universe, going to the Moon, what happens on Mars? Thanks to our partners for making this happen! Solana: https://solana.com/ OKX: https://www.okx.com/ Google Cloud: https://cloud.google.com/ IREN: https://iren.com/ Oracle: https://www.oracle.com/ Circle: https://www.circle.com/ BVNK: https://www.bvnk.com/ Follow Elon: https://x.com/elonmusk Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect

(0:00) Introducing Palantir CEO Alex Karp (1:10) Understanding Palantir's fans and haters (8:40) Palantir’s work at the border, data collection and surveillance, built-in protections (20:02) Israel/Palestine (22:23) Is the West committing suicide? (30:54) Antisemitism (31:52) China’s strategy, dealing with cartels (36:46) Why modern Progressivism is not progressive Thanks to our partners for making this happen! Solana: https://solana.com/ OKX: https://www.okx.com/ Google Cloud: https://cloud.google.com/ IREN: https://iren.com/ Oracle: https://www.oracle.com/ Circle: https://www.circle.com/ BVNK: https://www.bvnk.com/ Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect

(0:00) Introducing Adena Friedman (1:16) Nasdaq's business, expanding beyond a stock exchange (2:44) Big announcement! Nasdaq will offer tokenized securities, crypto going mainstream, the 24/5 trading schedule (7:21) How the IPO market can change to help companies go public faster (13:37) Evolution of markets: predictions, options, SPVs, secondaries (18:18) State of the stock market, role at the NY Fed, data issues at the Fed Thanks to our partners for making this happen! Solana: https://solana.com/ OKX: https://www.okx.com/ Google Cloud: https://cloud.google.com/ IREN: https://iren.com/ Oracle: https://www.oracle.com/ Circle: https://www.circle.com/ BVNK: https://www.bvnk.com/  Follow Adena: https://x.com/adenatfriedman  Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg  Follow on X: https://x.com/theallinpod  Follow on Instagram: https://www.instagram.com/theallinpod  Follow on TikTok: https://www.tiktok.com/@theallinpod  Follow on LinkedIn: https://www.linkedin.com/company/allinpod  Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg  Intro Video Credit: https://x.com/TheZachEffect

(0:00) Introducing Mark Cuban, sadness over Luka Doncic (2:38) America’s broken healthcare system (15:16) State of the two-party system (19:24) Introducing Tucker Carlson (20:01) The fine line between listening and pandering, is Mamdani the Trump of the Left? (24:27) How to make Americans believe in America again (34:12) AI job displacement (39:29) Lightning round with Tucker: Epstein, Putin, why the West is killing itself, the SSRI epidemic, Iryna Zarutska murder (52:54) Antisemitism and Israel Thanks to our partners for making this happen! Solana: https://solana.com/ OKX: https://www.okx.com/ Google Cloud: https://cloud.google.com/ IREN: https://iren.com/ Oracle: https://www.oracle.com/ Circle: https://www.circle.com/ BVNK: https://www.bvnk.com/ Follow Mark Cuban: https://x.com/mcuban Follow Tucker Carlson: https://x.com/TuckerCarlson Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect

(0:00) Introducing Secretary Wright (1:09) Nuclear, China’s approach (4:02) Increasing energy output, how the climate change complex slowed us down, problems with solar and wind (11:32) Debating renewables vs nat gas and coal (18:40) Chamath’s energy framework (21:42) Addressing challenges: budget cuts to research labs, residential energy cost increases due to datacenter demand, speeding up nuclear development Thanks to our partners for making this happen! Solana: https://solana.com/ OKX: https://www.okx.com/ Google Cloud: https://cloud.google.com/ IREN: https://iren.com/ Oracle: https://www.oracle.com/ Circle: https://www.circle.com/ BVNK: https://www.bvnk.com/ Follow Secretary Wright: https://x.com/SecretaryWright Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn:  https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect

(0:00) Bestie intros (0:52) Behind the scenes of the White House Tech Dinner! (28:39) Tariff showdown headed to the Supreme Court (42:44) Other Trump Administration legal battles (46:58) Weak jobs report: what is the state of the economy? (57:52) Google avoids worst-case scenario in antitrust case Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://x.com/EdLudlow/status/1963763066988110177 https://www.whitehouse.gov/articles/2025/09/president-trump-tech-leaders-unite-american-ai-dominance https://www.youtube.com/watch?v=opn9soJ5TYM&t=11s https://truthsocial.com/@realDonaldTrump/posts/115119151783895076 https://www.congress.gov/bill/94th-congress/house-bill/3884 https://www.cbo.gov/publication/61697 https://x.com/tkl_adam/status/1963961233368924464 https://www.cbsnews.com/news/jobs-report-today-august-2025-three-takeways-federal-reserve https://www.cnbc.com/2025/09/02/google-antitrust-search-ruling.html https://polymarket.com/event/us-recession-in-2025?tid=1757216927232 https://www.wsj.com/opinion/google-antitrust-lawsuit-artificial-intelligence-amit-mehta-doj-trump-administration-d3b675b4

(0:00) David Friedberg welcomes Senator Rand Paul: background, family, what led him to medicine first (3:56) Career Change: Medicine to Politics (7:03) Political Philosophy (10:55) Trade Policy & Economic Impact (15:52) Consequences of Tariffs (20:43) Voting Against the One Big Beautiful Bill (27:52) AI & the Economy (35:10) Our Fragile Financial System (41:22) Government Employment & Appropriate Spending (48:18) COVID Cover Up & Dangers of Gain-of-function Research (1:01:00) Relations with China (1:05:52) Political Future Follow Senator Paul: https://x.com/senrandpaul Check out Deception: The Great Covid Cover-Up: https://www.amazon.com/Deception-Great-Cover-Up-Rand-Paul/dp/1684515130 Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect

(0:00) Bestie intros: The Moose is loose at J-Cal Ranch! (0:46) All-In Summit updates, Jason's new program (9:45) Trump vs the Federal Reserve: Is the Fed partisan, what should a modern Fed look like? (36:45) US-Intel Deal: Sustainability, China comparison, could deals like this save Social Security? (51:37) US Sovereign Wealth Fund (58:41) Why corporate bankruptcies are trending up in 2025 (1:12:12) OpenAI's novel LLM-based approach to longevity research Join us at the All-In Summit: https://allin.com/summit Summit scholarship application: http://bit.ly/4kyZqFJ Get The Besties All-In Tequila: https://tequila.allin.com Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://www.mena.launch.co https://www.politico.com/news/2025/08/25/trump-says-hes-firing-federal-reserve-governor-lisa-cook-00523841 https://www.nytimes.com/2025/08/28/us/politics/lisa-cook-trump-fed-lawsuit.html https://www.housingwire.com/articles/pulte-cook-new-criminal-referral-mortgage-fraud https://truthsocial.com/@realDonaldTrump/posts/115092130707196133 https://www.bloomberg.com/news/articles/2025-08-28/us-puts-gdp-data-on-the-blockchain-in-trump-crypto-push https://www.cnbc.com/2021/06/10/cpi-may-2021.html https://www.bloomberg.com/news/articles/2021-06-05/yellen-sees-recent-inflation-as-transitory-rather-than-permanent https://www.federalreserve.gov/newsevents/speech/powell20210827a.htm https://www.npr.org/2021/11/22/1052741845/biden-reappoints-jerome-powell-as-federal-reserve https://blockworks.co/news/powell-we-can-retire-the-term-transitory-inflation https://www.statista.com/chart/28437/interest-rate-hikes-in-past-tightening-cycles https://www.firstlinks.com.au/druckenmiller-biggest-mistake-history-fed https://www.pbs.org/newshour/economy/u-s-inflation-at-9-1-percent-a-record-high https://www.reuters.com/markets/us/futures-slip-last-trading-day-torrid-year-2022-12-30 https://www.warren.senate.gov/imo/media/doc/warren_hickenlooper_whitehouse_letter_to_fed_re_september_rate_cut.pdf https://www.washingtonpost.com/technology/2025/08/22/trump-says-intel-ceo-agreed-give-us-government-10-billion https://truthsocial.com/@realDonaldTrump/posts/114987288040725570 https://www.dallasnews.com/opinion/commentary/2025/08/08/time-for-a-pledge-to-control-government-spending https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/8/july-us-corporate-bankruptcy-filings-hit-highest-monthly-total-in-5-years-91873904 https://x.com/Pavel_Asparagus/status/1960369680457113764 https://demo.trypicnic.com https://seekingalpha.com/news/4490024-q2-gdp-growth-revised-higher-to-33-pce-increase-revised-lower-to-20 https://www.wsj.com/real-estate/commercial/the-bill-is-coming-due-on-a-record-amount-of-commercial-real-estate-debt-451ec8cb https://openai.com/index/accelerating-life-sciences-research-with-retro-biosciences

(0:00) Bestie intros (1:59) What's new with the All-In Summit (9:02) AI Mania hits the brakes: sign of a bubble or a healthy correction? (30:49) Meta's AI hiring freeze: are the AI talent wars slowing down? (39:09) Gavin Newsom is the early favorite to be the 2028 Democratic nominee (54:03) Russia/Ukraine: Trump's two summits, what endgame to expect? Join us at the All-In Summit: https://allin.com/summit Summit scholarship application: http://bit.ly/4kyZqFJ Get The Besties All-In Tequila: https://tequila.allin.com Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://x.com/autismcapital/status/1958566758719398351 https://fortune.com/2025/08/18/mit-report-95-percent-generative-ai-pilots-at-companies-failing-cfo https://www.cnbc.com/2025/08/18/openai-sam-altman-warns-ai-market-is-in-a-bubble.html https://www.theverge.com/command-line-newsletter/759897/sam-altman-chatgpt-openai-social-media-google-chrome-interview https://www.nytimes.com/2025/08/19/technology/mark-zuckerberg-meta-ai.html https://www.wsj.com/tech/ai/meta-ai-hiring-freeze-fda6b3c4 https://www.cnbc.com/2025/06/19/meta-tried-to-buy-safe-superintelligence-hired-ceo-daniel-gross.html https://www.nytimes.com/2025/06/12/technology/meta-scale-ai.html https://www.cnbc.com/2025/06/18/sam-altman-says-meta-tried-to-poach-openai-staff-with-100-million-bonuses-mark-zuckerberg.html https://polymarket.com/event/democratic-presidential-nominee-2028 https://www.politico.com/f/?id=00000198-c46f-da96-abff-d66f4c1e0000 https://www.businesswire.com/news/home/20250820615513/en/Statement-from-Marcus-Lemonis-Executive-Chairman-of-Bed-Bath-Beyond https://news.gallup.com/poll/693203/ukrainian-support-war-effort-collapses.aspx