Glossary

Know the shorthand.

The language of AI, markets, policy, defense, science and energy, defined in plain English for fast-moving conversations.

Compute & infrastructure

Datacenter

Used in 137 episodes · 830 mentions

A facility containing servers, networking, cooling and power systems used to run digital services and AI.

See examples in the transcripts

“I don't think that's a reasonable expectation because that means they also need to know everything about data centers.”

Flock CEO Garrett Langley on Controversy, "Surveillance State" Claims, and Privacy vs Safety↗

“And we need to do a much better job of making sure that the outlines of what these data centers mean to communities is clear.”

Senators John Fetterman and Dave McCormick: Bipartisanship, Money in DC, Datacenters, Graham Platner↗
Startups & markets

IPO

Used in 128 episodes · 445 mentions

An initial public offering: the first sale of a private company’s shares to public investors.

See examples in the transcripts

“And this is a company called Cerebras that just won IPO, so I thought it would be a good candidate.”

Thomas Laffont: The $4T AI IPO Wave, 2026's Unicorn Economy, and the 10X Paradox↗

“And so 6, 12, 18 months after the IPO, we can move those shares into this fund, called the Sequoia Capital Fund.”

Sequoia's Roelof Botha: Why Venture Capital is Broken & How Great Companies Are Built↗
AI & models

Token

Used in 90 episodes · 396 mentions

A small unit of text processed by a language model; pricing and context limits are commonly measured in tokens.

See examples in the transcripts

“I mean, first, we know that there's nobody better on planet Earth than Elon at converting electrons to tokens.”

Elon's Anthropic Deal, The Next AI Monopoly?, "FDA for AI" Panic, Trading the AI Boom↗

“I mean, if they're not selling securities, I think Coinbase and everybody else has always maintained they're selling tokens.”

Inflation cools, market rips, Ripple/MSFT beat regulators, NATO summit, cocktails of youth↗
Macro & finance

Liquidity

Used in 114 episodes · 345 mentions

How easily money or assets can move; also shorthand for the supply of capital supporting prices.

See examples in the transcripts

“The money is called over time, usually over the first few years, it's invested, and then you don't get liquidity.”

Trump assassination attempt, Secret Service failure, Inside the RNC, VC liquidity problem↗

“The Fed basically acts as a market making and liquidity function in what's called the overnight repo market.”

US Response to COVID-19 & Impact on Startups, Venture Capital & Public Markets with David Friedberg↗
Compute & infrastructure

GPU

Used in 85 episodes · 343 mentions

A parallel processor that became the dominant hardware for training and running modern AI.

See examples in the transcripts

“You basically, you just light up more GPUs and you just got like a thousand more PhD students working for you.”

Grok 4 Wows, The Bitter Lesson, Elon's Third Party, AI Browsers, SCOTUS backs POTUS on RIFs↗

“And if you look at this chart, the reason why this is possible is entirely because we've shifted from CPUs to these things called GPUs.”

Cheating scandals, Twitter updates, rapid AI advancements, Biden's pardon, Section 230 & more↗
AI & models

Inference

Used in 70 episodes · 204 mentions

Running a trained model to produce an answer; the usage-side cost of AI.

See examples in the transcripts

“I mean, certainly if you go to any industrial company or natural resources company, advanced manufacturing, retail, logistics, there's tons of inference at the edge.”

Travis Kalanick & Michael Dell Live from Austin, Texas↗

“You started to run these models and what you started to see was, man, their inference is blazing fast.”

Iran's Breaking Point, Trump's Greenland Acquisition, and Solving Energy Costs↗
Startups & markets

SaaS

Used in 120 episodes · 535 mentions

Software sold as an ongoing online subscription rather than a one-time installed product.

See examples in the transcripts

“Do you think that the traditional companies like the SaaS businesses that have existed in this world, what is their place?”

Nikesh Arora: Mythos is Real, Analytical SaaS is Dead, and Google can be a $10T company↗

“In other words, like, I invest in plenty of SaaS companies that sell seats at five, ten bucks per seat per month.”

2024 Predictions! Markets, tech, politics, and more↗
Compute & infrastructure

Hyperscaler

Used in 47 episodes · 114 mentions

A giant cloud platform able to deploy computing infrastructure at global scale.

See examples in the transcripts

“But I mean, it's just, you know, it's not like a $10-$20 billion Blackwell cluster like are being stood up all over America by hyperscalers.”

OpenAI's GPT-5 Flop, AI's Unlimited Market, China's Big Advantage, Rise in Socialism, Housing Crisis↗

“And it is indisputably true that he is growing faster than hyperscaler CapEx, even without these adjustments.”

SpaceX's $2T Case, Nvidia's Shock Selloff, America Turns on AI, Trump Pulls AI Order, Bond Crisis?↗
Macro & finance

Basis point

Used in 93 episodes · 189 mentions

One hundredth of a percentage point; 100 basis points equals 1%.

See examples in the transcripts

“And the interest rate, I think, is what's called OIS and they added 10 basis points on top.”

Banking crisis and the great VC reset↗

“You know, the Fed two days ago basically said, we're going to see up to three rate hikes next year, probably 50 basis points each.”

Twitter's content warning algo, equity audits, politicians trading stocks, Fed's next move, mRNA & more↗
Policy & institutions

DOGE

Used in 65 episodes · 386 mentions

The government-efficiency initiative; context matters because DOGE can also mean Dogecoin.

See examples in the transcripts

“So a few months ago, I set up, I literally called it CalDoche, California Department of Government Efficiency.”

CA Governor Candidate Steve Hilton on Why California is Destroying Itself & How a Republican Can Win↗

“I mean, does DOGE tell us something about what's possible at this stage?”

Ray Dalio: Our System Is in Jeopardy - Debt, AI & the Cycle That Destroyed Rome↗
Policy & institutions

Regulatory capture

Used in 54 episodes · 122 mentions

When a regulator advances the interests of the industry or incumbents it is meant to oversee.

See examples in the transcripts

“I don't know which one I'm more afraid of, the regulatory capture or the second theory I call the Dr.”

Anthropic's Digital God, Pope vs AI, Job Loss Narrative Flips, Open Source Crackdown Coming?↗

“You and I have a very different point of view on regulatory capture, capitalism and free markets, Chamath.”

Trump's Big Week: Middle East Trip, China Deal, Pharma EO, "Big, Beautiful Bill" with Ben Shapiro↗
AI & models

AGI

Used in 45 episodes · 156 mentions

Artificial general intelligence: a hypothetical system able to perform most cognitive work at or above human level.

See examples in the transcripts

“I'm saying there's something a little bit cultish and weird about explicitly devoting yourself to AGI, which I think in common parlance means Skynet.”

Elon sues OpenAI, Apple's decline, TikTok ban, Bitcoin $100K?, Science corner: Microplastics↗

“And if you think about it from an AI perspective, if AI, we're talking about AGI, we're talking about taking over the world.”

Mark Cuban on the AI Bubble: Who Actually Gets Wiped Out?↗
Startups & markets

ARR

Used in 61 episodes · 214 mentions

Annual recurring revenue: a subscription company’s recurring run-rate revenue.

See examples in the transcripts

“I mean, those companies used to be valued at 13 times ARR, now it's three.”

SpaceX-Cursor Deal, SaaS Debt Bomb, New Apple CEO, SPLC Indictment, Colon Cancer Spike↗

“Yeah, they're projecting a billion in ARR next year up from, what is it, roughly 500 Like that offer may not be that crazy.”

Mag 7 sell-off, Wiz rejects Google, UBI, Kamala in, China's nuclear buildout, Sacks responds to PG↗
Work & society

DEI

Used in 51 episodes · 209 mentions

Diversity, equity and inclusion: organizational policies concerning representation, access and workplace treatment.

See examples in the transcripts

“I mean, if you look at people, college graduates now that graduated in, I don't know, DEI subjects, they're having trouble getting jobs.”

Graham Allison on the Global Realignment: Iran, China, Israel, Greenland↗

“The incompetence of California's government, DEI, Ukraine, I mean, everybody is superimposing on this natural disaster, whatever their pet issues are.”

LA's Wildfire Disaster, Zuck Flips on Free Speech, Why Trump Wants Greenland↗
Work & society

Wealth tax

Used in 35 episodes · 92 mentions

An annual tax on a person’s net assets rather than only income or realized gains.

See examples in the transcripts

“So last year they floated the trial balloon about basically doing a wealth tax and everyone hated it.”

Market update, inverted yield curve, immigration, new SPAC rules, $FB smears TikTok and more↗

“Do you think we are going to find ourselves in that conversation in 2028 and we're going to have a national wealth tax?”

John Fetterman: The Rogue Democrat Who Broke Party Ranks↗
Policy & institutions

Antitrust

Used in 57 episodes · 156 mentions

Law and policy intended to prevent anticompetitive conduct and excessive market power.

See examples in the transcripts

“Well, but that, I mean, I think there was a lot of good basis for that particular antitrust case and Microsoft clearly had a monopoly.”

Epic legal win, OpenAI licensing deals, FCC targets Elon, Alex Jones reinstated & more↗

“And basically, we're moving or she intends to move the goalposts on antitrust.”

Antitrust standards & enforcement, tech repricing, lab leak obfuscation, E63 reactions & more↗
AI & models

Open weights

Used in 30 episodes · 74 mentions

Models whose trained parameters are available for others to inspect, adapt or run.

See examples in the transcripts

“And so now we as 80-90 basically made a cost decision to move to this open source model because it was just materially cheaper.”

Biggest LBO Ever, SPAC 2.0, Open Source AI Models, State AI Regulation Frenzy↗

“They sent us back the best open source model when our guys were staying closed source for safety reasons.”

JD Vance's AI Speech, Techno-Optimists vs Doomers, Tariffs, AI Court Cases with Naval Ravikant↗
AI & models

AI agent

Used in 33 episodes · 54 mentions

A system that can plan, use tools and take multiple actions toward a goal with limited supervision.

See examples in the transcripts

“Yeah, it's slowly becoming that you will be asking for, give me an AI agent, effectively, on the call.”

The Trillion-Dollar Industries AI Is Disrupting: Voice, Law & the End of the Billable Hour↗

“And I think a key skill of employees is going to be the ability to structure work for themselves and their AI agents.”

Debt Spiral or NEW Golden Age? Super Bowl Insider Trading, Booming Token Budgets, Ferrari's New EV↗
Startups & markets

Gross margin

Used in 44 episodes · 118 mentions

Revenue remaining after direct delivery costs, before operating expenses.

See examples in the transcripts

“Yeah, I mean, I think we should differentiate between gross margin and then the net operating margin or profit, right?”

Live from Davos! Milei goes viral, Adam Neumann's headwinds, streaming's broken model, microplastics & more↗

“I mean, obviously, in economics, obviously, a company that has 80% gross margins is different than a company that has 20% gross margins.”

Global trade disrupted, Adobe/Figma canceled, realtors sued, Trump blocked↗
AI & models

Frontier model

Used in 23 episodes · 49 mentions

A model at the leading edge of capability, usually requiring exceptional data, compute and capital.

See examples in the transcripts

“So a frontier lab can't hoover up their proprietary knowledge, their alpha, and turn it into their next product.”

AI Sovereignty Wars, Palantir-Nvidia Deal, SCOTUS Birthright Ruling, Newsom's CA Budget Lie↗

“It's like which frontier model is number one on some sort of metric.”

Inside America's AI Strategy: Infrastructure, Regulation, and Global Competition↗
Startups & markets

TAM

Used in 33 episodes · 76 mentions

Total addressable market: the maximum revenue opportunity if a product captured its whole target market.

See examples in the transcripts

“I mean, human biology and health care, it's probably the largest TAM in the world, so super interested in that.”

Bill Maris: How Google Could Crush AI Competitors, Why Small Funds Win, and AI's Atari Stage↗

“I mean, I mean, what this this leaker makes money under like key tam.”

The role of decentralization, China/US breakdown & more with Bestie Guestie Balaji Srinivasan↗
Work & society

Job displacement

Used in 26 episodes · 55 mentions

Workers or roles being eliminated or restructured by technology, trade or organizational change.

See examples in the transcripts

“Yeah, I have been trying to bring up that as an industry, we have not recognized people's valid concerns about job displacement.”

Bernie Sanders: Stop All AI, China's EUV Breakthrough, Inflation Down, Golden Age in 2026?↗

“I think, listen, it's a big issue for AI in general, and job displacement, you see it with younger graduates as well.”

Uber CEO Dara Khosrowshahi on self-driving's future, changing business model, job displacement↗
Startups & markets

Moat

Used in 37 episodes · 61 mentions

A durable competitive advantage that prevents rivals from eroding returns.

See examples in the transcripts

“I mean, I followed eBay for a very long time and I came to appreciate their experience, their moat in the collectible space.”

GameStop CEO Ryan Cohen's $56B Plan to Take Over eBay↗

“And they've got a durable moat so he can make a long-term investment.”

Charles & Chase Koch on How They Quietly Built a $150B Empire↗
Compute & infrastructure

Compute

Used in 18 episodes · 25 mentions

The processing capacity used to train and run AI models.

See examples in the transcripts

“The estimates I've seen is that to stand up one gigawatt of AI compute costs about $50 billion.”

OpenAI CFO Sarah Friar: IPO, AI Rivalries, New Device, and Spending $100B+ on Compute↗

“And Sacks, to your point, you mentioned this on X, you're like, there was all this doomerism, but maybe it was tied to compute capacity.”

OpenAI's Identity Crisis, Datacenter Wars, Market Up on Iran News, Mamdani's First Tax, Swalwell Out↗
Startups & markets

SPAC

Used in 40 episodes · 135 mentions

A listed shell company created to merge with a private business and take it public.

See examples in the transcripts

“Basically, I pulled all IPOs since 2020 So this excludes all SPAC mergers and real estate, finance, material, energy, utility.”

Tech culture wars: Elon vs. SBF, Sabotaging Republicans with Trump↗

“But what is your take on how many SPACs have been created since you like literally single-handedly restarted the SPAC movement, Chamath?”

California's collapse, how SPACs are opening the markets for growth stocks & more↗
Compute & infrastructure

TPU

Used in 23 episodes · 46 mentions

Google’s specialized processor for machine-learning workloads.

See examples in the transcripts

“And Sundar said in a press release, he mentioned that they had rolled their own silicon for machine learning called TPU.”

Vision Pro: use or lose? Meta vs Snap, SaaS recovery, AI investing, rolling real estate crisis↗

“I've told this story before, but I pinged those guys and I was basically like, I just wanna meet the team that built the TPU.”

SEC goes after crypto giants, Sequoia splits, LIV/PGA, Messi's deal + LIVE Q&A!↗
AI & models

Vibe coding

Used in 16 episodes · 31 mentions

Building software mainly by describing intent to an AI coding system and iterating on its output.

See examples in the transcripts

“It's not just the person who works in HR, you know, using cloud code or perplexity or whatever, and trying to vibe code something.”

More Trillion Dollar IPOs, Anthropic $3T, Zuck's Price War, China Ends Open Source?, Trump Accounts↗

“There was a silly piece in it or a section in it where they said AI agents would vibe code their way to displacing DoorDash.”

Software Stocks Implode, Claude's Hit List, State of the Union Reactions, Trump's Tariff Pivot↗
Policy & institutions

Export controls

Used in 21 episodes · 53 mentions

Rules limiting the sale of sensitive technology or materials to specific countries or entities.

See examples in the transcripts

“However, on Wednesday, Bessent called the export controls unacceptable and that it's China versus the free world.”

Trump: Send National Guard to SF, China Rare Earths Trade War, AI's PR Crisis↗

“And this happened before all the export controls, quote, badly damaged officials' confidence in the company's ability to safeguard sensitive technology.”

World's First Trillionaire, Anthropic Fable Banned, The New Oligarchs, Iran Peace Deal↗
Science & health

Quantum computing

Used in 22 episodes · 74 mentions

Computing that uses quantum states to perform certain calculations differently from classical machines.

See examples in the transcripts

“I think in addition to AI, other areas that are interesting are nuclear power, quantum computing, advanced semiconductors, all these different areas.”

Anthropic's Generational Run, OpenAI Panics, AI Moats, Meta Loses Lawsuits↗

“We have quantum computing, which you and I, and Emil Michael and others have done with our SPAC and D-Wave.”

Exiled Iranian Prince Reza Pahlavi: Transition Plan and the Fight for Iran's Freedom↗
AI & models

Hallucination

Used in 22 episodes · 29 mentions

A confident model output that is unsupported, invented or factually wrong.

See examples in the transcripts

“Early on, there are definitely problems with hallucination and the like that Americans we're very intolerant to.”

Dr. Mehmet Oz on Fixing American Healthcare + Fraud | Live from Davos↗

“The other thing people are coming to is because of so much, what's the term, hallucinations that people are using?”

2024 Fantasy President picks, debt ceiling agreement, Dollar dominance & more↗
Macro & finance

Monetary policy

Used in 25 episodes · 36 mentions

Central-bank decisions about interest rates, money and financial conditions.

See examples in the transcripts

“I mean, if you listen to Ray Dalio, he talks about a disaster coming with monetary policy, right?”

Trump vs Harvard, Nvidia export controls, how DEI killed Hollywood with Tim Dillon↗

“If we don't address both the monetary policy and the budget policy, I think we're going to be in a lot of trouble.”

Epstein Files, Is SaaS Dead?, Moltbook Panic, SpaceX xAI Merger, Trump's Fed Pick↗
Startups & markets

Secondary market

Used in 27 episodes · 48 mentions

Trading private-company shares between investors or employees before an IPO.

See examples in the transcripts

“As they were expanding to figure out other businesses to come into, they got into what's called the secondary market.”

US strikes Houthis, market instability, Q1 rate cuts in doubt, Carta's major mishap, DEI↗

“So I thought that was a decent setup to start the conversation this morning, just to level set how important secondaries have become.”

Inside the Private Stock Market Boom: SpaceX, Anthropic, OpenAI & the Rise of Secondaries↗
Science & health

Moore’s Law

Used in 20 episodes · 31 mentions

The long-running observation that the number of transistors on leading chips grows exponentially over time.

See examples in the transcripts

“We are going to find the next version of Moore's Law, which I think is more time-bounded, not transistor density bounded.”

The IPO Comeback: Why Tech Giants Are Finally Going Public | All-In Liquidity IPO Panel↗

“Arguably, people call it Aeroom's Law, it's like Moore's Law in reversed.”

Michael Kratsios: Trump's Science Agenda, Anti-Science Claims, Fauci's Damage, DEI & China↗
AI & models

Training run

Used in 14 episodes · 23 mentions

The compute-intensive process that adjusts a model’s parameters using a large body of data.

See examples in the transcripts

“On the one hand, we are always looking for researchers who have experienced in large-scale model training, experience in diffusion model training, flow matching training.”

Open Source Wins, AGI Is Here, and Scorsese's AI Toolkit with CEOs of Cerebras & Black Forest Labs↗

“Remember that all these models, when you do a big training run, you go and you try to run it against some set of benchmarks.”

NBA Gambling Scandal, Tesla Trillion Dollar Vote, Billionaire Tax, Amazon Robots, AWS Outage↗
Work & society

Universal basic income

Used in 23 episodes · 67 mentions

A recurring cash payment provided broadly without a work requirement.

See examples in the transcripts

“And some things, for example, like universal basic income or what is our national policy towards China, those are political issues.”

Politicizing the pandemic, Police reform, Biden's ideal VP, Twitter vs. Facebook on free speech & more with David Sacks & David Friedberg↗

“By the way, that whole UBI narrative, I think Sam was like telling that a couple of years ago.”

Tucker Carlson: Rise of Nick Fuentes, Paramount vs. Netflix, Anti-AI Sentiment, Hottest Takes↗
AI & models

Fine-tuning

Used in 17 episodes · 32 mentions

Additional training that adapts a general model to a narrower task, style or body of knowledge.

See examples in the transcripts

“For the vast majority of consumers, the horizontal layer, the general intelligence, I would really, really love not to go fine-tune my own.”

Jensen Huang LIVE: Nvidia's Future, Physical AI, Rise of the Agent, Inference Explosion, AI PR Crisis↗

“If you watch it, you can see Devin fixing bugs in real time, fine-tuning an AI model, building apps end-to-end.”

Tech's Vibe Shift, TikTok ban debate, Vertical AI boom, Florida bans lab-grown meat & more↗
AI & models

ASI

Used in 15 episodes · 37 mentions

Artificial superintelligence: a hypothetical system whose capabilities substantially exceed the best humans across most domains.

See examples in the transcripts

“He says superintelligence is invention, not automation, and that AI safety should be based on the balance of power, no singular centralized intelligence.”

Anthropic's $2T IPO, Zuck's AI Manifesto, Nvidia's $500B AI Bet, Grok's Comeback↗

“The company is special in that its first product will be the safe superintelligence, and it will not do anything else until then.”

Presidential Debate Reaction, Biden Hot Swap?, Tech unemployment, OpenAI considers for-profit & more↗
Compute & infrastructure

HBM

Used in 12 episodes · 33 mentions

High-bandwidth memory placed near AI accelerators to feed them data quickly.

See examples in the transcripts

“If you don't know Micron, they are one of only three companies on earth that make high bandwidth memory.”

Socialists Sweep NYC, China Catches Up in Coding, AI Memory Crunch, Micron's Blowout Quarter↗

“And then it occurred to me, wow, he's buying forward capacity on HBM because now he can allocate that share.”

Trump Brokers Gaza Peace Deal, National Guard in Chicago, OpenAI/AMD, AI Roundtripping, Gold Rally↗
Geopolitics & defense

Multipolar world

Used in 16 episodes · 34 mentions

A global order with several meaningful power centers instead of one dominant superpower.

See examples in the transcripts

“Are you comfortable with a multipolar world, or do you still think that there should be American primacy on a global stage?”

Winning the AI Race Part 2: Vice President JD Vance↗

“We live in a multipolar world right now, and they have, in some cases, very nefarious or bad intent, and they do not have democracy.”

John Mearsheimer and Jeffrey Sachs | All-In Summit 2024↗
Startups & markets

Product-market fit

Used in 27 episodes · 48 mentions

Strong evidence that a product satisfies a real market with repeatable demand.

See examples in the transcripts

“So when you first launched Binance, was it an instant hit or did it take energy to find that product market fit?”

CZ's Untold Story: The Rise, Fall, and Redemption of Binance's Founder↗

“A one-person company should be able to spend less than a few hundred grand to get to product market fit in the next few years.”

Can Google save itself? AI takes over Customer Support, Reddit IPO teardown↗
Crypto & market structure

Market structure

Used in 12 episodes · 30 mentions

The rules and institutions governing how assets are issued, traded, cleared and supervised.

See an example in the transcripts

“Well, that's been the focus of this attendance at Davos is we are trying to get market structure legislation done for crypto.”

Coinbase CEO's Top 3 Crypto Trends for 2026 + More from Davos!↗
Macro & finance

Soft landing

Used in 32 episodes · 61 mentions

Reducing inflation without causing a recession or severe labor-market damage.

See examples in the transcripts

“I mean, I think most people were betting on a recession in 23 They thought that a soft landing would be almost impossible.”

The Bestie Awards! Recapping the best and worst of 2023↗

“We could just basically give them severance and a soft landing instead of this craziness.”

Macro outlook: jobs, housing, inflation + Dutch farmers protests & EU climate missteps↗
Work & society

Meritocracy

Used in 23 episodes · 48 mentions

A system that allocates opportunity or status according to demonstrated ability and achievement.

See examples in the transcripts

“I mean, so I have talked about my town hall meetings about Republicans should be advocating for a merit-based immigration system.”

Presidential Candidate Chris Christie in conversation with the Besties↗

“If you, in France, for those of you who aren't French, France is religiously focused on meritocracy.”

Palantir CEO Alex Karp: Why the West is Destroying Itself, Data Empire, Skeptics, How to Win↗
Crypto & market structure

Tokenization

Used in 9 episodes · 16 mentions

Representing ownership of an asset as a programmable blockchain token.

See examples in the transcripts

“There was a lot of people that were like, wow, this is a little too disruptive, tokenizing these stocks, putting them on the blockchain.”

Robinhood CEO Vlad Tenev on tokenizing stocks, expanding access to private shares, fintech's future↗

“So if we can actually bring the institutional ecosystem into crypto assets, we bring tokenization into securities assets.”

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

CRISPR

Used in 22 episodes · 62 mentions

A gene-editing system that can make targeted changes to DNA.

See examples in the transcripts

“And it was uncurable. a lab in the UK basically using CRISPR edited these transplant T-cells to go in and wipe out her cancer.”

2022 Bestie Awards Live from Twitter HQ↗

“And that's the convergence of sequencing technologies and artificial intelligence and technologies like CRISPR gene editing.”

Cathie Wood on How AI Can Double GDP, Bull Case for Bitcoin $1M, Elon's Trillion-Dollar Pay Package↗
Startups & markets

Net dollar retention

Used in 13 episodes · 19 mentions

How recurring revenue from an existing customer cohort changes after expansion, contraction and churn.

See examples in the transcripts

“But if you are at 100% net dollar retention, okay, which means that you're kind of treading water, essentially.”

WW3 risk, War with Iran?, 4.9% GDP, startup failures growing, new Speaker & more↗

“Look, we look at ARR, we look at net revenue retention, we look at churn, we look at CAC, and we look at your financials.”

Innovative venture strategies, Zymergen's implosion, Square acquires AfterPay, future of fintech & more↗
Policy & institutions

Section 230

Used in 23 episodes · 117 mentions

The US law limiting platforms’ liability for user content while allowing content moderation.

See examples in the transcripts

“And the way it was working was, as you guys know, these big tech platforms have something called Section 230 protection, right?”

Senator Eric Schmitt: Exposing the Biggest Censorship Scandal in US History↗

“In the past, algorithmic decisions, as we've talked about here, were protected under Section 230 of the Communications Decency Act.”

"Founder Mode," DOJ alleges Russian podcast op, Kamala flips proposals, Tech loses Section 230?↗
Startups & markets

Unit economics

Used in 21 episodes · 28 mentions

The revenue, cost and profit associated with one customer, product or transaction.

See examples in the transcripts

“Look, I mean, the Chinese companies, and they have the best unit economics, they have the best cost of production.”

2025 Predictions with bestie Gavin Baker↗

“And you can't create fake businesses where you're buying growth that's not economically justified, where you've got negative unit economics around the growth.”

Reflecting on the first 100 shows, fan questions, nuclear threat, markets, Amazon & more↗
AI & models

Synthetic data

Used in 12 episodes · 23 mentions

Artificially generated training examples used to supplement or replace human-created data.

See examples in the transcripts

“But meaning like totally unsupervised, just a complete training run on its own, totally synthetic data, no seeded set, nothing.”

Elon Musk: OpenAI Betrayal, His Future at Tesla, and the Next Big Thing - Grokipedia↗

“Yeah, it was trained off of video and some synthetic data from game engines, and it's just reverse-engineered it.”

Google DeepMind CEO Demis Hassabis on AI, Creativity, and a Golden Age of Science | All-In Summit↗
Macro & finance

Private credit

Used in 11 episodes · 17 mentions

Loans made by non-bank investment funds rather than public bond markets or traditional banks.

See examples in the transcripts

“I think the credit, the private credit world, we don't really know where all the leverage lies right now.”

1929 vs 2025: Andrew Ross Sorkin on Crashes, Bubbles & Lessons Learned↗

“It does traditional private credit, direct sponsor financing, direct lending, and workouts, which is very important.”

Dan Loeb: The Lost Art of Short Selling, and Why Stock Picking is Back↗
Geopolitics & defense

Critical minerals

Used in 13 episodes · 28 mentions

Materials essential to chips, batteries, defense and energy systems whose supply is strategically vulnerable.

See examples in the transcripts

“What the similarity is amongst all of these end markets is none of them will work without critical minerals.”

Dan Dreyfus: America's Critical Minerals Crisis is Here↗

“It also makes an enormous perspective from critical minerals and rare earth minerals.”

Senator Ted Cruz | The All-In Inauguration Series↗
Crypto & market structure

Stablecoin

Used in 11 episodes · 73 mentions

A blockchain token designed to track a conventional asset, usually the US dollar.

See examples in the transcripts

“Therefore, when a stablecoin holder eventually wants to cash out, and they go to basically an off-ramp, the money will actually be there.”

Trump vs Powell, Solving the Debt Crisis, The $10T AGI Prize, GENIUS Act Becomes Law↗

“Yes, thank you Google Cloud Circle for StableCoins, OKX, thanks for all the love, GROK, SonicFlights, IREN has got an incredible lounge.”

All-In x Kill Tony: A Hilarious Holiday Special↗
Macro & finance

Sovereign wealth fund

Used in 17 episodes · 61 mentions

A government-owned investment fund that holds financial assets for national objectives.

See examples in the transcripts

“I like the idea of putting that equity in the Sovereign Wealth Fund, and yeah, it could go to Social Security.”

Trump Takes On the Fed, US-Intel Deal, Why Bankruptcies Are Up, OpenAI's Longevity Breakthrough↗

“The shares go into a government sovereign wealth fund and would give the public voting rights and equal board representation at each company.”

Anthropic's Fable Backlash, Nationalizing AI, Inflation Heats Up & California's Broken Elections↗
AI & models

Foundation model

Used in 12 episodes · 19 mentions

A broadly trained model that can be adapted to many downstream applications rather than one narrow task.

See examples in the transcripts

“I mean, this may end up looking like iOS and Android at the foundation model level.”

AI FOMO frenzy, macro update, Fox vs Dominion, US vs China & more with Brad Gerstner↗

“Do you think it's going to be by the chip companies, the foundation model companies, the infrastructure companies, or the applications?”

DOJ sues Apple, AI arms race, Reddit IPO, Realtor settlement & more↗
AI & models

Multimodal

Used in 14 episodes · 25 mentions

Able to understand or generate more than one medium, such as text, images, audio and video.

See examples in the transcripts

“And obviously the multimodal means you're seeing an image and you're getting text back.”

Ivy League antisemitism, macro, SaaS recovery, Gemini, Figma deal delay + big Friedberg update↗

“That's part of the multimodal demo that OpenAI showed this week is it has video and it has camera integration.”

TED goes woke, Canada's Nazi blunder, AI adds vision, plus: who owns OpenAI?↗
Science & health

mRNA

Used in 21 episodes · 57 mentions

Messenger RNA: biological instructions that tell cells which proteins to make.

See examples in the transcripts

“I mean, I think what it shows is that these COVID vaccines are just the first product, the first breakthrough product of this mRNA technology.”

China's tech crackdown, CRISPR breakthrough, practical climate change solutions & more↗

“So like last week, we were talking about the ability now to basically print, you know, a vaccine using this mRNA technique within two days.”

Salesforce acquires Slack, DeepMind's AlphaFold breakthrough, Trust Fund Socialists & more↗
Macro & finance

Yield curve

Used in 17 episodes · 33 mentions

The relationship between government-bond interest rates and their maturities.

See examples in the transcripts

“So something is really off and kind of broken when short rates go above long rates, the yield curve inverts.”

Big Fed rate cuts, AI killing call centers, $50B govt boondoggle, VC's rough years, Trump/Kamala↗

“And I do think that they'll be able to get durational assets that are that far out on the yield curve.”

Google enters AI wars, Druck's warning, Trump crushes CNN & more↗
Geopolitics & defense

Deterrence

Used in 10 episodes · 22 mentions

Preventing an attack by making its expected cost or chance of failure unacceptably high.

See examples in the transcripts

“Because remember, there's a security piece and there's a deterrence piece and our deterrence piece is very weakened right now.”

Rahm Emanuel: Trump's Foreign Policy, China, Europe's Decline, Immigration & DSA vs Democrats↗

“And therefore the deterrence against attacking each other will be very high.”

Eric Schmidt on AI, the Battle with China, and the Future of America↗
Science & health

GLP-1

Used in 9 episodes · 33 mentions

A hormone pathway targeted by medicines used for diabetes and weight loss.

See examples in the transcripts

“So basically this cohort segmentation allows them to isolate the effect of the GLP-1 drugs.”

DOGE vs USAID, Crypto Framework, Google's $75B AI Spend, US Sovereign Wealth Fund, GLP-1s↗

“Four scientists at Lilly decided to combine GLP-1 with another peptide that your stomach produces when you eat that's appetite suppressing.”

Inside the GLP-1 Gold Rush: Eli Lilly CEO on New Breakthroughs, Addiction & Mental Health, Pricing↗
AI & models

Context window

Used in 9 episodes · 29 mentions

The amount of information a model can consider in a single interaction.

See examples in the transcripts

“And I used something called Google Notebook, which has a big context window, and you can upload all this stuff.”

Mind-blowing AI Video: OpenAI launches Sora + Is Biden too old? Tucker/Putin interview & more↗

“So that's something that the open source community is going to need to work on, is rolling out foundation models, have a bigger context window.”

Meta's scorched earth approach to AI, Tesla's future, TikTok bill, FTC bans noncompetes, wealth tax↗
Energy & climate

Small modular reactor

Used in 11 episodes · 41 mentions

A smaller standardized nuclear reactor intended to reduce construction risk and cost.

See examples in the transcripts

“By the time all these ding-dongs build these SMRs on the earth, Elon will have built a completely new engine on Mars and the moon.”

Chip Stocks Crash, $20B Fund Margin Called, Frontier Labs: SLOW DOWN AI, Mamdani's Grocery Stores↗

“And then the SMRs, by the time that they get it done, they may not be able to meet the market either.”

All-In's 2026 Predictions↗
Science & health

Heterodox

Used in 11 episodes · 23 mentions

Outside the accepted mainstream; often used for contrarian science or policy thinking.

See examples in the transcripts

“And so you need forms of heterodoxy to basically reset the status quo.”

First principle politics, China chaos & outlook, state of private/public markets & more↗

“And I get I get totally yelled at for any bit of heterodoxy, like in particular, like saying, Biden is obviously too old.”

Nate Silver Predicts: Democrats Take the House, Newsom Is Fading & AOC Might Win It All in 2028↗
Science & health

Peer review

Used in 8 episodes · 13 mentions

Evaluation of research by other specialists before or after publication.

See examples in the transcripts

“It is no, you can look it up on Google Ngrams, put quote, space peer review, space close quote.”

Eric Weinstein: The State of American Science, Breakthrough Coverups, and the Danger of Physics↗

“Yeah, the traditional journal process requires peer review and there's editors at the journal that decide whether or not to publish your paper.”

LK-99, Sclerotic establishments, Fitch downgrades US debt, Trump indicted... again↗
Crypto & market structure

DeFi

Used in 10 episodes · 18 mentions

Financial services implemented through blockchain-based software rather than conventional intermediaries.

See examples in the transcripts

“So already today, there have been trillions of dollars of loans made in stable coins through DeFi protocols.”

The Future of Everything: What CEOs of Circle, CrowdStrike & More See Coming in 2026↗

“So people want real-world assets on chain because there's demand for, in DeFi, for non-correlated assets.”

Solana's Anatoly Yakovenko on Crypto's Next Era: Quantum, AI, and the Future of Money↗
Startups & markets

Price discovery

Used in 12 episodes · 16 mentions

The market process through which buyers and sellers establish an asset’s price.

See examples in the transcripts

“Somebody shows up and underbids what the true price discovery could be in a few months from now.”

Red-pilled Billionaires, LA Fire Update, Newsom's Price Caps, TikTok Ban, Jobless MBAs↗

“You couldn't pry a late stage dollar out of my hand right now, because I don't think that we have real price discovery going on.”

Late-stage VC markdowns and mistakes, market strategy, Ukraine/Russia update with Brad Gerstner↗
AI & models

Model weights

Used in 6 episodes · 10 mentions

The learned numerical parameters that encode a neural network’s behavior.

See examples in the transcripts

“We're taking the output of the New York Times and we are deriving our own model weights.”

The Fight Over Open Source AI, Anthropic's $1.5B Payout, NYC Socialists: Evictions = Violence?↗

“The best thing that happened when Facebook open-sourced Lama was also that somebody stealthily released all the model weights.”

Sam Altman plays chess with regulators, AI's "nuclear" potential, big pharma bundling & more↗
Compute & infrastructure

Neocloud

Used in 6 episodes · 8 mentions

A newer cloud provider focused on renting scarce GPU capacity for AI workloads.

See examples in the transcripts

“If you don't know, CoreWeave is part of a new type of infrastructure provider called NeoCloud.”

Tariffs, Trump's Economic Endgame, Market Chaos, Bitcoin Reserve, CoreWeave IPO↗

“NeoCloud means not just cloud computing, but a new cloud, thus Neo.”

The AI Cold War, Signalgate, CoreWeave IPO, Tariff Endgames, El Salvador Deportations↗
Macro & finance

Stagflation

Used in 17 episodes · 22 mentions

Weak growth and employment combined with persistently high inflation.

See examples in the transcripts

“That's where we have a problem with stagflation and where we are inevitably going to run into a recession.”

Recession deep dive: VC psychology, macro risks, Tiger Global, predictions and more↗

“1979, a severe recession begins, which ultimately leads to negative 0.3% GD growth in 1980 The word stagflation misery index become household terms.”

The Great Inflation Debate, Amazon gets spicy on Twitter, rethinking supply chains & more↗
AI & models

RAG

Used in 8 episodes · 11 mentions

Retrieval-augmented generation: supplying a model with relevant external documents before it answers.

See examples in the transcripts

“Because we have all this advantage with rag and orchestration and search, we don't actually need to blow up the context window of the models.”

Four CEOs on the Future of AI: CoreWeave, Perplexity, Mistral, and IREN↗

“It's a worthless PO has rag run by the lowest of the low in journalism.”

Market rips, Media RIFs, Texas defies Biden, Fintech reckoning, ARkStorm 2.0 & more↗
AI & models

Reasoning model

Used in 10 episodes · 24 mentions

A model optimized to spend additional computation working through multi-step problems before answering.

See examples in the transcripts

“Now with XAI, they'll have one of the best LLMs and reasoning models, and they'll be able to eventually stick that on Dojo.”

IPOs and SPACs are Back, Mag 7 Showdown, Zuck on Tilt, Apple's Fumble, GENIUS Act passes Senate↗

“The Reasoning models, it's more like the PhD saying, okay, let me go off and think about that.”

Trump's First 100 Days, Tariffs Impact Trade, AI Agents, Amazon Backs Down↗
Energy & climate

Nuclear fusion

Used in 10 episodes · 16 mentions

Combining atomic nuclei to release energy, the process that powers stars.

See examples in the transcripts

“I mean, to your point, Friedberg, I think Sam Altman led this, the fusion energy startup helium, like $500 million round.”

Constitution DAO, Rittenhouse trial coverage, private sector efficiency vs the government↗

“And just speaking to this point, so we've talked in the past about nuclear fusion.”

Trump Rally or Bessent Put? Elon Back at Tesla, Google's Gemini Problem, China's Thorium Discovery↗
Energy & climate

Baseload power

Used in 7 episodes · 10 mentions

Electricity generation able to run steadily and supply the grid’s continuous minimum demand.

See examples in the transcripts

“I mean, you came up with regulatory rules that made it impossible for baseload power from fossil fuels even get a permit.”

Doug Burgum, Secretary of the Interior | All-In DC↗

“We know where electricity prices go crazy, where they have to find all kinds of ways of generating massive amounts of baseload.”

Big Beautiful Bill, Elon/Trump, Dollar Down Big, Harvard's Money Problems, Figma IPO↗
Macro & finance

De-dollarization

Used in 9 episodes · 22 mentions

Reducing reliance on the US dollar for reserves, trade or financial settlement.

See examples in the transcripts

“The reason why is I see people on Twitter now breathlessly rambling on about de-dollarization and all of this stuff.”

Trump indictment, de-dollarization, should VCs back Chinese AI? RIP Bob Lee↗

“Do you think the stated mission is de-dollarization or do you think the implicit outcome is de-dollarization?”

Biden targets Elon, BRICS challenges the West, Tiger hit piece & more↗
Policy & institutions

Reshoring

Used in 12 episodes · 17 mentions

Moving production or supply chains back into the domestic economy.

See examples in the transcripts

“You've talked about this degrading infrastructure and what that means in terms of workforce, but then how reshoring also requires this upskilling.”

Winning the AI Race Part 1: Michael Kratsios, Kelly Loeffler, Chris Power, Shyam Sankar, Paul Buchheit, Jake Loosararian↗

“And that's the whole purpose of his trade policy, is to encourage reshoring of manufacturing in the United States.”

AI Bubble Pops, Zuck Freezes Hiring, Newsom's 2028 Surge, Russia/Ukraine Endgame↗
Geopolitics & defense

Defense tech

Used in 6 episodes · 15 mentions

Commercial technology built for military, intelligence or national-security missions.

See examples in the transcripts

“Does it make sense for venture capital to be the funder of the next gen of hardware defense tech companies?”

The Companies Changing Warfare Forever: Palantir & Anduril Execs on Drones, AI & the Future of War↗

“That's now changed or it's changing and everyone's kind of coming up with their own defense tech strategy.”

New SEC Chair, Bitcoin, xAI Supercomputer, UnitedHealth CEO murder, with Gavin Baker & Joe Lonsdale↗
Policy & institutions

Industrial policy

Used in 8 episodes · 24 mentions

Government action intended to build strategic domestic capacity such as chips, energy or defense production.

See examples in the transcripts

“I mean, we shouldn't be spending the money on wars, and we shouldn't be spending it, I think, on industrial policy.”

Ukraine counteroffensive, China tensions, COVID Patient Zero, RFK Jr reaction & more↗

“And I am just screwed because the government of the United States of America didn't care about industrial policy and didn't protect me at all.”

Howard Lutnick | All-In DC↗
AI & models

Agent swarm

Used in 5 episodes · 7 mentions

Several specialized AI agents coordinating on parts of a larger task.

See examples in the transcripts

“Kimi K25 was like, okay, look, here's this thing called Agent Swarm.”

ICE Chaos in Minneapolis, Clawdbot Takeover, Why the Dollar is Dropping↗

“We're really intent-driven system, multi-agent orchestration system, and its impact is unreal.”

Inside Saudi Arabia's AI Ambition: Tareq Amin on Building a New Tech Superpower↗
Science & health

Qubit

Used in 6 episodes · 55 mentions

The basic unit of quantum information.

See examples in the transcripts

“The big breakthrough here is that the whole basis of a quantum computer is called a qubit or a quantum bit.”

Trump's Cabinet, Google's Quantum Chip, Apple's Flop, TikTok, State of VC with bestie Keith Rabois↗

“But the one thing to mention to you is that, you know, these qubits are naturally very noisy.”

Nobel Prize in Physics Winner: John Martinis on the State of Quantum↗
AI & models

Mixture of experts

Used in 5 episodes · 5 mentions

A model architecture that activates only selected specialist subnetworks for each input.

See an example in the transcripts

“That's where reasoning will really come from is this mixture of experts approach.”

In conversation with Sam Altman↗
AI & models

Scaling laws

Used in 4 episodes · 10 mentions

Observed relationships between more compute, data or model size and improved model performance.

See examples in the transcripts

“And that's the reason we started the One X WorldModel Lab, because we now finally have the scaling laws on that.”

The $1/Hour Worker: Four Robotics CEOs on Humanoids at Home, China's Threat, and the End of Dangerous Jobs↗

“And then also as part of that, where are we in the scaling laws?”

Elon Musk on DOGE, Optimus, Starlink Smartphones, Evolving with AI, Why the West is Imploding↗
Startups & markets

Mark-to-market

Used in 9 episodes · 22 mentions

Valuing an asset at its current market price rather than its original purchase price.

See examples in the transcripts

“But the most important positive thing that will happen from the IPO is a validated external mark-to-market valuation of SpaceX.”

SpaceX IPO, Iran War Fallout, Quantum Bitcoin Hack, The Space Opportunity↗

“Well, they can't because they have these mark-to-market assets that were just getting clobbered in the head as rates got raised.”

Silicon Valley Bank implodes: startup extinction event, contagion risk, culpability, and more↗
Compute & infrastructure

AI capex

Used in 4 episodes · 6 mentions

The chips, datacenters, power and networking companies buy to build AI capacity.

See examples in the transcripts

“Shares dropped 13 percent, I think because people were a little concerned about the surging AI Capex.”

Google's AI Brain Drain, SpaceX's Huge Quarter, Airtable's 90% Collapse, US Data Fuels China AI↗

“Kahn said there was a $500 billion revenue hole when considering AI CapEx levels.”

Biden chaos, Soft landing secured? AI sentiment turns bearish, French elections↗
AI & models

Agent harness

Used in 3 episodes · 5 mentions

The tools, memory and control layer that lets a model operate as a persistent agent.

See examples in the transcripts

“The other, you know, agent harnesses that were kind of doing this, or like OpenClaw or Hermes, they were just on your desktop.”

Nvidia's Historic Quarter, SaaS Comeback, Bessent vs Druck, America's Debt Crisis, Cancer Vaccine↗

“But if you use Anthropic's own agent harness, are you part of the bundled flat rate?”

Anthropic's $30B Ramp, Mythos Doomsday, OpenClaw Ankled, Iran War Ceasefire, Israel's Influence↗
Energy & climate

Nuclear fission

Used in 8 episodes · 9 mentions

Splitting heavy atomic nuclei to release energy in today’s nuclear power plants.

See examples in the transcripts

“China has 100 nuclear fission plants under construction, and we were sitting on our hands.”

Does OpenAI Need a Bailout? Mamdani Wins, Socialism Rising, Filibuster Nuclear Option↗

“Some things are too regulated, like the nuclear fission industry, and we can't build nuclear power plants.”

Toxic out-of-control trains, regulators, and AI↗
Work & society

Creator economy

Used in 7 episodes · 20 mentions

Businesses and income built by individuals publishing directly to audiences through digital platforms.

See examples in the transcripts

“To be active in the content creator economy, basically, to understand it better.”

Real estate chaos, WeWork bankruptcy, Biden regulates AI, Ukraine's "Cronkite Moment" & more↗

“But on your question, Jason, so we've paid out in the last three years over $70 billion to the creator economy.”

YouTube CEO Neal Mohan on AI, Censorship & the Future of Creators↗
Science & health

Right to try

Used in 4 episodes · 10 mentions

Rules allowing some seriously ill patients to access experimental treatments before full approval.

See examples in the transcripts

“And I have signed 100% of right to try requests that come across my desk.”

Supercharging a New FDA: Marty Makary on Science, Power & Patients↗

“So in terms of what the right policy is, I'd be in favor of the right to try.”

Rebooting the economy, understanding corporate debt, steps to avoid a depression & more with David Sacks↗
Startups & markets

Multiple expansion

Used in 9 episodes · 14 mentions

A change in valuation caused by investors paying more or less for each dollar of earnings or revenue.

See examples in the transcripts

“We're looking at 5% 30-year treasury rates, which means that you are gonna see multiple compression that's gonna happen across the market for tech stocks.”

Trump verdict, COVID Cover-up, Crypto Corner, Salesforce drops 20%, AI correction?↗

“There's multiple expansion and growth, so we'll make money two ways when the company goes public in 18 to 24 months.”

Trudeau invokes emergency powers, Bitcoin vs. government, Tiger Global's new strategy & more↗
Macro & finance

Real rate

Used in 9 episodes · 11 mentions

An interest rate adjusted for inflation.

See examples in the transcripts

“To your point, without opining on it, I think what's going to happen is the bond market will sensitize this budget at real rates.”

Bond crisis looming? GOP abandons DOGE, Google disrupts Search with AI, OpenAI buys Jony Ive's IO↗

“And if you look at real rates, so this is the interest rate that really acts as the break on the economy.”

E136 Hacking the pod, Threads launches, Fed minutes, immigration debate, balloon farce, heart health↗
Policy & institutions

Chevron deference

Used in 5 episodes · 12 mentions

The former doctrine under which courts often deferred to reasonable agency interpretations of ambiguous laws.

See examples in the transcripts

“And then the other guy comes up and he was like, well, hey, you guys overturned the Chevron Doctrine last year.”

OpenAI Misses Targets, Codex vs Claude, Elon vs Sam Trial, Big Hyperscaler Beats, Peptide Craze↗

“And I think that was a very important moment for this movement was the Supreme Court case on the Chevron Doctrine earlier this year.”

Trump wins! How it happened and what's next↗
Energy & climate

Levelized cost of energy

Used in 5 episodes · 6 mentions

The lifetime average cost of producing a unit of electricity from a power source.

See examples in the transcripts

“But the cost to run these things, the LCOE is like through the roof.”

All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top Trades Live↗

“This is why the cost per kilowatt hour is what the levelized cost of energy tries to do.”

Doxing debate, Nuclear fusion breakthrough, state of the markets & more↗
Startups & markets

Burn multiple

Used in 6 episodes · 10 mentions

Cash burned divided by new recurring revenue added; a measure of startup growth efficiency.

See examples in the transcripts

“I mean, the first thing you got to do is look at your burn multiple.”

Fast shuts down, board culpability, Elon buys 9% of Twitter, deplatforming's evolution & more↗

“So imagine if you're burning an extra 25 to 50 million more than you should be according to your burn multiple.”

Markets update, crypto collapse, Russia/Ukraine endgame, state of the podcast↗
Science & health

CAR-T

Used in 4 episodes · 10 mentions

A cancer treatment that engineers a patient’s immune cells to recognize and attack specific targets.

See examples in the transcripts

“If you want to get a CAR-T therapy, which is a type of therapy that's personalized CAR-T therapies, today, your cost is about $450,000.”

Trump's SPAC, peak venture liquidity, tech as an economic ladder, Dems overplaying their hand↗

“The thing with CAR-T is like, you know, CAR-T has been incredibly believed in blood-based cancers, right?”

Russia/Ukraine deep dive: escalation, risk factors, financial fallout, exit ramps and more↗
Energy & climate

Capacity factor

Used in 1 episodes · 2 mentions

The share of maximum possible output that a power plant produces over time.

Policy & institutions

Permission to build

Used in 1 episodes · 1 mentions

Shorthand for reducing regulatory, permitting or institutional barriers to physical projects.

Startups & markets

Tender offer

Used in 2 episodes · 3 mentions

A structured offer to buy shares from existing holders at a specified price.

See an example in the transcripts

“I mean, wait, if this is a tender offer from 1% of the company- Chamath, you wouldn't buy a $27 billion?”

2023 Bestie Predictions!↗
Energy & climate

Energy abundance

Used in 2 episodes · 2 mentions

The view that plentiful, reliable energy unlocks growth, manufacturing and scientific progress.

Crypto & market structure

Proof of stake

Used in 2 episodes · 2 mentions

A blockchain consensus method secured by participants committing tokens as collateral.

Geopolitics & defense

Cost-plus contracting

Used in 1 episodes · 2 mentions

Procurement that reimburses a supplier’s costs and adds a fee, reducing incentives to lower expenses.

See an example in the transcripts

“When you hear a billion-dollar contract, is that cost-plus that DOD just is willing to give you?”

#AIS: Palmer Luckey on Anduril↗
Macro & finance

Bond vigilantes

Used in 1 episodes · 1 mentions

Investors who push government borrowing costs higher when they distrust fiscal or inflation policy.