(0:00) David Friedberg welcomes Charles & Chase Koch

(1:04) Koch Inc. Overview: Scale, Business Lines & History

(2:21) Building the Business: Early Days & Charles Koch Joins (1961)

(11:31) Failures, Creative Destruction & Learning from Mistakes

(19:22) Culture & Principle-Based Management

(33:53) Georgia-Pacific Acquisition & Culture Transformation

(56:17) Stand Together: Education Reform & Social Change

(1:12:37) AI, Economic Challenges & the Future of Capitalism

Thanks to our partner Axon.ai for making this possible.

Axon.ai — AppLovin's AI advertising platform reaches over a billion daily active users across mobile games. Full-screen video ads with a 35-second median watch time. Advertisers are profitably spending hundreds of thousands of dollars a day and advertiser access is still in closed beta. The window is open at https://axon.ai/allin

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Intro Music Credit:

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https://x.com/yung_spielburg

Intro Video Credit:

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(0:00) Spencer Pratt vs. the Machine

(3:01) Inside the Palisades Fire: Drained Reservoirs, No Sirens & Watching His House Burn on His Phone

(14:03) Why He's Running for Mayor: FireAid's $100M Scandal & the NGO Corruption Nobody Talks About

(28:10) Karen Bass at 20% & the Real State of Los Angeles: Crime, Homelessness & a City in Free Fall

(38:23) Spencer's Plan to Fix LA: Enforcing Laws, Auditing Everyone & the Billionaires Ready to Rebuild

(52:22) Hollywood, LAUSD & Small Business: What It Actually Takes to Make LA #1 Again

(56:25) The Permitting Nightmare Killing Small Business & How AI Fixes It Overnight

(1:04:22) His 8-Year Vision

Thanks to our partner Axon.ai for making this possible.

Axon.ai — AppLovin's AI advertising platform reaches over a billion daily active users across mobile games. Full-screen video ads with a 35-second median watch time. Advertisers are profitably spending hundreds of thousands of dollars a day and advertiser access is still in closed beta. The window is open at https://axon.ai/allin

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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/spencerpratt/status/2049497051793412557?s=20

(0:00) Bestie intros! Thoughts on the LA mayor election

(4:38) SpaceX-Anthropic deal, Elon Web Services, SpaceX IPO valuation, Anthropic's insane growth trajectory

(26:48) Is Anthropic the next great monopoly? Early signals or major overreaction?

(35:21) "FDA for AI" freakout, how the White House thinks about AI safety

(52:01) Flipping AI's negative perception: Giving, healthcare and education innovation

(1:00:04) Trading the AI market, state of the economy

Apply for Summit 2026:

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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/WallStreetApes/status/2052413443739951366

https://www.anthropic.com/news/higher-limits-spacex

https://x.com/elonmusk/status/2052073463029055926

https://x.com/shaunmmaguire/status/2052075296002625942

https://x.ai/news/anthropic-compute-partnership

https://www.realtor.com/news/trends/nvidia-pultegroup-span-date-center-backyard

https://www.gradesaver.com/there-will-be-blood/study-guide/a-brief-history-of-standard-oil

https://www.nytimes.com/2026/05/04/technology/trump-ai-models.html

https://x.com/SusieWiles47/status/2052192419718783246

https://www.nytimes.com/2026/05/05/business/dealbook/trump-ai-regulation.html

https://www.whitehouse.gov/wp-content/uploads/2026/03/03.20.26-National-Policy-Framework-for-Artificial-Intelligence-Legislative-Recommendations.pdf

https://x.com/ahall_research/status/2052042535661691282

https://x.com/SenSanders/status/2052116733683470556

(0:00) Bestie intros

(3:05) OpenAI misses targets, Codex gains on Claude

(20:02) AI cybersecurity: a market that's about to explode

(31:03) Elon vs Sam Altman lawsuit

(41:00) Big tech smashes earnings, Capex explosion

(52:44) Vibecoding nightmare: AI deleted someone's codebase

(58:33) Retatrutide craze: peptides go mainstream

(1:06:34) Friedberg's Supreme Court experience

Apply for Summit 2026:

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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.instagram.com/missthingthepod

https://www.wsj.com/tech/ai/openai-misses-key-revenue-user-targets-in-high-stakes-sprint-toward-ipo-94a95273

https://polymarket.com/event/ipos-before-2027

https://x.com/aakashgupta/status/2049723185617412550

https://arxiv.org/pdf/1803.03635

https://x.com/AISecurityInst/status/2049868227740565890

https://x.com/ns123abc/status/2049527702076449244

https://www.reuters.com/legal/litigation/openai-trial-pitting-elon-musk-against-sam-altman-kicks-off-2026-04-28

https://x.com/ns123abc/status/2049527702076449244

https://www.google.com/finance/quote/CSCO:NASDAQ

https://x.com/chamath/status/2049864100143104420

https://x.com/zerohedge/status/2049895327566561683

https://x.com/lifeof_jer/status/2048103471019434248

https://x.com/levie/status/2049163935182733396

https://www.foxnews.com/media/carville-tells-dems-quietly-prepare-power-grab-dc-puerto-rico-statehood-supreme-court-packing

(0:00) Intro: Steve Hilton is a Republican Brit Running for CA Governor

(8:34) Zero Tax Under $100K and a 7.5% Flat Rate: Is It Fiscally Possible?

(27:52) Why CA Homes Cost 3x More to Build (Unions, CEQA, and Climate Dogma)

(44:50) Why CA Schools Spend the Most but Get the Worst Results

(50:02) Crime, Homelessness, and the Failure to Enforce Laws That Already Exist

(1:01:34) Can a Republican Actually Win California?

Follow Steve:

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Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

(0:00) Bestie intros!

(4:55) SpaceX-Cursor deal, compute as leverage

(18:33) SaaS bloodbath, debt bomb incoming, buy the dip?

(46:20) New Apple CEO: John Ternus succeeds Tim Cook, what's next for Apple?

(1:00:32) SPLC indictment, out of control NGOs

(1:19:03) Science Corner: Potential cause discovered for colon cancer spike in young people

Apply for Summit 2026:

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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.bloomberg.com/news/articles/2026-04-21/spacex-says-has-agreement-to-acquire-cursor-for-60-billion

https://www.bloomberg.com/news/articles/2026-03-02/cursor-recurring-revenue-doubles-in-three-months-to-2-billion

https://techcrunch.com/2026/04/17/sources-cursor-in-talks-to-raise-2b-at-50b-valuation-as-enterprise-growth-surges

https://polymarket.com/event/will-spacex-acquire-cursor

https://polymarket.com/event/spacex-ipo-by

https://x.com/ttunguz/status/2046815725285945820

https://x.com/elonmusk/status/2032201568335044978

https://www.reuters.com/business/thoma-bravo-nears-agreement-turn-software-firm-medallia-over-creditors-source-2026-04-22

https://www.bloomberg.com/news/articles/2026-04-02/blackstone-squeezes-thoma-bravo-and-its-ailing-software-company-medallia

https://x.com/Benioff/status/2044981547267395620

https://www.apple.com/leadership/john-ternus

https://www.bloomberg.com/news/articles/2026-04-21/apple-bets-new-ceo-john-ternus-will-bring-back-jobs-era-decisiveness

https://polymarket.com/event/next-ceo-of-apple

https://x.com/joecarlsonshow/status/2046349686253265302

https://x.com/nickshirleyy/status/2043756610955423782

https://www.justice.gov/opa/pr/federal-grand-jury-charges-southern-poverty-law-center-wire-fraud-false-statements-and

https://www.justice.gov/opa/media/1437146/dl

https://www.vice.com/en/article/2014-vice-news-awards-the-most-offensive-tweet-ubers-white-privilege

https://x.com/nickshirleyy/status/2043756610955423782

https://www.nature.com/articles/s41591-026-04342-5

(0:00) Bestie intros: Travis Kalanick joins the show!

(0:42) Mamdani taxes the rich: new pied-à-terre tax coming to NYC

(11:23) OpenAI's identity crisis: Leaked memo, enterprise pivot, Anhropic valuation flip (27:28) Big Tech's compute dominance: How will this impact frontier labs?

(33:53) Allbirds stock up over 400% on AI pivot, and what's behind the datacenter disaster?

(54:37) The Price is Wrong: Name That Overvalued Startup ROUND 1

(59:23) Eric Swalwell drops out of CA governor race and resigns from Congress: Who knew what and when? Impact of the Democratic Machine

(1:10:31) State of the market: Confusing indicators, pricing in Iran peace, AI's mixed results, inflated valuations

(1:26:31) The Price is Wrong: Name That Overvalued Startup ROUND 2

Apply for Summit 2026:

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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.texastribune.org/2025/01/22/austin-texas-rents-falling

https://www.cnbc.com/2026/04/13/openai-touts-amazon-alliance-in-memo-microsoft-limited-our-ability.html

https://polymarket.com/event/gpt-5pt5-released-on

https://www.ft.com/content/04ac7917-940b-4606-be5f-9eb895a7d982

https://x.com/RihardJarc/status/2044725910566220095

https://x.com/RoundtableSpace/status/2041897604708233650

https://x.com/chamath/status/2043811625967530056

https://x.com/pmarca/status/2042742413098450998

https://www.reuters.com/business/allbirds-shares-jump-over-400-plans-pivot-ai-sneakers-2026-04-15

https://www.wsj.com/business/data-centers-are-a-gold-rush-for-construction-workers-6e3c5ce0

https://x.com/zerohedge/status/2043520934930239860

https://x.com/APompliano/status/2041946174677217733

https://x.com/IAPolls2022/status/2041589297489305717

https://www.tmz.com/2026/04/13/tmzdc-staff-starts-today

https://www.nbcnews.com/politics/elections/eric-swalwell-drops-bid-california-governor-sexual-misconduct-allegati-rcna277009

https://x.com/great_martis/status/2044454944808571015

https://x.com/GlobalMktObserv/status/2044059352466690501

https://x.com/mattcerminaro/status/2044546097230626819

https://www.politico.com/news/2026/04/13/influencers-allegations-eric-swalwell-00869517

https://x.com/JoeBiden/status/1815080881981190320

https://x.com/TimRunsHisMouth/status/1815088017847333273

https://www.npr.org/2024/07/08/nx-s1-5032737/biden-tells-democrats-stop-speculation

(0:00) Bestie intros: Brad Gerstner joins the show!

(4:22) Anthropic blocks Mythos release for security concerns: serious or marketing stunt?

(24:07) Are OpenAI and Anthropic trying to kill OpenClaw? Does Anthropic already have market dominance in AI coding?

(42:20) Anthropic $30B run rate, fastest revenue ramp ever, the TAM for intelligence

(58:01) Major vibe shift: Anthropic ripping, OpenAI reeling

(1:10:12) Iran War: Ceasefire, Israel's influence, market impact

Apply for Summit 2026:

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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.youtube.com/watch?v=INGOC6-LLv0

https://openai.com/index/better-language-models

https://cdn.openai.com/better-language-models/language_models_are_unsupervised_multitask_learners.pdf

https://x.com/steipete/status/2040811558427648357

https://x.com/juliusai/status/2041292301234999668

https://polymarket.com/event/ipos-before-2027

https://www.google.com/finance/quote/IGV:BATS

https://polymarket.com/event/anthropic-ipo-closing-market-cap-119

https://truthsocial.com/@realDonaldTrump/posts/116351998782539414

https://truthsocial.com/@realDonaldTrump/posts/116363336033995961

https://truthsocial.com/@realDonaldTrump/posts/116365796713313030

https://www.nytimes.com/2026/04/07/us/politics/trump-iran-war.html

https://www.state.gov/releases/office-of-the-spokesperson/2026/03/secretary-of-state-marco-rubio-remarks-to-press-6

(0:00) Jason intros PA Governor Josh Shapiro

(1:40) Shapiro's blueprint for PA: pro-growth, pro-freedom, less red tape, prosecuting fraud

(13:05) Wealth tax debate, what Dems are getting wrong on business

(20:17) 2024 Democratic collapse, future of the party, socialist wing

(38:12) How Congress has become "pathetic," political corruption

(47:18) Antisemitism, Netanyahu's failures, and the chaos of the Iran War

Follow Gov. Shapiro:

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Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

(0:00) Friedberg Intros Palantir's Shyam Sankar and Anduril's Trae Stephens

(0:56) Palantir Origins: CIA Analyst Joins 20-Person Startup

(2:54) War, Deterrence & Silicon Valley's Defense Tech Taboo

(8:39) US vs China: Drone Gap, Shipbuilding & 2027 Taiwan Threat

(12:27) Anduril's Arsenal-1 Factory & Fixing US Munitions Supply Chain

(41:48) Autonomous Weapons, AI Decision-Making & Future of War

(47:15) Anthropic vs Pentagon: Ethics of AI in Combat

(50:39) Palantir Surveillance State Claims

(55:57) Anti-Defense Culture Origins: Vietnam, Snowden & Foreign Influence

Axon.ai — AppLovin's AI advertising platform reaches over a billion daily active users across mobile games. Full-screen video ads with a 35-second median watch time. Advertisers are profitably spending hundreds of thousands of dollars a day and advertiser access is still in closed beta. The window is open at https://axon.ai/allin.

Follow Trae:

https://x.com/traestephens

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Intro Music Credit:

https://rb.gy/tppkzl

https://x.com/yung_spielburg

Intro Video Credit:

https://x.com/TheZachEffect

(0:00) Bestie intros!

(0:12) SpaceX IPO, the economic opportunity of space: a new industrial frontier

(21:00) 2026 IPO explosion, OpenAI down round?

(36:33) Iran War costs, fertilizer crisis, downstream impacts

(49:58) Trump's Iran messaging problems, Bondi out, why the US is in Iran

(1:04:18) Quantum Bitcoin hack possibilities, how crypto should react

Follow the besties:

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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.bloomberg.com/news/articles/2026-04-01/spacex-is-said-to-file-confidentially-for-ipo-ahead-of-ai-rivals

https://companiesmarketcap.com

https://www.youtube.com/watch?v=Tf_UjBMIzNo

https://courts.delaware.gov/supreme/oralarguments/download.aspx?id=5549

https://polymarket.com/event/ipos-before-2027

https://www.bloomberg.com/news/articles/2026-04-01/openai-demand-sinks-on-secondary-market-as-anthropic-runs-hot

https://x.com/DrewPavlou/status/2038967293343096896

https://polymarket.com/event/us-x-iran-ceasefire-by

https://polymarket.com/event/us-forces-enter-iran-by

https://tradingeconomics.com/commodity/urea

https://www.natesilver.net/p/trump-approval-ratings-nate-silver-bulletin

https://polymarket.com/event/march-inflation-us-annual-higher-brackets

https://www.instagram.com/reels/DWhj1SrjvTU

https://www.youtube.com/@ElishaLong