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

5/22/20261 hr 42 min

(0:00) Gavin Baker joins the show!

(0:30) Andrej Karpathy joins Anthropic; hypergrowth and profitability

(12:42) Why Americans have turned on AI, anti-human perception

(27:22) Trump pulls AI EO, US-China AI relationship, dystopian AI layoffs

(45:19) SpaceX S-1 tear down! Breaking down the three major businesses and the case for a $2T valuation

(1:11:22) Nvidia smashes earnings but stock falls, why people are shorting chips

(1:22:25) Market update: Flashing red signals, oil, inflation, yields up

(1:32:45) China trip flops, or was progress made behind the scenes?

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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.cnbc.com/2026/05/19/anthropic-hires-openai-cofounder-andrej-karpathy-former-tesla-ai-lead.html

https://github.com/karpathy/autoresearch

https://github.com/multica-ai/andrej-karpathy-skills/stargazers

https://techcrunch.com/2026/05/19/openai-co-founder-andrej-karpathy-joins-anthropics-pre-training-team

https://www.wsj.com/tech/ai/mind-blowing-growth-is-about-to-propel-anthropic-into-its-first-profitable-quarter-7edbf2f4

https://x.com/i/broadcasts/1dxYljYVREYJX

https://apnews.com/article/trump-ai-executive-order-ee318f35acc8a2c43e47f3ebf26cb459

https://x.com/wallstengine/status/2057378437485216031

https://x.com/MorePerfectUS/status/2056842597117636890

https://x.com/lulumeservey/status/2057239284487201043

https://polymarket.com/event/spacex-ipo-closing-market-cap-above

https://x.com/elonmusk/status/2057228707606196434

https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm

https://s201.q4cdn.com/141608511/files/doc_financials/2027/Q127/NVDA-F1Q27-Quarterly-Presentation-FINAL.pdf

https://www.ibtimes.co.uk/leopold-aschenbrenner-investment-shift-agi-over-ai-chips-1797606

https://polymarket.com/event/may-inflation-us-annual

https://www.cnbc.com/2026/05/15/inflation-rate-projected-to-hit-6percent-in-the-second-quarter-top-economic-forecasters-say.html

https://polymarket.com/event/fed-rate-hike-in-2026

https://www.cnbc.com/2026/05/18/treasury-yields-inflation-bond-rout-oil.html

https://www.cnbc.com/quotes/US10Y

Clips

Transcript preview

First 90 seconds
  1. Jason Calacanis· Host0:00

    All right, everybody. Welcome back to the number one podcast in the world. It's the All-In podcast, episode two seventy-four. Sax is out today, but we're very lucky to have Gavin Baker from Atreaties Management joining us. The spicy takes must flow. Welcome back to the program, bestie Gavin.

  2. Gavin Baker· Guest0:19

    Thanks for having me. Always love it.

  3. Jason Calacanis· Host0:21

    It's been a huge week in tech. We can start with the SpaceX and OpenAI IPOs. We've got Andrej Karpathy joining Anthropic, NVIDIA crushing it. So many different places to go, but I think we'll start with Andrej Karpathy joining Anthropic. Karpathy is only thirty-nine years old. He's already a legend in the tech industry, if you don't know him. I believe he's also coming to Liquidity. Yeah, Chamath?

  4. Chamath Palihapitiya· Host0:42

    He's gonna keynote on Monday morning.

  5. Jason Calacanis· Host0:44

    Oh, fantastic.

  6. Chamath Palihapitiya· Host0:45

    Uh, t- no, Tuesday, Tuesday, Tuesday. Day two, I think he's keynoting on.

  7. Jason Calacanis· Host0:48

    Day two. Okay. As is Gavin. Gavin will be there. Founding member of- Gavin anchoring day two as well. Excellent. Yeah, this is Gavin's second appearance at, at Liquidity.

  8. Chamath Palihapitiya· Host0:57

    Look at those two bookmarks, Andrej Karpathy and Gavin Baker. Oh, yeah, you know.

  9. Jason Calacanis· Host1:00

    I mean, phew, Liquidity pulls in the stars.

  10. Chamath Palihapitiya· Host1:02

    Yeah.

  11. Jason Calacanis· Host1:03

    Obviously, Andrej was a founding member of OpenAI. He led the self-driving team.

  12. Chamath Palihapitiya· Host1:08

    Also, hold on.

  13. Jason Calacanis· Host1:09

    Oh.

  14. Chamath Palihapitiya· Host1:09

    Gavin is gonna help us judge the best ideas section as well.

  15. Jason Calacanis· Host1:13

    Excellent.

  16. Chamath Palihapitiya· Host1:13

    I don't know if you know that, Gavin, but you're a judge. You're, you're gonna be judging with- Yeah, he's a judge.

  17. Gavin Baker· Guest1:16

    I'm up for anything, man. I'm easy.

  18. Jason Calacanis· Host1:17

    Yes. Karpathy also coined the term vibe coding. He recently built AutoResearch. I think we talked about that here a bit. That's an open source training tool. It helps AI models improve themselves by running five-minute experiments. That got

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