All-In with Chamath, Jason, Sacks & Friedberg
Travis Kalanick & Michael Dell Live from Austin, Texas
17 Mar 2026
Chapter 1: What has Travis Kalanick been working on after exiting stealth mode?
I don't know if some of you knew I was an angel investor in some companies. On the count of three, what's my favorite angel investment of all time? One, two, three. Thank you. Give it up, Travis Kalanick.
Chapter 2: How is automation transforming the physical world and which markets are targeted?
Appreciate you. All right. Wow. On a big news day, Travis is here on a very big news day. You spent, wow, I guess like seven years just in the lab building. Last year, every year I ask you, hey, you want to come to the Women's Summit?
Chapter 3: What is the current state of the self-driving car race involving Tesla and Waymo?
You want to? It's like, I'm going to just chill. I'm building. Next year, hey, you know, just toys available to you. I'm like, no, you don't understand.
Chapter 4: Why did Travis Kalanick leave Los Angeles for Austin, and what are his thoughts on California's decline?
I'm stealth. I'm stealth. I'm stealth. Nobody knows where I am. Nobody knows what I'm doing. The employees are not allowed to put the name of the company. On their LinkedIn. Thousands of employees that weren't allowed to put the company name on LinkedIn. I mean, incredible.
Chapter 5: What are the implications of 'capital as a weapon' in the context of the Middle East?
And I'm like, okay. Their parents thought they worked for the CIA. Yeah. And then he's like, and by the way, J. Cal, you can invest. You can't announce it. And you have to sign an ID. You can't mention you're an investor. It's like, okay, no problem. I'm just happy to be on the cap table. Is he like kind of like secret saying what he wasn't supposed to say? Yeah, right.
Chapter 6: How did Michael Dell grow Dell Technologies from a dorm room to a $140 billion company?
Now it's all about boy. Did that just happen? No. Well, you can't. No, you're out now. F***. Let's go.
Chapter 7: What is Dell's strategic investment in AI infrastructure and its expected impact?
You're out. It's out. You came out of stealth today. It's so funny. It's so great. You came out of stealth. Well, you talked a little bit. You came to All In Summit last year. Is that true? Is that fair? You say you're coming out of stealth today? Is that right? Well, look, let's just start with what that meant for our employees.
Because again, imagine if you're at a multi-thousand person company and every single employee has stealth on their LinkedIn, including salespeople. Okay. Including recruiters. Like it was, they, they were, they were living life on hard mode. That's kind of fun too. Right. I mean, I mean, yeah, it was like, what the, what's, what is this?
Chapter 8: What is the significance of Michael Dell's $6.25 billion gift to Invest America for children?
Why are there, why is this massive density of stealth? Right. Startup people in Los Angeles. What is happening over there? Yeah. Yeah. Also, technically, the name of the company in different countries was very generic names of companies. I mean, everything was designed to be stealth. Right. So we operate in 30 countries. In the US, the Kitchens product is known as Cloud Kitchens.
In Korea, it's Kitchen Valley. In the Middle East, it's Namaah. In Latin America, parts of Latin America, it's Casinos y Cueltas. I mean, you get the idea. You can't even remember all the names or all the code words. I have to think about it, yeah. You have to think it through. We have four in China. It's like all over the place, yeah.
But things have gone really well, and you've been a little acquisitive. So tell us about the branding today that you're announcing, and then maybe some of the acquisitions and evolution of the company. You're not just renting kitchen space. Those who, I mean, know how I thought about things in the Uber day, a lot of this stuff's not surprising.
I would often talk about digitizing the physical world. I think I even did it all at Summit. The quick version of this, I'll try to do it quickly, but it's like we know the bits world, the computer world, the one that Michael Dell essentially invented for us. CPU, storage, network, these are three core computing resources when you go to computer science class your first day.
Three core computer resources. CPU manipulates the bits, storage stores the bits, network moves bits from point A to point B. But if you're digitizing the physical world, you're treating atoms like bits. You're building an atoms-based computer. And I'll explain what I mean in a second. I know this is a little out there. CPU manipulates bits. What manipulates atoms? Manufacturing.
Storage stores bits. What stores atoms? Real estate. Network moves bits from point A to point B. What moves atoms? That's transportation or logistics. So you have these three core computing resources in an atoms-based computer. The name of my company... was very obtuse and purposely designed to be as boring as hell, was called city storage systems.
So that's digitized real estate in an atoms-based computer, our first computer being a food computer. What does that mean? Manufacturing real estate and logistics for food. And so you start to get there. And the idea, the mission was infrastructure for better food.
The idea was, can you get a meal that's prepared and delivered to you so efficient that it starts to approach the cost of going to the grocery store? If you can do that, you do to the kitchen what Uber did to the car. But in the Uber day, the roads were there. The cars are unused. You just had to put an app in the app store. It wasn't that easy, but kind of that easy.
In this world, you can't do this on a restaurant. Restaurant doesn't have... When I left Uber, 13% of all San Francisco miles were Uber miles. You can't get... And that was 10, 9 years ago. You can't get there on food, on restaurants. They have like 20% capacity. Uber Eats and DoorDash fill it. But the infrastructure to do high capacity, high scale sort of
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