All-In with Chamath, Jason, Sacks & Friedberg
Tucker Carlson: Rise of Nick Fuentes, Paramount vs. Netflix, Anti-AI Sentiment, Hottest Takes
13 Dec 2025
Chapter 1: What is the main topic discussed in this episode?
All right, back with us in place of David Freberg, who's busy this week, is the one, the only, on his fourth appearance here on the All In podcast, Mr. Tucker Carlson. How are you, Tucker? Thanks for having me.
Hey, Tucker.
Chapter 2: What are the details of the Paramount vs. Netflix bidding war?
Good to see you. David! How do you have time for every time I turn on my phone, there's like David Sachs on something incredibly complex, like... Are you sleeping? Usually people attacking me for something. But it's not just like, oh, your views are this or that geopolitical conflict. It's like the details of something very complicated. And I'm just like, wow, man, that's a lot.
That's a lot to digest. Yeah, there's not a very high bar in Washington, as you know. You're a giant among pygmies, but still, it's a lot of work. In the land of the blind, the one-eyed man is king. King, exactly. Exactly. Are you still enjoying it? Yeah, it's been a lot of fun. Well, you know, President Trump's a lot of fun to work for. He's the most fun. I mean, the best, right?
He got a big shout out yesterday. It was really awesome, actually.
Chapter 3: What is driving the rise of Nick Fuentes and the America First movement?
David did? Yeah, huge head on.
Oh, that's right. We were at the White House Christmas party. I think they do like 25 of these. Yeah, literally. Literally, because they got so many thousands of people, but they can only fit a couple hundred people in the White House. And they're doing like two a day. And the president comes down and gives a speech. And every speech is different.
You know, it's like a Dave Chappelle comedy routine where he never does the same set. And he does it with so much enthusiasm and gusto. You would think that you were the only... You know, holiday party crowd that he ever addressed. He never expresses any irritation at doing that. He loves it. It's like amazing. It's unbelievable.
But in any event, he gave me a shout out during the speech and then he called me up there like, hey, can you say a couple words about AI? I'm like, well, this isn't exactly Chris's party conversation. So I just kind of talked about how great he was and how much fun it was to work for him. And then he gave Chamath a shout out as well. No way. And he just starts talking about the all-in pod.
Chapter 4: What are the underlying reasons for anti-AI sentiment?
Like we're in the audience and he just starts having a conversation with us about the all-in pod and how's it doing. And, you know.
The funniest part was he says to me, oh, and then Nat was behind him. So he goes, hey, Nat. And he says, I hope everything's going well. How's your relationship? He looks at me. And I'm like this. And then that's behind her.
Oh, it's so awesome. I'm going this weekend because I miss him.
You're going to see him this weekend. You guys are on good terms. Talk with Trump.
Oh, yeah. The best. I mean, the best. I mean, of course, people have told him many people that he's not allowed to talk to me. So that just makes him like me much more because like all he hears is, oh, he's people like he's the worst human being who's ever lived. And all Trump hears is who's ever lived, you know, and he's just that he's just he's you can't control him that way, period.
So, no, I get along with him literally in 25 years better than I ever have. that's good it's hilarious yeah the last part of that story is So after he calls up me and Chamath, actually he calls me up to speak and then- Calls David up to speak. He went on a little bit of a riff saying, you know, I don't like the term artificial intelligence because why would you want to call it artificial?
It sounds bad. Why don't they call it something else? Superior intelligence. Organic. And then he calls up Chamath. He's like, Chamath, what do you think? And Chamath says, well, I think AI is too late to change, but maybe it could be American intelligence.
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Chapter 5: How is the rise of Nick Fuentes impacting political discourse?
And then he says, yeah, but we want this to be used by the whole world, sell it to the whole world. Anyway, we start workshopping this branding exercise in front of the entire Christmas party.
How about we call it Trump Super Intelligence? Okay, it's Trump-telligence.
No, but you know what? Calling AI American intelligence is actually the smartest and best one could do around AI.
Okay.
We got a lot to talk about, Tucker. I mean, you've been on a run, huh? You've been on a run. Not really. I mean, not in my world. I mean, I'm off social media mostly, so it's like nothing's actually really happening in my world.
You don't open exit all.
It's all about me, man. I don't like to read about myself, so I don't look at it. No.
All right. Topic number one, Paramount versus Netflix. They're in a bidding war over the future of Warner Brothers and all that amazing IP. The assets, obviously, many of us know Warner Brothers is led by Zaslav, David Zaslav. But he owns, currently, HBO, DC, and the Warner Brothers collections of films. Also, they have that great studio lot. On the cable side, they own CNN, TNT, Discovery.
And they just saddled that company up with $30 billion of debt. And they had a little bit of a competition for who would buy it. Netflix and Paramount Skydance, run by the Ellison family. Netflix offered $83 billion to purchase just the streaming assets, which would put the number one and the number three player together. And WBD publicly accepted Netflix offer last Friday.
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Chapter 6: What are the implications of media consolidation for society?
And? 14% chance of no deal. I think that might be the free money, the 14% chance of no deal. What's your take on this, Tucker? And just broadly speaking, consolidation in media, having pulled the ripcord and left traditional media. And now the understanding is you're doing better than ever. You control your destiny.
And I think you're making probably as much or more money now than you did when you were working for the men.
Yeah, I actually haven't checked, but I'm not much of a money guy, but I'm fine and can pay my non-existent mortgage. I'm against monopoly power in general because I think it stifles creativity. I'm not that worried about this because these things never move in exactly the direction you imagine.
I've been in the media my entire life and none of the big changes I anticipated, in fact, almost all of them I made fun of, I just don't think that we're really threatened by a conglomerate of CNN and Netflix. It's like, okay, you can assemble huge companies. Can you make people consume and believe the product? Buying CBS News is like buying RCA Records or something.
It just doesn't have any effect, and only people who are not paying attention or pretty cut off think, You're going to win hearts and minds by buying CBS News or CNN. These brands are husks. In fact, all they are is brands at this point. And I just am not at all convinced that this will have a material effect on anyone's attitudes at all.
You know, if you started to mess with what YouTube is allowed to air or the ownership of X, you know, then I think you could really change the country and the conversations that we're allowed to have. But I don't see any of this as especially meaningful on the society. I mean, is the product going to get... I don't know, more subversive than it already is?
I mean, is Netflix going to be worse for American society? Probably not. You know, I think this is a business story, not a cultural story.
Chamath, your thoughts? I'll give you two.
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Chapter 7: How does the current geopolitical climate affect U.S. foreign policy?
The first is that whenever you see deals, it's important to look at the amount of money that is at risk. And that is the best tell about whether this is important for the future or not. $100 billion deals are typically about things in the past. What is the future? Billion dollar deals.
So for example, when you look at when Facebook bought Instagram for a billion dollars, that turned out to be a huge bet about the future. It was right. When Google bought YouTube for $1.6 billion, that was a huge bet on the future, they were right. When Microsoft invested $1 billion in OpenAI, that was a huge bet on the future, it was right.
But when you look at assets that trade at $100 billion plus valuations, they're so undergirded by debt, all of that debt is only ever bought by looking at the past, meaning how much money have they made, and then it's a best guess about how much money could they make in the future. So these multi-hundred billion dollar assets, to Tucker's point, they don't really matter that much.
I don't think it's super anti-competitive. These are financial transactions. The reality in media, so specifically about this deal, so that's a general statement about deal quantum, and you can just judge the importance based on that. People should be spending much more time looking at billion-dollar transactions and $100 billion transactions. That's my takeaway there.
But at the very specific thing about this deal, the reality is that the future is unscripted, uncontrolled, user-generated content. You see it on YouTube. It is already the 800-pound gorilla in the space. And then separately, it's now becoming about shorter-form video, and you see that with things like Instagram Reels and TikTok. none of that landscape will change based on this deal.
If anything, if those trends accelerate, the value of historic IP is going to erode even faster, meaning this generation of kids will have no idea or care about the Marvel Cinematic Universe, about Star Wars, and that may upset those of us who are nostalgically tied to it. So I don't know, I would let the deal happen. I don't think it's particularly that important.
Sachs, obviously you don't speak for the administration on these issues, but I'm curious your thoughts on this.
Yeah, just my personal view on this is that we're going to get meaningful consolidation in the industry either way, because either Netflix and Warner's are going to merge or Paramount and Warner's are going to merge. So either way, you're going to get consolidation.
But that being said, if Netflix is allowed to buy Warner's, the antitrust concerns are a lot more serious because Netflix really is the 800-pound gorilla in Hollywood right now. It's the number one streamer by far. It's got the biggest market cap. And they're the party who the rest of Hollywood is freaked out about right now.
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Chapter 8: What are the potential consequences of AI on job markets?
And they're also buying the whole company, whereas Netflix just wants Warner's studio assets and streaming assets, like HBO, as opposed to the cable assets, which are considered a little bit of a . So I think if you're a shareholder in Warner's, you probably want to sell the whole thing. You don't want to just be stuck with the bad assets.
So I'm a little surprised, actually, that the Warner's board went with Netflix when they had Paramount as an option, assuming this Paramount offer was on the table, because it seems like a better deal. And it's probably a little bit more likely to get through the regulators. So I guess I'm a little bit surprised they chose Netflix. But I guess Netflix is the more bona fide party, right?
It's $400 billion market cap. And maybe they thought that they're more able to execute this transaction.
Yeah, I have only three points on this. Number one, It really depends on how you frame competitors in this space. Here's your paid streaming platforms, Netflix, Disney, and HBO. Disney's done an amazing job after starting a decade after Netflix with streaming of really getting a lot of subscribers and Consolidating one in three here, obviously, puts Disney way behind.
But if you start looking at TikTok, Instagram, YouTube, these properties have the majority of the audience. They dwarf the audience of these paid services. And young people are not interested in movies anymore. They want, obviously, TikToks and YouTube.
If you look at the revenue, it's a slightly different... How do you compare or do you adjust for time watched or minutes?
I didn't in this, but yeah.
There's a big difference between watching a TikTok and watching a movie on Netflix in terms of attention span. Nobody watches movies. Look, there's no question that cultural significance has moved away from Hollywood towards user-generated content on these online platforms. But I'm just curious who you adjusted for that.
Yeah, no, I didn't adjust for that. You could, you could slice it a bunch of different ways. But at the end of the day, you know, I put the competitive set as a little bit broader here, which is including the free, you know, UGC services, since that's what young people are doing.
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