All-In with Chamath, Jason, Sacks & Friedberg
OpenAI Misses Targets, Codex vs Claude, Elon vs Sam Trial, Big Hyperscaler Beats, Peptide Craze
01 May 2026
Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
Jason, do you want to tell us about your new favorite podcast? Oh, it's so good. My feed is now because, you know, since cancel culture ended sacks, everybody uses the R word and the F word right now. My entire feed on Instagram is either gay or down syndrome or bulldogs. It's one of those three.
Chapter 2: What targets did OpenAI miss and why is it significant?
And then I stumbled upon the Miss Thing podcast. Miss thing. And they do a bit called gay name straightening. Here's gay name or straight name for David. This is good news and bad news. Here we go.
Gay name or straight name. David. David to me is straight. Okay. But he has my perfect body. It can be confusing because I'm kind of like, are you gay? And it's like, no, I just want to be you, David. Totally. Well, it's so like the Michelangelo's David, the male ideal.
Chapter 3: How is AI impacting cybersecurity and what market trends are emerging?
It's like incredible body. Yeah. Kind of small. Sorry. Yeah.
It's a little rough.
What are you watching there, J. Cal?
They basically nailed these two. But okay, keep going. I don't think Chamath is on their short list, but I know Jason will come up at some point.
Gay name or straight name?
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Chapter 4: What are the latest developments in the Elon Musk vs. Sam Altman trial?
Maybe this is it. Chamath. What about on the count of three? Three, two, one, gay. I'm seeing like Italian sweater, like really kind of like a loud, vibrant sweater. He like wears it to like poker night with his like, his boys. And like not, I'm not talking like straight poker. I'm talking like gay poker nights, like at the bar. Yeah. Always talking about wine.
Chapter 5: How did big tech companies perform in their latest earnings reports?
Talks about wine. always sort of like swishing. Yeah, exactly. Also, it's so like the guy at the gym taking off his shirt, taking selfies. Yeah, and everyone else is kind of like, excuse me, Chamath, I'd like to use the mirror. I'd like to see myself. See you at the next day poker night. Totally. You bring the wine. We'll bring the sweater. Yeah.
Chapter 6: What happened in the case of AI deleting a codebase?
There it is. Wow. They did do Chamath. That is fantastic. That is fantastic. A shout out to my guys at the Miss Thing podcast.
Chapter 7: Why is the peptide craze gaining traction and what are the implications?
Wow. That was awesome. I think I'm gay.
I never knew.
Let your winners ride.
Rain Man, David Sasson. What did you do?
Like cameo?
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Chapter 8: What insights did Friedberg share from his Supreme Court experience?
Did you pay them to do that? They did it for me as a favor. So I did it for them. That's awesome. Well, thanks to those guys. Thanks to the Miss Thing pod. I've seen those guys before in clips. I find them very funny. So great. Shout out to my guys. That was awesome. All right, everybody. Seriously, welcome back to the number one podcast in the world. It's the All In Podcast.
With me again, David Freiberg, Jamal Panapatiya, David Sachs. And of course, I'm Jason Calacanis. You can call me J-Cal if you're here for the first time. Topic one, opening eye. They missed their targets for ChatGPT, Friedberg, both on users and revenue. Let's talk about it.
The Wall Street Journal says in a breaking investigative report on Tuesday that OpenAI expected to hit 1 billion wows, weekly active users, before the end of 2025. They missed that, and they still haven't hit the milestone four months into 2026. Also, Chamath, they missed their 2025 revenue target for ChatGPT. Exact number wasn't specified.
But as we've talked about here, they're at a $20, $30 billion run rate. There's a little bit of accounting nuance that is yet to be worked out in the industry. Two reasons why this matters, Sax. OpenAI has $600 billion in spending commitments for compute. Just to put that in perspective, that's about what they're trading for on secondary markets.
In other words, the entire value of the open AI enterprise equals their spend commitments in the coming year. CFO Sarah Fryer, who is coming to liquidity, is reportedly worried, hey, that revenue isn't growing fast enough to keep up with expense. And open AI wants to IPO later this year. This has put Fryer and Altman in conflict, or maybe there's some natural tension there.
Friar doesn't think OpenAI is ready for public reporting standards, according to the Wall Street Journal. Altman obviously wants to move faster. So they released a joint statement. This is ridiculous, yada, yada, yada. Let's go to you, Sax. What do you think's going on here?
Are these major headwinds, or is this just managing expectations as the leader of the pack in the most important race of our lifetimes, the race towards superintelligence?
Well, I actually have a little bit of a contrarian take on this. I know that OpenAI had a really bad week. Like you said, they had that Wall Street Journal article which said that they missed their numbers. They missed their 1 billion user growth target. They missed their revenue numbers. That's called into question whether they can afford it. the data center commitments that they've made.
And then in addition to that, they've also had the lawsuit with Elon happening this week. So in the press, it ended up being, I think, a pretty bad week for them. But I have a contrarian take on this, which is I think that over the past week or two, if you look at kind of what's happening at the product level, it's been a pretty good couple of weeks for them.
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