All-In with Chamath, Jason, Sacks & Friedberg
Tucker Carlson: Rise of Nick Fuentes, Paramount vs. Netflix, Anti-AI Sentiment, Hottest Takes
13 Dec 2025
(0:00) Tucker joins the besties! (4:11) Paramount vs Netflix: bidding war over Warner Bros Discovery (25:40) What's behind the rise of Nick Fuentes and America First? (49:13) Understanding the Anti-AI sentiment (1:21:52) Tucker in 20: Venezuela, Midterm issues, fall of Europe, Qatar, Charlie Kirk investigation, leaving NATO, supporting Israel Follow Tucker: https://x.com/TuckerCarlson Check out Battalion Metals: https://battalionmetals.com Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod 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/chamath/status/1999139689173749835 https://www.vulture.co/article/netflix-vs-paramount-ownership-warner-bros-discovery.html https://polymarket.com/event/who-will-close-warner-bros-acquisition?tid=1765487045602 https://www.realityslaststand.com/p/the-manufactured-rise-of-nick-fuentes https://x.com/DavidSacks/status/1997843165102100528 https://fred.stlouisfed.org/series/LNS14024887 https://www.wsj.com/business/data-centers-are-a-gold-rush-for-construction-workers-6e3c5ce0
Chapter 1: What insights does Tucker Carlson share 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 is the significance 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.
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Chapter 3: What factors contribute to the rise of Nick Fuentes and America First?
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 drives the current anti-AI sentiment in society?
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. And then he says, yeah, but we want this to be used by the whole world, sell it to the whole world.
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Chapter 5: How is the political landscape in Venezuela affecting U.S. interests?
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 the changing dynamics in Europe?
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. 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.
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Chapter 7: How does AI influence job markets and employment trends?
It's got the biggest market cap. And they're the party who the rest of Hollywood is freaked out about right now. And so you saw that the Hollywood unions like the WGA, SAG, they oppose the deal because they're fearing job cuts, lower wages, worsened conditions due to reduced demand for talent. And then the content creators and distributors are worried about this too, because they're
Netflix is known for making tougher deals, I think, than the traditional studios. I've got a friend who's a showrunner in Hollywood, and he's done projects with both Netflix and with the studios, traditional studios. And he says the big difference is Netflix will pay you pretty well, but you don't get any equity in your show.
Like whatever you get is sort of agreed to at the beginning, and that's it. So you're not really an entrepreneur when you do a show for them. But when you then work for a studio, you actually get it back in. Now there's all sorts of Hollywood accounting associated with that.
But he kind of misses the days that are going away where he got to be a little bit of an entrepreneur and have real upside in his shows. And if Netflix now is allowed to acquire Warner Brothers, and that's just another nail in that whole coffin. And so I think it is a big change. And if the antitrust regulators look at this, I do think that Paramount has a better chance.
The other big factor is just that Paramount's offering more. They upped the bid. It's 108 billion versus around 80, or it was like $30 a share versus 27. 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.
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Chapter 8: What are the potential future impacts of AI on society?
Put that aside, I think we need to have a way to pre-vet these and then just let the highest bidder win. I don't know how this concept is getting convoluted, but the Ellisons are compromising Trump a bit here. I think that's why Trump gave a lot of shine to Ted Sarandos.
I don't know if you saw his quotes about that, Sax, but he was praising what a genius Ted Sarandos is and how amazing Netflix is. The Ellison's coming out and basically saying that they've got this in and they're going to basically have the inside track here, I think, is one of the issues. I propose we have a pre-vetting of these large deals because we want M&A to be vibrant in this country.
We want more M&A. after the wrath of Lena Kahn. So I think you should be able to pre-vet Chamath. You should be able to go to the government and say, hey, we're considering selling this asset, whatever it happens to be. You know, YouTube back in the day. Is there anybody who's not able to participate in this auction? And then just have the FTC pre-vet some of these.
And then highest bidder seems like what's best interest. in the best interest of shareholders. So we can kind of... It's untenable.
That's untenable. And the reason it's untenable... Why? Yeah, explain. You have multiple facets of antitrust that can come up from any number of organizations in the United States. And that's just but one part of the complexities you have to navigate. Because if you do business in any other country... All of these other countries are in a position to opine.
If you think about doing a deal where you're in China and that other asset is in China, it can slow down for a very, very, very long time and never happen for reasons that have nothing to do with the industrial logic of the merger. So I don't think you can pre-vet these things because it's not scalable.
And I think the government would get frustrated because you'd have a thousand people outside the door. They'd have no time to do anything else. They have to govern. The different thing that we have to figure out whether it is allowed is how these deals are getting done. The only thing that I would observe is the two biggest transactions that have happened thus far this year that I've taken note of
happened as total raw asset sales to work around antitrust. The best example was Meta and Scale AI. Okay, I'll say this thing is worth $30 billion, I'll give you $15 billion in cash, but what am I really doing? I'm carving out these assets so that I don't have to file even an HSR filing.
So I think the future is that if the government has to have an opinion, not just America, but the Europeans, the Chinese... What's going to happen instead is that very smart lawyers who get paid $10, $20, $30 million a year, the NBA salaries now, they're going to find workarounds. They've already done so for big tech, and I think it'll spill over to other industries.
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