All-In with Chamath, Jason, Sacks & Friedberg
Why AI will dwarf every tech revolution before it: robots, manufacturing, AR glasses from CES 2026
08 Jan 2026
Chapter 1: Who are the guests featured in this episode?
Thanks for coming out, everybody. We're going to have a great full contact, super hardcore discussion about the future, specifically around AI, which I think is the most important theme, not only of CES 2026, as we've seen with all the incredible gadgets, chips being launched, self-driving. but it's gonna be the most important transformation of our lifetimes.
I think everything we've seen over the last 30 years of technology from the PC revolution, to cloud computing, to the internet, mobile, all of that is gonna be dwarfed in comparison to the impact that AI is gonna have on society. If you're here at CES, you know that, you're here for that reason. And we've got two amazing guests who are gonna join us to have this debate.
And additionally, I've brought my box a box filled with all the ghosts and gadgets of Christmas past. And we're going to go through those at the end of our discussion. But here's a quick video of our guests who will be joining me today.
From boardrooms to the White House and beyond, McKinsey's influence in business is virtually unparalleled.
It's one of the largest and most influential consulting firms in the world. Enterprise can move faster than any of us expected, which is good news because these problems aren't going to be the problems of the next generation. They're going to be the problems of our leadership generation.
Making this system of government better on both efficiency and effectiveness is key for economic growth and for national defense.
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Chapter 2: What is the significance of AI in the pace of innovation?
We also think that some of the private sector insights that we have brought to the public sector can drive innovation. Our next guest leads venture capital firm General Catalyst.
With $40 billion in assets under management as of mid-year.
Our aspirations in venture capital is to be the best seed firm in the world. The decisions we're making, the companies we're building are going to impact the world for centuries to come.
Ladies and gentlemen, please welcome Bob Sternfels and Hemant Taneja.
All right. Gentlemen, welcome. All right. Let's do it. Let's do it. So we're here at CES 2026. It's really interesting to watch this conference get this new life breathed into it. We had this period during COVID when CES obviously had to take a pause and we were wondering in Silicon Valley, hey, is anybody going to show up at CES? Is it still relevant?
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Chapter 3: How are CFOs and CIOs impacting organizational growth?
Do people care? And now look at this. This is one of the largest ones ever. And everybody's here. I saw Lisa from AMD, Jensen from Nvidia, Uber, Neuro, Waymo. The change is amazing. I think maybe to start, you spent a career at McKinsey trying to accelerate change. And in venture capital, you know, literally building these businesses from the seed stage on.
How do you look at the pace of innovation and change in this past two years since ChatGPT was launched compared to the first 30 years of our careers? We're all of a certain Gen X age. Compare the last two or three years to the 30 before it. Yeah, well, first, Jason, thanks. And it's great to be up here with you guys. And yeah, I would just say this week is amazing.
I think there's over 150,000 folks here this week.
Chapter 4: Why are recent graduates struggling to find jobs?
And you talk about CES being back. I think CES is back. And that's great. And with all of these things happening, I think there is such a premium on folks from different perspectives getting together because that's where new ideas are created. And my big hope and why we're here is when you mix and mingle with different folks, you come up with new things and the world needs new things.
And what I love is you mentioned a lot of the tech leaders. What's exciting for this is I think everybody sees tech as part of the equation. And so when I look at the folks here in CES, you see not only the technology leaders, the investors, but you see folks from almost every industry vertical that are here now because they know that technology doesn't sit on the side.
It's central to everything we do. And I get to your question. Look, I think we're moving at literally warp speed now. It's just night and day different. It's almost a, you know, BCAD type of thing when you can see the change of pace. And I haven't met a CEO yet that isn't talking about, how do I get my organization moving faster?
Chapter 5: What are the flaws in the current education system?
It's quite frankly, less about strategy. It's more about organizational speed. Hey, Mont, how does this feel compared to our first couple of decades where companies would take two or three years to release a product and now companies are releasing products in two or three weeks, two or three months?
Yeah. So look, the world has completely changed, right? We've often said this is peak ambiguity. You have massive geopolitical change. You have an incredible amount of change around every country trying to drive strategic autonomy in different industries. And all those dynamics keep changing. Alliances, the new world order, everything.
And underneath that, our tool of implementation is technology. That keeps changing. So what the technologies can build today versus what the LLMs could do, let's say, two years ago, or November 22, let's say, when ChatGPT came about, is fundamentally different. So what are you building towards as to what the world's going to look like so you can have enduring value?
And then what are you building with where the technologies you're using aren't going to up so less and and destroy your value proposition over time it's just all kinds of change and so it's a really dynamic time and the other thing you will see is you know we invested in stripe in 2010 it became a you know 100 billion dollar company let's say 12 13 years later you look at anthropic
which we're also investors in, that goes from $60 billion last year to a couple hundred billion dollars. And by the way, with good economic progress, these are not pie-in-the-sky valuations. They're based on actual growth of the business. Well, that goes back to your point, which is the compression of how fast value can create when code self-writes and access to distributions change.
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Chapter 6: How is AI transforming the healthcare industry?
So fundamentally, it's just really exciting. And I think it's going to accelerate from here.
This was one of the statistics we would look at in venture capital. Hey, how long does it take this company to get to 100 million in revenue? How long does it take to get to a billion in revenue? Unpack Anthropic and that journey, because this company's revenue, and you have OpenAI, obviously, they're contemporary, trending towards $20 billion in revenue a year. Where's Anthropic at?
And what's the revenue mix? Where does the revenue come from?
Well, look, so Anthropic builds language models. It's got some of the best models out there. There's a couple of companies that are doing a good job with that. And then they've got cloud on top, which is, to me, the essence of transforming the engineering department of an enterprise, right? And that's a killer application where everybody is now using these tools.
So that business, when we invested, was doing about $880 million, which was a 10x growth from the year before. 10x year over year. 10x growth the year before. And then this last year, they've announced this, they're growing another 10x or more.
And so when you look at that, and we invested at the $60 billion valuation, assuming it's going to be like a 3x growth from there, because those are staggering numbers, and it does 10x. Can't predict it, but to see adoption is so fast.
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Chapter 7: What innovations in robotics and self-driving technology were showcased at CES 2026?
And so you look at that and say, so we ended up investing at, you know, a eight, nine, $10 billion kind of run rate business at 60 billion. That's the cheapest deal that got done last year in venture capital. On a financial basis. So we just have to get our head around what does scale really mean? And are we in the business of creating what we used to think was like, can we create decacorns?
Now we're talking about can we create trillion dollar companies, right? I mean, that's not a pie in the sky idea with Anthropic and OpenAI and a couple others. Games changed. Scale of technology is fundamentally different in what it can do.
Bob, what's behind this massive revenue ramp? Because you get to see all the incumbent businesses. You get to see the elite businesses that are growing, you know, two or three times X each year. You also get to see the ones that are struggling. And then you see these large numbers and 10X year growth. What's driving this in your mind? And is it sustainable? I mean, that's the other question.
I hate to give you the classic consultant answer, but I do think it depends. And I think we're at a tipping point this year.
Chapter 8: What future trends should we expect in technology and education?
And I'll tell you why. I think what's underpinning this 10X and 10X, we work with... most of the large enterprise in the world across all industry verticals. And what we have seen is a huge uptake of leveraging these technologies, like Anthropic. We're leveraging Anthropic. And so large enterprise is using technology at a scale and rate that they haven't before.
And if you look at IT spend as a percent of revenue, et cetera, all of this stuff has gone up. And I think that is propelling the 10X to 10X. The conundrum is, and it's been widely written about, realizing enterprise at scale value in non-technology companies is proving harder than people think. Got it.
So in plain English, that means, hey, you've got a travel company, there's somebody deploying AI, and you're watching what's happening at Tesla or Google, and they're getting these phenomenal results, but maybe that legacy business is having a harder time achieving those results. I'll make it even simpler. Typical non-tech CEO might say, hey, Bob, do I listen to my CFO or my CIO right now?
CFO is saying, we spent all this money. Why do we need to be the fast adopter? I'm not seeing the ROI yet. Can we pause? CIO is saying, are you freaking crazy? This is the moment that if we don't, we'll be disrupted. We think now, I will say the shining part is I think there's a path where you bring those two together as allies. And you say, yeah, but let's rethink this.
Get out of pilot purgatory, really think the reorganization, all this stuff. There is a path, but I think right now, most CEOs are getting torn a bit between, do I listen to my CFO or do I listen to my CIO? And I think this is a really good jump off point, Hamant, of your strategy at General Catalyst. You and I have known each other for a long time. Really a long time, decades.
And you always prided yourself on being the great seed fund. We're going to get to these companies when they're $10 million and 10 people and put that first check in. But then I saw this news item go by a month ago that you raised $9 billion. And then I see you're buying companies. So... Are you out of the seed business and now doing random acts of private equity? What's going on here?
Explain to me the strategy and general catalyst.
How much time do we have? It's going to take some time. So look, I would say we very much view ourselves as a venture capital for AmeriCorps and a seed venture capital for AmeriCorps. Because our true north for the 25 years we've been around has been meeting founders where they are.
And what that means is essentially help them navigate ambiguity in the past when they're sort of beginning and the business isn't clear, all the way to figuring out how to scale in the complex markets that they go into. So everything we've done has been in that context of creating these catalysts, the flexible capital they need, the policy capabilities they need, the market access they need,
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