All-In with Chamath, Jason, Sacks & Friedberg Biggest LBO Ever, SPAC 2.0, Open Source AI Models, State AI Regulation Frenzy
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Oct 3, 2025 
In this discussion, David Sacks, an operator and investor focused on tech policy, dives into the $55B takeover of EA, highlighting challenges in private equity. He explores the evolving role of AI in gaming and traditional sectors, hinting at innovative rollup opportunities. Sacks also critiques the surge in AI regulations at the state level, warning that 50 different rules could stifle innovation. With insights on open-source models’ global competition, he argues for a unified federal standard to boost U.S. competitiveness in AI.
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Gaming As The Internet's Anchor
- Video games are the internet's anchor pillar of usage and can be bigger than social media.
- Taking EA private lets it invest in AI, distribution, and long-term value away from quarterly pressure.
PE's Growth Breeds Diminishing Returns
- Private equity exploded with cheap leverage but now suffers from too much capital chasing deals.
- When distributions dry up, capital concentrates to the few PE firms that actually return cash to LPs.
Design SPACs With Sponsor Skin In The Game
- Use SPACs as a competitive, lower-cost route to public markets with aligned sponsor incentives.
- Structure sponsor compensation so founders only earn value after stock milestones to protect public shareholders.