All-In with Chamath, Jason, Sacks & Friedberg Winning the AI Race Part 4: Scott Bessent, Howard Lutnick, Chris Wright, and Doug Burgum
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Jul 23, 2025 
Scott Bessent, former Treasury Secretary, shares insights on reducing the budget deficit while stimulating economic growth. Howard Lutnick, former Commerce Secretary, emphasizes the importance of market access for American businesses. Chris Wright and Doug Burgum, both former Energy Secretaries, discuss tackling energy production challenges essential for AI growth. They navigate the complex U.S.-China relations and highlight Japan's $550 billion investment in American infrastructure, stressing the need for balanced energy strategies and regulatory reforms.
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333 Plan and AI Growth Potential
- The 333 plan targets reducing the US budget deficit to 3% and sustaining 3%+ economic growth while boosting energy output.
- AI could drive a new productivity boom mirroring the 1990s IT boom, enabling high growth without inflation.
AI CapEx Boom and Productivity
- US seen an AI-driven CapEx boom estimated at $300 billion yearly, about 1% of GDP.
- This investment phase is expected to transition into a productivity boom starting in 2026.
Tech Booms Drive Deflationary Growth
- Historical tech revolutions like railroads and IT drove massive GDP growth and deflation.
- Similar non-inflationary growth could come from AI, lowering deficits and interest rates.