All-In with Chamath, Jason, Sacks & Friedberg Trump vs Powell, Solving the Debt Crisis, The $10T AGI Prize, GENIUS Act Becomes Law
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Jul 19, 2025 
Gavin Baker, an astute investor at Atreides Management, joins U.S. Senator Bill Hagerty, the principal author of the GENIUS Act. They delve into the complex relationship between tariffs and market dynamics, particularly as it relates to AI investments. The conversation shifts to the transformative potential of artificial general intelligence and superintelligence on the economy. They also explore the recent passing of the GENIUS Act and its implications for cryptocurrency regulation, emphasizing the critical need for modernized financial systems.
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Tariffs' Limited Impact on AI
- Tariffs impact the economy but are less relevant for AI development and data centers in the U.S.
- Market sensitivity to tariffs may dampen volatility, with China being a primary focus.
Fiscal Challenge Beyond Fed Chair
- Rising long-term U.S. treasury rates pose a significant fiscal challenge beyond Fed chair changes.
- The market demands higher rates reflecting concerns about deficit spending and borrowing costs.
Deficit Matters with Higher Rates
- Historically, the U.S. deficit didn't matter when rates fell consistently.
- Now, higher rates make deficit spending costly, potentially making interest the largest government expenditure soon.