All-In with Chamath, Jason, Sacks & Friedberg Fed Hesitates on Tariffs, The New Mag 7, Death of VC, Google's Value in a Post-Search World
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May 9, 2025 
Philippe Laffont, founder of Coatue Management, dives into the shifting landscape of technology investments. He discusses the Federal Reserve's rate strategy amidst tariff uncertainties and the implications for the tech sector. The conversation turns to Google's struggles with search queries and the rise of AI competitors, emphasizing the need for innovation. Laffont also addresses the evolving dynamics of venture capital, questioning whether traditional models are becoming obsolete while exploring new fund structures that could redefine successful investing.
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Generous Tip at Miami Restaurant
- Jason Calacanis shared a story about dining at Shiso, an Asian fusion restaurant, where the owner refused to let them pay.
- They ended up tipping $3,000 on a $175 bill, highlighting generosity and excellent service in Miami.
Fed's Hold Reflects Economic Strength
- Philippe Laffont believes the Fed is not cutting rates because the economy might actually be strong.
- The Fed aims to maintain liquidity without bailing out equity markets prematurely.
Trade Deals Affect Fed Decisions
- David Friedberg notes flat mortgage delinquency rates due to prior refinancing at low rates.
- Trade deals and tariff decisions will heavily influence the Fed's future rate choices.