Anthropic IPO at Risk, Meta’s Muse Pop, Token Prices Fall, Open Source Gains Share, Alignment Fails

All-In Podcast · · 1 hr 34 min

The All-In hosts discuss why Anthropic and OpenAI face structural problems going public, how open-source AI is rapidly taking over token usage, and where the real gains will land.

JC Jason Calacanis co-host · 1 pick DS David Sacks co-host Chamath Palihapitiya co-host · 1 pick DF David Friedberg co-host · 1 pick
Watch the episode 1 hr 34 min · YouTube

The gist

  1. Open-source models flipped from 20% to 80% of token usage in just 12 weeks, eroding the moat frontier labs depend on for their valuations.
    Wall Street Journal
  2. Anthropic's IPO is at risk because its leadership lobbies for regulations that would commoditize its own business faster than competitors can.

What they recommend · 3 picks

Muse Main topic · strong yes

Meta's personal AI agent app. It can call businesses, book travel and restaurants, shop online, and handle ...

"Muse hit number one last Friday in the app store. Stock — Meta stock was up 10% after this new agent Muse was released. I've been playing with it, comparing it to Grockbot. It's not as freewheeling, but it's really good at getting things done."
Jason Calacanis ▶ Play at 1:08:09

What Jason uses it for: Personal AI agent for triaging email, booking flights, booking hotels, price comparison shopping, and general task automation

19 creators recommend Muse, including Kevin Rose, This Week in Startups, Rory O'Driscoll.

38:20
Claude Opus 5 AI tools

"Anthropic puts out the best models for life sciences today. I run a life sciences R&D organization. We use their models. They're incredible. They're better than other models. An..."

David Friedberg ·251 creators recommend it·David's AI tools →
1:16:18
Wall Street Journal Media & entertainment

"Wall Street Journal is the only mainstream media publication I pay for, but either both signing up and unsigning up is an impossibility. And now you take it all off the table, I..."

Chamath Palihapitiya ·8 creators recommend it·Chamath's media & entertainment →

Also mentioned

16:06 CrowdStrike · "George Kirch from CrowdStrike also released Falcon, his new product to do cyber defense."
20:26 DeepSeek · "September 9th, DeepSeek 4.1 Flash gets released. 20 cents for a million tokens output if they're hosting..."
21:14 ChatGPT · "Mimo Pro performs on par with Claude's Opus 5 and GPT-5 across most benchmarks. It's a 309 billion..."
26:07 MacBook Pro · "Have you loaded these models on your computer? Because I'm playing with it on my MacBook Pro and it's awesome."
50:52 CoreWeave · "Jane Street — they've publicly announced 19 billion dollars in cloud capacity contracts. Coreweave, 6..."
50:55 Crusoe · "Coreweave, 6 billion in cloud commitments. They also invested in that company and then 13 billion with..."

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