All-In with Chamath, Jason, Sacks & Friedberg Iran War, Oil Shock, Off Ramps, AI's Revenue Explosion and PR Nightmare
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Mar 13, 2026 
Brad Gerstner, Altimeter Capital founder and tech investor, joins for a fast-moving talk on the Iran war’s oil shock, escalation risks, Gulf off-ramps, and China’s role. Then it shifts to AI’s record revenue surge, why spending is exploding, the fight over open source, and how terrible messaging turned AI into a PR mess. It closes on millionaire taxes and wealth flight.
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Brad Gerstner Got An Unplanned State Of The Union Shoutout
- Brad Gerstner said Trump unexpectedly added a live State of the Union shoutout for the Trump accounts program.
- He said the program is signing up over 100,000 kids daily and aims to get millions of children owning American equities by July 4.
Markets Fear Another Quagmire More Than Oil Alone
- Brad Gerstner argued oil's spike could be economically painful but brief because Trump's goals are limited to degrading threats, not nation-building.
- He cited Goldman raising PCE inflation from 2.1 to 2.9 and cutting GDP by 30 basis points as immediate knock-on effects.
The Worst Iran Scenario Is Infrastructure Collapse
- David Sacks argued escalation risks far exceed a closed Strait of Hormuz and could devastate Gulf energy, water, and Israel's defenses.
- He warned attacks on desalination plants could leave roughly 100 million people without water, making parts of the Gulf uninhabitable.