Nico Rosberg on the Booming Business of F1 | All-In Live from Miami

(0:00) The Besties welcome Nico Rosberg! (0:27) Nico's history with F1, what makes a great driver (6:24) The business of F1 (10:05) Teammate rivalries, why "Drive to Survive" works, future growth (16:48) Post-F1 career, best angel investments, becoming a VC (22:16) Partner shoutouts: Thanks to OKX, Circle, Polymarket, Solana, BVNK, and Google Cloud! Check out OKX: https://www.okx.com Check out Circle: https://www.circle.com Follow Nico: https://x.com/nicorosberg Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Jason Calacanis?

  Former F1 driver, champion in 2016. He's getting into the venture business. Please welcome Nico.

• 0:07Speaker 01

  They started the season with 20 drivers and they would end the season with only 18 of them left.

• 0:12Jason Calacanis?

  Wow, what was the craziest you've ever been involved in?

• 0:15Speaker 01

  Well, my rival was my teammate. So unfortunately, it really becomes like an enemy in a way.

• 0:20Jason Calacanis?

  What were your first few deals?

• 0:21Speaker 01

  11 labs, for example.

• 0:23Jason Calacanis?

  Holy shit, good for you.

• 0:27Jason Calacanis?

  This used to be an extremely dangerous sport. You had people dying every year in these tiny little cars with no roll cages, etc. But over time, it's become incredibly safe. The number of people dying went from, you know, a couple dozen a year in the 50s, 60s, 70s, and now it's gotten incredibly safe. How scary is it to drive in those cars? And how do you get over that fear of death?

• 0:53Speaker 01

  First of all, hello, everybody. That's a pretty intense start to the conversation.

• 0:59Jason Calacanis?

  They suddenly showed me where the cars are. Good job interviewing Jeko. World best. I gotta get right to it. How are you still alive? Welcome, how are you?

• 1:09Chamath Palihapitiya?

  Why haven't you died yet, Nico?

• 1:11Jason Calacanis?

  I looked at that car.

• 1:12Chamath Palihapitiya?

  Justify yourself.

• 1:13Jason Calacanis?

  Why is there no canopy on it? Why is your head exposed? It's so crazy what you're doing or what you did.

• 1:20Speaker 01

  So, no, you're absolutely right. And I know better than most people also because my father actually was a Formula One racer.

• 1:27Jason Calacanis?

  Yeah.

• 1:27Speaker 01

  And he was racing.

• 1:29Jason Calacanis?

  And a world champion.

• 1:29Speaker 01

  I didn't want to say, but yes, he was also a world champion.

• 1:32Jason Calacanis?

  But you were, sorry, I asked you backstage. You're one of only two father-son world champions of all time.

• 1:37Speaker 01

  Yeah, that's true, yeah.

• 1:38Jason Calacanis?

  Pretty incredible.

• 1:38Speaker 01

  Which is very special.

• 1:40Jason Calacanis?

  So, I mean, your dad's out there racing. You're at home with mom, I assume. This has gotta be terrifying to watch your dad do this.

• 1:49Speaker 01

  So, in his day, they started the season with 20 drivers and they would end the season with only 18 of them left. So it was a 10% chance, more or less, that you wouldn't make it through the season. Which is just, that's crazy.

• 2:03Jason Calacanis?

  Wow.

• 2:03Speaker 01

  I mean, then if you do an eight-year career, like, what are your odds? Like, that's not looking very good. So, there to your

• 2:10David Friedberg?

  Yeah, it was a death every hundred thousand miles. Now it's a death every six, seven million miles.

• 2:15Speaker 01

  I was very lucky because by the time I came in, they had carbon fiber chassis. They had a roll hoop now, you know, and this protection, this halo around your head, which recently saved a couple of lives in the last five years. Because Max Verstappen, who's now the four-time world champion at the moment, he landed on Lewis Hamilton's head in Italy with the full car. And it was this halo that saved Lewis Hamilton's life. So we're very, very lucky how the sport has progressed with the safety.

• 2:48David Friedberg?

  How did you start? How old were you? Because I didn't realize, yesterday I go into the suite that we have and they say this kid is 18 years old as a driver. I had no idea that kids that young were driving. How old were you when you started? And at what point did you start to become competitive?

• 3:04Speaker 01

  So it's a bit like with every sport that you have to start very, very young. I started, I was six, started go-karting, I was six. And then racing, 10 years old. Now they start racing when they're eight years old. So Antonelli, who was on pole position yesterday, the 18-year-old, he started racing, he was eight. He was in my go-karting team when he was 12. So I know him very, very well and he is a generational talent. But it's very early for him because he's only 18 and he took over the car of the greatest of all time. Lewis Hamilton left Mercedes to go to Ferrari. And Antonelli took this car from Lewis Hamilton. That is insane pressure.

• 3:45Chamath Palihapitiya?

  Answer this question if you could. You said generational talent. So if we had to design some kind of a model, could you define the features that he had when he was six, seven or eight years old? That could have predicted how good it was?

• 4:03David Friedberg?

  Like, is it the midichlorian?

• 4:06David Friedberg?

  Well, Anakin Skywalker was really good.

• 4:09Jason Calacanis?

  I don't know, Nico, but I'm quite a specialist on Star Wars lore.

• 4:13David Friedberg?

  Yeah, anyway.

• 4:14Jason Calacanis?

  The metachlorian defined the Jedi Knights.

• 4:16Chamath Palihapitiya?

  Nico, do you think that you could design something where people's kids could come and take some kind of test, you look at your reflexes, or your, you know, your eye twitch speed, or the way your brain works, and is there a pattern, do you think, that is genetically predisposes some people to just be exceptional?

• 4:34Speaker 01

  So, we've not come to that point yet, that we actually go through such tests, but I think there are a couple of things that would, that would kind of satisfy that, and one is your speed of processing, because in a race car, you're going at 220 mile an hour, and you have so many inputs flying at you, and not only visual, also sensual, everything, and also sound, with the engine and everything, and you have to process that so rapidly.

• 4:59Chamath Palihapitiya?

  How did you train for that?

• 5:01Speaker 01

  I even had a computer program, which I developed just for myself, actually, where I would have all these different inputs, so, audio, touch, tactile, I had like a thing around here, and even then visual on the computer, and I would be catching these inputs, like, and trying to break my record, and the faster I would go, the faster the program would go. So I was trying to develop these kind of things that, to train my brain to move faster and react quicker.

• 5:27Chamath Palihapitiya?

  So, reaction time is the key skillset of a driver?

• 5:30Speaker 01

  It's one of the ones.

• 5:31Chamath Palihapitiya?

  Is it also being courageous, and like, something with your amygdala, where like, you don't have fear?

• 5:37Speaker 01

  There's that, certainly, yeah. Although, I would say that I am actually someone who's quite fearful, but when you're in it, you kind of also get used to things, yeah, and you start to feel quite safe in the car nowadays, because I'm not a crazy adrenaline junkie, unlike most other drivers, actually, out there, like someone like...

• 5:56David Friedberg?

  You find that they are adrenaline junkies?

• 5:57Speaker 01

  Yeah, like someone like Verstappen is fearless, like, completely, or even Hamilton, you know, they're proper, quite nutcases, so...

• 6:06David Friedberg?

  The pads are a little different for everyone.

• 6:08Speaker 01

  Yeah, there's different characters.

• 6:09Chamath Palihapitiya?

  So, there's a recklessness to the personality type, there is a...

• 6:12Speaker 01

  Then of course, there's hand-eye coordination. So to your point, Chamath, for young kids, probably there's a high chance that you put a tennis racket in their hand, they'll also be pretty good very quickly. And it's a similar set of skills.

• 6:25David Friedberg?

  Can we shift and talk a little bit about the business of Formula One? I mean, we were talking backstage before the show a little bit, and you shared some of the anecdotes about some of the valuations and what's happened over the last decade, decade and a half. Maybe you can, you know, just kind of paint a picture for us on how this has evolved as kind of a business and where things sit today, where they're headed, and what's driven that?

• 6:46Speaker 01

  Yeah, so I'm a venture capitalist myself, and that's why I'm very interested in the business side of sport. And F1 has gone through such an incredible inflection, and there's a couple of factors that have come into play. They brought in budget caps for the teams. So the teams were spending just on their car development, like north of $200 million a year, and now it's like limited to $130 million a year just for the chassis itself, not excluding engine, drivers, and top personnel.

• 7:16David Friedberg?

  $130 million on how many cars is that?

• 7:20Speaker 01

  Well, there's 10 teams.

• 7:21David Friedberg?

  Yeah. No, but is the $130 million...

• 7:23Speaker 01

  Two cars, two race cars per year.

• 7:25David Friedberg?

  Per year.

• 7:26Speaker 01

  But that's just the chassis. You then have the engine, which is another 70 million. You then have the top driver who takes 50 million a year.

• 7:33David Friedberg?

  Or 100.

• 7:34Speaker 01

  No, 100, no.

• 7:35Chamath Palihapitiya?

  That was the Verstappen rumor to go to.

• 7:37Speaker 01

  Yeah, plus marketing, plus, plus, you get to maybe 70, 80.

• 7:41David Friedberg?

  So fielding a team is how much?

• 7:43Speaker 01

  Fielding a team is around, you get close to 300 million.

• 7:48David Friedberg?

  Wow.

• 7:48Speaker 01

  Yeah.

• 7:49David Friedberg?

  But you're saying that the budget cap allowed everything to kind of be constrained?

• 7:53Speaker 01

  Yes, because so the budget cap brought in this cap for developing the chassis to 130. Then suddenly Netflix also came in, and Netflix has just made the sport so much more popular, it's unbelievable.

• 8:05David Friedberg?

  So that series really changed the landscape.

• 8:07Speaker 01

  Just in the US, you've gone from in the last couple of like six years, 20 million fans to like 50 million fans. It's more than doubled, only in the US alone.

• 8:15David Friedberg?

  What do you think Netflix did right?

• 8:18Speaker 01

  So Netflix, the owners of F1 are Liberty, which is a US-based company. And they did very well. They opened up social media. The new generation of drivers are really social media savvy. And the fanbase is 40% women in America. How many women here today are F1 fans? Loads, there we go. Okay, not too bad.

• 8:44Jason Calacanis?

  Are all the drivers as good-looking as you, or no?

• 8:46Speaker 01

  No, I don't want to go into that kind of...

• 8:49Jason Calacanis?

  Don't be too yourself in Miami.

• 8:50David Friedberg?

  So the audience blew up?

• 8:52Speaker 01

  The audience has blown up. And you asked me, what did they get right? So what did they get right? The Netflix show, for those of you who've seen it, it's like a reality TV show. It's not just a sports documentary, like, hey, this guy won here. But they managed to capture these personas behind the scenes. And you really get to see the human beings behind the sport. And that's very special. And they tried to replicate it in other sports, like, I think, golf and tennis. And it didn't work out as well. Because I think they got a little bit lucky also that here, quite a few characters allowed them and completely opened up and allowed Netflix to capture the real intense behind-the-scenes moment. And it's just fascinating to follow. So that's what worked so well.

• 9:35David Friedberg?

  Because before, if you come in as an outsider, I had this experience, like, what team are you, who you support? Like, I'm not really sure. But once you get to know the personalities, you have a vested interest, you have a history, there's something that you can contextualize.

• 9:47Speaker 01

  Let me just end on the business part.

• 9:50David Friedberg?

  Yes.

• 9:51Speaker 01

  So teams, like, 10 years ago, F1 teams were worth $150 million. And they would lose $50 million a year. And now, the top teams go for $5 to $6 billion, 10 years later. It's like eye-watering. It's incredible.

• 10:06Jason Calacanis?

  Do you guys fuck with each other when you're driving the race? You try to, like, bump into each other, you know?

• 10:11Speaker 01

  100%. It's part of the game. You have to, unfortunately.

• 10:14Jason Calacanis?

  Explain, because I'm a neophyte. I don't understand it. And I see, like, once in a while, these NASCAR guys pull over. They get out, they throw their helmets at each other. You know, they get really upset. But they seem like hillbillies. You guys seem like a bunch of Europeans and...

• 10:30Chamath Palihapitiya?

  You guys seem like you're fancy, like a little more elegant. What do you guys do? Do you guys like spray with Clio on each other or something? How do you guys mess with each other?

• 10:40Speaker 01

  Nico wouldn't watch his TV. We had one guy push, it was Verstappen, push the other guy and he got like one week of community service.

• 10:47Chamath Palihapitiya?

  Shoved him.

• 10:48Speaker 01

  That was as far as it went.

• 10:50Chamath Palihapitiya?

  That's as far as the physical. But when you're in the car.

• 10:52Speaker 01

  Yeah, it's fierce. It's fierce.

• 10:54Chamath Palihapitiya?

  So, take us through, like what was the craziest you've ever been involved in altercation-wise?

• 10:59Speaker 01

  Well, my rival was my teammate. My rival was Lewis Hamilton at the time. We were both racing for Mercedes. Any Lewis Hamilton fans here today? A little bit. Okay, some here, good.

• 11:12Chamath Palihapitiya?

  Actually Nico, can you talk about that? In that period, he's so dominant, but the car's so dominant, and then you win. What is it like where you're teammates with your biggest competitor? Like, what is that dynamic like? That psychological dynamic? Are you friends? Are you guys friends?

• 11:30Speaker 01

  So with Lewis Hamilton, we were actually best friends when we were 14 years old. We grew up racing together in the same team, best friends. But when you get to F1, it's just so intense and so much is at stake. And if it's just the two of you racing for race wins every single time.

• 11:46Chamath Palihapitiya?

  You can't stand him, you hate him.

• 11:48Speaker 01

  Yeah, it goes into hating, yeah.

• 11:49Chamath Palihapitiya?

  Yeah, like real hate. I can see the contempt. Do you talk during the week? Or you don't even really interact?

• 11:55Speaker 01

  No, you don't interact much. So unfortunately, it really becomes like an enemy in a way, you know? And internally, in your own team.

• 12:03Chamath Palihapitiya?

  Yeah.

• 12:04Speaker 01

  It's a horrible dynamic.

• 12:05Chamath Palihapitiya?

  Right.

• 12:05Speaker 01

  Because also even the rest of the team then need to start to be neutral, they can't take any sides. So even when you win, it's not like everybody's leaning in with you.

• 12:16Chamath Palihapitiya?

  Yeah, mixed emotions.

• 12:17Speaker 01

  It's really a tough situation.

• 12:18Chamath Palihapitiya?

  So it's like two people in the same project.

• 12:21Speaker 01

  Yeah.

• 12:21Chamath Palihapitiya?

  Who can't stand each other, Friedberg.

• 12:25Chamath Palihapitiya?

  Yet they keep, but you keep working together. Yeah, I wasn't gonna say it. Nico, how much of that fed your decision to retire, literally days after you won the... That was a little, I think that caught some people off-guard. Can you just tell us what happened there?

• 12:38Speaker 01

  Yeah, sure. I was in my prime and I won that championship, which for me was my dream come true. And it was extremely intense. Thank you. It was extremely...

• 12:47Chamath Palihapitiya?

  Thanks, Mom.

• 12:48Speaker 01

  I got one clap. From my mom sitting in the audience.

• 12:51Chamath Palihapitiya?

  Yeah, she's a very big fan.

• 12:52Speaker 01

  I'm just kidding.

• 12:54Chamath Palihapitiya?

  Way to go, Mom.

• 12:59Speaker 01

  Yeah, it was extremely intense and for me it just felt like the right moment to... I had a young daughter at home, she was one-year-old, family. Just felt like the right moment. I was in one piece to your comment, it being dangerous. And I just decided rationally, you know, I never wanted to exit on the way down. That's something I definitely wanted to avoid. I wanted to exit at the top. And that was my moment and I decided to pull the trigger.

• 13:21Chamath Palihapitiya?

  Has there been a good ROI for the car companies that have invested in F1? In that, all this money that they spend, other than the notoriety, are they inventing things that we all use and see and interact with day-to-day in our own daily driving experience or not really?

• 13:39Speaker 01

  So you probably will be driving an AMG at some point?

• 13:42Chamath Palihapitiya?

  I had an AMG at one point, yeah.

• 13:45Speaker 01

  And there is tech from the F1 team in there now.

• 13:48Chamath Palihapitiya?

  Okay.

• 13:48Speaker 01

  For the hybrid now.

• 13:49Chamath Palihapitiya?

  So from Mercedes, yes.

• 13:51Speaker 01

  Because they're going to be going hybrid and... Yeah, every car company will be benefiting. But the return on investment is also in terms of marketing. Mercedes, there's a calculated return on investment, which is $2 billion worth for their brand annually. And they don't actually invest money anymore because the team is profitable now.

• 14:09Chamath Palihapitiya?

  Right.

• 14:10Speaker 01

  And highly profitable. Like, these teams make $200, $300 million in profit every year.

• 14:14David Friedberg?

  So they now have $6 billion valuations. Have we kind of peaked from your point of view? Is the market and the valuation curve still being climbed?

• 14:24Speaker 01

  There's still a lot of upside at the moment because this growth has just happened in the last five years.

• 14:29David Friedberg?

  Yeah.

• 14:30Speaker 01

  And there's still, I mean, even America, there's still loads of growth potential, more races, there's licensing, the sport hasn't really even tapped into that yet.

• 14:38David Friedberg?

  Do you think there's something about sports that are kind of more tuned to the way our brains now operate? In a social media world, like a fast-paced world, like, you know, golf became live, I mean, live really kind of changed the face of golf. There's now, baseball's obviously dead, I mean, MLB's been on the decline for years in the United States. Not saying anything negative about baseball, I'm just saying that the viewership is going down.

• 15:03Chamath Palihapitiya?

  No, no, no, you're...

• 15:04David Friedberg?

  There's a lot of games and it's slow. But there's also these conversations about basketball, NBA.

• 15:09Chamath Palihapitiya?

  I'll tell you this crazy anecdote. I was a co-owner of the Warriors. I sold two years ago. A friend of mine, a friend of ours, is in the market for a sports team. And he went to Europe to look at a bunch of soccer teams and then we were all having dinner. And his bankers produced this study.

• 15:26Chamath Palihapitiya?

  That showed exactly this problem, which is young people, their attention span is shrinking. As it shrinks, there are certain sports they just cannot watch anymore.

• 15:35David Friedberg?

  Cannot watch.

• 15:35Chamath Palihapitiya?

  And it's totally correlated, the negative viewership in baseball, the increase in the use of clips. So people are willing to watch baseball clips. They will not watch a baseball game to save their life. People will watch basketball clips. They won't watch basketball games.

• 15:47David Friedberg?

  The NBA is moving to clips, yeah.

• 15:49Chamath Palihapitiya?

  And so it's this weird construction, but in some ways, F1 is very set up for this already naturally, right? Do people don't really watch the whole sport as much as they want to watch clips, I'm guessing?

• 16:02David Friedberg?

  It's not that long. What do you do? I don't know. It's a lot of hours. How long is this race on Sunday? Are you trying to say our sport is boring or what? It's never boring and it's not that long. I mean, that's the thing about it.

• 16:11Chamath Palihapitiya?

  But you guys also have a lot of data, telemetry, like you can feed that kind of anxious mind.

• 16:16David Friedberg?

  And there's no brakes. It just goes.

• 16:19Speaker 01

  I'm not sure if you have a point there, unfortunately, but...

• 16:25David Friedberg?

  Pretty diplomatic. I was just trying to move the conversation.

• 16:27Speaker 01

  No, what I can say is that our sport has like the highest engagement rates across all sports, even comparing to NBA and everything. But why is that? I think there's just a huge hype at the moment and maybe, yes, maybe, okay, maybe a little bit. It is fast pacing. There's incredible action scenes, like thrilling action. There's huge crashes.

• 16:47David Friedberg?

  Did you not want to get in the business? Given your knowledge and your experience, you didn't want to be in the... Because you now have transitioned into venture capital. How did you make that decision versus working in the business of Formula One?

• 16:59Chamath Palihapitiya?

  Oh, great question.

• 17:00Speaker 01

  Because, yeah, that's a good question. So in Formula One, what jobs would have been left for me now after driving would be, for example, running a team. But running a team is 24/7. Like you need full commitment. You need to move to the UK. All the teams are in the UK. It's a full life dedication. And I've been, I've done that, been there, done that. Now I want more freedom in my life to define my calendar and everything and be at home more. And so that job, for example, would not be a possibility and not something I want to do. And then beyond that, yeah, you can be a driver manager, but even there, you need full commitment.

• 17:36Chamath Palihapitiya?

  So tell us about this transition into tech and investing and venture. What was that journey and what attracted you to that?

• 17:45Speaker 01

  I was always inspired by people like Elon Musk, who obviously you were talking about before, and those achievements that you have this idea and then you achieve something which has impacts, like millions of lives. I just found that fascinating. So I always just wanted to pursue that path. So I started investing as an angel investor.

• 18:02Chamath Palihapitiya?

  Hold on a second. Take it easy.

• 18:04Jason Calacanis?

  Angel investing. What are you doing after the show? Did you ever read the book Angel?

• 18:08Chamath Palihapitiya?

  It's a phenomenal book.

• 18:09Jason Calacanis?

  It's in twelve languages. I'll sign a copy for you.

• 18:12David Friedberg?

  There's a book called Angel. It's eighty-four pages.

• 18:14Jason Calacanis?

  What were your first few deals?

• 18:16Speaker 01

  Eleven labs, for example.

• 18:19Jason Calacanis?

  Good for you. Pretty good.

• 18:20Speaker 01

  Yeah, that's gone really well.

• 18:24Jason Calacanis?

  How did you find that? Yeah, how did that come about?

• 18:26Speaker 01

  I mean, I'm really putting an effort into this community as well. I'm spending a lot of time in Silicon Valley, meeting everybody and also connecting to the European corporate landscape. So I'm bringing customers, revenues, connecting, building bridges. Because there's a unique angle that I can bring, you know, thanks to my sports past. So I've just built my way into it and built a reputation and then you start getting the opportunities.

• 18:49Chamath Palihapitiya?

  What themes, Nico, have you invested in that today you would not invest knowing what you know today? Not the ones that are boring.

• 18:56Speaker 01

  Yeah, that's the flying taxis, the Vittles, for example. Germany, yeah, Germany was leading the way on those. You have Joby, for example, Joby Aviation, which is probably currently best positioned in the US. But Germany was leading the way with two horses in the race and both of them have run into trouble. One is bankrupt, one was both bankrupt, I think. So that's something that then in hindsight, you of course...

• 19:22Jason Calacanis?

  If you had read the book, you would have known hardware is hard.

• 19:26Speaker 01

  Right, I would have avoided that.

• 19:27Jason Calacanis?

  You should have gotten that chapter.

• 19:29Speaker 01

  I should have listened to you.

• 19:30Jason Calacanis?

  Get a highlighter out. Hardware is hard.

• 19:32Speaker 01

  And hardware is even harder now with the tariffs. I'm hearing now, like I have a... I invested also in a cyber e-scooter here in New York called Infinite Machine. And now with the tariffs, because the supply chain is so...

• 19:44Jason Calacanis?

  So brutal.

• 19:44Speaker 01

  Concentrated in China. It's just, it's a complete mess.

• 19:49Chamath Palihapitiya?

  Yeah. Nico, what about the political landscape in Europe? There was a pretty important election in Germany. It seemed to kind of go down the middle. What goes of Europe? What's happening in Europe? The investability of Europe? The ability to do business in Europe? What do European industrial businesses do? There's a ton of skill. There's a ton of cash. When you talk to those folks, what do you tell them?

• 20:09Speaker 01

  I know you're very, very bearish on Europe. You wouldn't put a dollar there, but is that correct?

• 20:16Jason Calacanis?

  Well, no, for sweaters and wine, he puts much more than a dollar.

• 20:19Speaker 01

  That's true.

• 20:21Jason Calacanis?

  Pretty prolific.

• 20:22Chamath Palihapitiya?

  It's a really good question. I actually think industrials...

• 20:24Speaker 01

  And yacht charters, right?

• 20:25Jason Calacanis?

  Yes.

• 20:26Chamath Palihapitiya?

  Industrials, I would. Industrials, I think there's tremendous skill. Outside of industrials, I think it's hard.

• 20:33Speaker 01

  Yeah, so we have the problems with regulatory frameworks being way too cumbersome. We have the geographic fragmentation in Europe, which is very different to the US. Politically, it's really, I mean, quite in a bad place at the moment. And so, yeah, I understand. But at the same time, as you said, talent density is insane. The universities are some of the best in the world. So that's where our hope is, in the next generation that's coming now.

• 21:03Jason Calacanis?

  Stick to the Nordics.

• 21:04Speaker 01

  And the Nordics are very powerful, yes.

• 21:06Jason Calacanis?

  It's also in the Spotify chapter four.

• 21:09Speaker 01

  I'm German.

• 21:09Jason Calacanis?

  A little bit in Germany.

• 21:10Speaker 01

  There's a lot of hope still.

• 21:11Jason Calacanis?

  Yeah. Hey, what's your daily driver?

• 21:13Speaker 01

  Daily driver is a Porsche.

• 21:16Jason Calacanis?

  A Porsche?

• 21:16Speaker 01

  Yeah.

• 21:17Jason Calacanis?

  And then when you're with your daughter, I don't know how old she is, but you ever like pull some tricks? And like, does she like, "Hey, Dad"?

• 21:23Speaker 01

  No, she shouts, "Drive slowly, Daddy."

• 21:25Jason Calacanis?

  Really?

• 21:25Speaker 01

  I'm not allowed to drive fast with her, no. Terrified, which is fine.

• 21:29Jason Calacanis?

  Which is fine. You don't want her to get into the family business?

• 21:32Speaker 01

  No, no, no.

• 21:33Chamath Palihapitiya?

  What are some investments that you're really excited by?

• 21:37Speaker 01

  Beyond Eleven Labs, there would be Applied Intuition, another one.

• 21:41Jason Calacanis?

  Oh, great business.

• 21:42Speaker 01

  Where I'm in.

• 21:43Jason Calacanis?

  That's a really, really interesting company.

• 21:44Speaker 01

  It's a company that supplies software primarily to all the legacy car manufacturers that have not managed this transition to being software-first. Like Tesla has shown the way. And this startup...

• 21:57Chamath Palihapitiya?

  It's like Scale AI for automotive in some ways, right?

• 22:01Speaker 01

  For part of the business, yeah.

• 22:02Jason Calacanis?

  Nico, you're gonna fit right in. Have you learned to play poker yet?

• 22:05Speaker 01

  I'm a good poker player.

• 22:06Jason Calacanis?

  You're a good poker player? We'll see you on Thursday.

• 22:07Speaker 01

  Get out.

• 22:08Chamath Palihapitiya?

  Excuse me, hold on, Nico.

• 22:09Jason Calacanis?

  Now you're eating delicious. Give it up for Nico. Great seeing you. Thanks for coming out. Thanks to our new bestie Nico Rosberg for joining us in Miami for F1 and thanks to you, the audience, for tuning in. If you want to come to our next event, it's the All In Summit in Los Angeles. Fourth year for All In Summit. Go to allin.com/events to apply. A very special thanks to our new partner, OKX, the new money app. OKX was the sponsor of the McLaren F1 team, which won the race in Miami. Thanks to Hyder and his team, an amazing partner and an amazing team. We really enjoyed spending time with you. And OKX launched their new crypto exchange here in the US. If you love All In, go check

• 22:54Jason Calacanis?

  them out. And a special thanks to our friends at Circle. They're the team behind USDC. Yes, your favorite stablecoin in the world. USDC is a fully backed digital dollar, redeemable one for one for USD. It's built for speed, safety, and scale. They just announced the Circle Payments Network. This is enterprise-grade infrastructure that bridges the gap between the digital economy and outdated financial rails. Go check out USDC for all your stablecoin needs. And special thanks to my friends, including Shane over at Polymarket, Google Cloud, Solana, and BVNK. We couldn't have done it without y'all. Thank you so much.

• 23:33Speaker 04

  We'll let your winners ride.

• 23:37Jason Calacanis?

  Rain Man David.

• 23:39Speaker 04

  And instead, we open source it to the fans and they've just gone crazy with it. Love you, besties. The queen of Kewa. Besties are back.

• 23:49Chamath Palihapitiya?

  That is my dog thinking I'm on his driveway.

• 23:50Speaker 04

  We should all just get a room and just have one big huge orgy because they're all just pissed. It's like this sexual tension that they just need to release somehow. What? You're the beef. What? You're the beef. We need to get merch. Besties are back.