All-In with Chamath, Jason, Sacks & Friedberg · Friday, October 23, 2026
Chamath Palihapitiya argued that roughly 80% of top AI token spending comes from unprofitable VC-backed startups recycling capital back into closed-ecosystem AI providers. He noted that AI suffers from a diffusion problem, with large enterprises instead favoring open-source options and proprietary data centers.
“My back of the envelope mouth, knowing everything that I know and everything that I see, is about 1% of all of the companies that, represent 90% of the world. of all the revenue. And Revenue for AI spend? Yeah. So what I said was 1% of companies represent 90% of AI spending. So that's tokens. And of that 90%, 80% of them, are from unprofitable VC-backed companies.”