What did Chamath say about Ken Griffin's AI bubble warning on All-In?

Chamath Palihapitiya said Ken Griffin had spotted a real structural problem. By Chamath's estimate, 1% of companies account for 90% of AI spending, and about 80% of that comes from unprofitable venture-backed startups whose spending circles back through the same investors. For AI to become a reliable driver of earnings, he said, it has to spread beyond the startup world, and as it spreads, buyers are choosing open-source models.

Chamath said Ramp's chief economist judged his estimate to be roughly correct, and previewed a Ramp chart showing top AI spenders buying more of their own GPU compute.
Chamath said one of the largest US banks cut its AWS and Google Cloud spend and now runs six data centers it built itself.
Jason Calacanis disagreed with Griffin, arguing that startups rushing to a technology is a sign it is the best tool available.

▸In their words

“But as it diffuses out, people are picking open source is what I would tell you.” Chamath Palihapitiya · at 6:57 — open in the transcript →

Source: our own transcription of the episode. The full conversation is on All-In with Chamath, Jason, Sacks & Friedberg (2026-10-23). Read the whole episode summary →

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