Software Stocks Implode, Claude's Hit List, State of the Union Reactions, Trump's Tariff Pivot

DEBRIEFWritten and voiced by AI from the episode's audio

This episode of the All-In Podcast covers four major topics. First, the hosts dissect the 'Anthropic kill list' phenomenon — a series of Claude AI announcements in February 2026 that tanked legal tech, cybersecurity, and legacy IT stocks — alongside the viral 'Citrini Report,' a speculative Substack post predicting AI-driven economic collapse that moved markets, later revealed to have been co-authored by a short-seller with positions in the stocks it named. The hosts debate whether we've shifted from a 'when' to an 'if' mindset regarding SaaS cash flow durability. Second, the group debates doomer vs. utopian AI narratives, with Sacks arguing Jevons Paradox will drive more demand for software engineers, not less, and Jason Calacanis sharing firsthand experience deploying Claude-based agents across his business to replace software purchases and automate knowledge work. Third, Trump's 'Ratepayer Protection Pledge' — requiring hyperscalers to self-fund power for AI data centers — is analyzed alongside growing local opposition to data center construction, with the hosts warning that canceled projects could cost the industry $130B in lost revenue over two years. Finally, the hosts react to Trump's State of the Union (longest on record at 108 minutes), debate Democratic behavior during the speech, and analyze the Supreme Court's 6-3 ruling striking down Trump's IEEPA tariffs — a decision the hosts largely view as constitutionally sound, while predicting tariffs will continue under alternative legal authorities.