All-In E89: GDP growth negative in Q2, $SHOP layoffs, Alzheimer's fraud, Ginkgo acquires Zymergen & more

Episode 89 • 7/29/2022

Q2 GDP fell 0.9%, marking second consecutive quarter of decline after Q1's 1.6% drop
The group debated the White House's attempts to redefine recession, with Sacks criticizing the administration for muddying the definition
Chamath argued focus should be on explaining basic statistics and getting back to equilibrium rather than debating definitions
Discussion of Fed's response, with Powell being criticized for reacting too slowly to inflation signals

Shopify laid off 10% of workforce (1,000 people) due to e-commerce growth not meeting pandemic-accelerated projections
CEO Toby Lütke took responsibility for overestimating e-commerce adoption trends
Analysis of how COVID temporarily accelerated certain trends that are now regressing to pre-pandemic levels

Major fraud uncovered in influential 2006 Alzheimer's research paper about amyloid beta proteins
Led to billions in misguided research funding over 16 years
Discussion of systemic issues in scientific research funding and peer review process
Friedberg noted lack of incentives to verify/challenge established research

Ginkgo acquiring Zymergen for $300M after latter raised $1.5B since 2013
Analysis of synthetic biology industry challenges and historical context
Discussion of challenges when "science meets money" and storytelling gets ahead of technological reality

Debate over government subsidies for EVs and solar
Friedberg argued markets are already working and subsidies unnecessary at this point
Chamath suggested government role should be limited to early-stage market development
Discussion of Manchin-Schumer deal and "Inflation Reduction Act"

Analysis of Democratic strategy of funding MAGA candidates in Republican primaries
Sacks criticized this as cynical given Democrats' messaging about threats to democracy
Discussion of potential 2024 presidential candidates including Trump, DeSantis, and hypothetical Bezos run