The Future of Everything: What CEOs of Circle, CrowdStrike & More See Coming in 2026
In this episode of All-In, CEOs and industry leaders explore major technological developments expected to shape the next few years. The discussion covers the growing role of stablecoins in global finance, with Circle's representatives explaining how these digital currencies are being integrated into traditional banking and business transactions. The conversation also examines the infrastructure requirements for advancing AI technology, including innovative approaches to data center development and energy solutions.
The participants delve into the practical challenges and opportunities in building the foundation for future technologies. Topics include the development of specialized computing facilities powered by various energy sources, from natural gas to nuclear, and the potential adaptation of existing infrastructure for new transportation technologies like EVTOL aircraft. The discussion emphasizes how these developments in cryptocurrency, AI, and infrastructure may influence business operations and daily life by 2026.
This is a preview of the Shortform summary of the Jan 25, 2026 episode of the All-In with Chamath, Jason, Sacks & Friedberg
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1-Page Summary
Cryptocurrency and Digital Finance
Jeremy Allaire from Circle and Jason Calacanis discuss the evolution of stablecoins in the global financial ecosystem. Allaire describes stablecoins as a bridge between traditional currencies and cryptocurrencies, comparing them to "HTTP for dollars on the internet." USDC, a regulated stablecoin, has become widely adopted by banks, businesses, and individuals for its speed, security, and efficiency in online transactions.
The discussion highlights how stablecoins are transforming various aspects of finance, from enhancing payment utilities through established players like American Express to enabling efficient business financing. Calacanis points to the Genius Act as a crucial regulatory framework guiding stablecoin development, while Allaire emphasizes Circle's commitment to operating within existing financial systems.
Advancements in AI and Cloud Computing
Chase Lochmiller discusses the growing demands of AI computing power and innovative solutions in data center development. His company, Crusoe Cloud, takes an energy-first approach to building computing infrastructure, utilizing natural gas-powered data centers and implementing advanced cooling systems to support AI operations.
The conversation reveals how AI services are becoming integral to various industries. Lochmiller notes that their specialized data center services cater to select big tech companies, while Calacanis predicts a significant AI resurgence by 2026. George Kurtz adds insights about AI's dual role in cybersecurity, both as a defensive and offensive tool.
Infrastructure Development to Support AI and Transportation Innovations
Adam Goldstein and Chase Lochmiller explore the infrastructure needed for emerging technologies. Goldstein highlights the potential for existing heliport infrastructure in major U.S. cities to support EVTOL (Electric Vertical Takeoff and Landing) aircraft development.
Lochmiller details innovative energy solutions for computing demands, including a 1.2 gigawatt substation in Abilene, Texas, and plans for the first AI factory powered by a Small Modular Nuclear Reactor by 2027. He discusses various energy sources, from solar and geothermal to hydro energy in the Nordics, emphasizing the importance of sustainable and resilient systems for future computing needs.
1-Page Summary
Additional Materials
Clarifications
- Stablecoins are digital currencies pegged to stable assets like the US dollar to minimize price volatility. They enable seamless transfers between traditional money systems and blockchain networks. This stability allows users to transact with cryptocurrency benefits without exposure to rapid value changes. Stablecoins facilitate faster, cheaper, and more secure cross-border payments compared to conventional banking.
- USDC (USD Coin) is a type of stablecoin pegged 1:1 to the US dollar, meaning each USDC token is backed by a dollar held in reserve. It is considered regulated because it complies with U.S. financial regulations, including regular audits and transparency requirements. The issuing company, Circle, works closely with regulators to ensure legal compliance and consumer protection. This regulatory oversight distinguishes USDC from many other stablecoins that operate with less transparency or oversight.
- Circle is a financial technology company that issues the USDC stablecoin, pegged to the US dollar. It ensures USDC is fully backed by reserves held in regulated financial institutions. Circle provides transparency through regular audits and compliance with financial regulations. Its platform enables fast, secure digital payments and transfers globally.
- Natural gas-powered data centers use natural gas as a primary energy source, which can be cleaner than coal or oil, producing fewer carbon emissions. They often incorporate combined heat and power (CHP) systems to increase energy efficiency by capturing and reusing heat generated during electricity production. Advanced cooling technologies are essential to manage the significant heat output from servers, reducing energy consumption and environmental impact. This approach balances high computing demands with efforts to lower the carbon footprint compared to traditional fossil fuel-powered centers.
- EVTOL aircraft are electric-powered vehicles capable of taking off and landing vertically, like helicopters, but typically quieter and more energy-efficient. They are designed for urban air mobility, offering quick, flexible transportation within cities. Existing heliport infrastructure can be adapted to support EVTOL operations, providing ready-made landing and takeoff sites. This reuse accelerates EVTOL deployment by leveraging current facilities rather than building new ones from scratch.
- A Small Modular Nuclear Reactor (SMR) is a compact, scalable nuclear power plant designed for safer, more flexible energy production. It generates large amounts of reliable, low-carbon electricity suitable for continuous, high-demand operations like AI data centers. Using SMRs can reduce dependence on fossil fuels and enhance energy security for critical infrastructure. This approach supports sustainable growth in energy-intensive technologies such as AI computing.
- A 1.2 gigawatt substation is a large electrical facility that transforms and distributes high-voltage power to meet substantial energy demands. It is crucial for supporting energy-intensive operations like data centers and AI factories, ensuring stable and reliable electricity supply. Such capacity enables integration of diverse energy sources and helps prevent outages during peak usage. This scale of infrastructure is essential for powering future technologies requiring massive, continuous energy.
- AI serves defensive cybersecurity by detecting and responding to threats faster than humans can. It analyzes patterns to identify anomalies and potential attacks in real time. Offensively, AI can be used to automate and enhance cyberattacks, such as crafting sophisticated phishing or malware. This dual use creates a continuous arms race between attackers and defenders.
- AI services integrate into industries by automating routine tasks, improving decision-making through data analysis, and enhancing customer experiences with personalized interactions. In healthcare, AI aids in diagnostics and treatment planning. In finance, it detects fraud and manages risk. Manufacturing uses AI for predictive maintenance and optimizing production processes.
- The predicted AI resurgence by 2026 refers to a significant increase in AI development, adoption, and impact across industries. This resurgence is driven by advances in computing power, data availability, and improved algorithms. It will likely lead to more sophisticated AI applications in areas like automation, healthcare, and cybersecurity. The resurgence also implies greater integration of AI into everyday technology and business processes.
- Sustainable energy sources like solar, geothermal, and hydro provide clean, renewable power that reduces carbon emissions compared to fossil fuels. Solar energy captures sunlight using panels, geothermal taps heat from the Earth’s interior, and hydro uses flowing water to generate electricity. These sources offer reliable, long-term energy with lower environmental impact, crucial for powering energy-intensive computing infrastructure. Using them helps data centers operate sustainably and reduces dependence on non-renewable energy.
Counterarguments
- Stablecoins, while useful, also face regulatory challenges and scrutiny regarding their reserves and the potential for systemic risk to the financial system.
- The widespread adoption of USDC and other stablecoins may be overstated, as significant portions of the population remain unaware or skeptical of digital currencies.
- The Genius Act, while a step towards regulatory clarity, may not address all concerns related to stablecoin governance, monetary policy interference, and consumer protection.
- Circle's commitment to operating within existing financial systems may limit innovation or the ability to adapt to the rapidly changing landscape of digital finance.
- The growth in AI computing power demands could lead to increased energy consumption, raising concerns about the environmental impact despite efforts to use more efficient and cleaner energy sources.
- Crusoe Cloud's use of natural gas-powered data centers may be criticized for relying on fossil fuels, which contribute to greenhouse gas emissions.
- The prediction of a significant AI resurgence by 2026 may be overly optimistic, as technological advancements often face unforeseen challenges and delays.
- AI's role in cybersecurity as an offensive tool raises ethical concerns about the development and use of autonomous offensive capabilities.
- The potential for existing heliport infrastructure to support EVTOL aircraft development may be limited by regulatory, technological, and logistical challenges that have yet to be fully addressed.
- The reliance on innovative energy solutions like Small Modular Nuclear Reactors for computing infrastructure is contingent on public acceptance and regulatory approval, which can be uncertain.
- The emphasis on sustainable and resilient energy systems does not fully address the complexity of transitioning existing energy grids and infrastructure to accommodate new technologies.
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Cryptocurrency and Digital Finance
The integration of cryptocurrency into the global financial ecosystem is accelerating, with stablecoins such as USDC leading the charge. Jeremy Allaire from Circle, and Jason Calacanis, discuss the significant growth of stablecoins and their potential for mainstream financial integration.
Stablecoins Connect Traditional Finance and Cryptocurrencies
Jeremy Allaire outlines the conception of stablecoins as a bridge between traditional fiat currencies and the decentralized models of cryptocurrencies like Bitcoin. He likens stablecoins to "HTTP for dollars on the internet," acknowledging their importance in the evolution of digital money.
Stablecoins Like Usdc Provide Secure, Regulated Digital Money For Online Payments, Trading, and Financial Activities
Allaire discusses USDC, a stablecoin that functions under regulatory frameworks and is implemented in various applications, including banking systems. With stablecoins provoking a renaissance in the usage of money, Allaire notes their key role as native, secure dollars for internet transactions and credits the technology with enabling more open and flexible use cases compared to legacy payment and money systems. Moreover, Allaire emphasizes Circle's commitment to creating a trusted and regulated digital currency with USDC by pre-emptively hiring regulatory advisory firms to ensure legality and security.
Stablecoins Grow, Integrating Into the Global Financial Ecosystem
Stablecoins like USDC are now ubiquitous, used by banks, remote workers, businesses, and hedge funds, thanks to their speed, liquidity, and safety. As the technology weaves into various parts of the market, such as electronic markets firms, commerce, and personal transactions, its utility and efficiency over traditional financial methods are becoming ever clearer. USDC allows capital to flow with the cost-efficiency and speed of the internet, giving an edge to users participating in electronic markets.
Stablecoins Are Used by Banks, Businesses, and Individuals
Allaire illustrates the widespread use of stablecoins across the financial spectrum. From enhancing payment utilities through established financial players like American Express and Bank of America to providing a foundation for new credit products, stablecoins serve numerous purposes. They enable wealth management for traditional banks, efficient business financing, and instant transfer of money between global branches. The significant growth of USDC as the largest regulated stablecoin network with a high transaction volume affirms its growing integration into the global financial system.
Genius Act Guides St ...
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Cryptocurrency and Digital Finance
Additional Materials
Clarifications
- Stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to a reserve asset like the US dollar. Unlike Bitcoin, which has a fluctuating market price, stablecoins aim to minimize volatility to facilitate everyday transactions. This stability makes them more practical for payments and financial contracts. They often operate under regulatory oversight to ensure trust and security.
- USDC is a type of stablecoin pegged 1:1 to the US dollar, ensuring its value remains stable. It operates on blockchain technology, enabling fast and transparent digital transactions. Circle, the issuer, maintains reserves equal to the USDC in circulation, audited regularly to ensure backing. Regulatory compliance involves adhering to financial laws, including anti-money laundering (AML) and know-your-customer (KYC) rules, to ensure security and legality.
- "Regulated digital money" refers to digital currencies that comply with government laws and financial rules to ensure safety and legality. "Regulatory advisory firms" are specialized companies that help digital currency issuers understand and follow these laws. Their involvement reduces risks of fraud, money laundering, and legal penalties. This oversight builds trust among users and financial institutions.
- Jeremy Allaire's 2013 Senate testimony was an early effort to engage regulators on digital currency issues. It helped establish a foundation for legal and regulatory acceptance of cryptocurrencies. This testimony demonstrated Circle's proactive approach to compliance and shaped future regulatory frameworks. It is relevant as it shows the company's long-term commitment to regulated digital finance.
- Stablecoins integrate with traditional financial institutions by being incorporated into their payment and settlement systems, allowing digital dollar transactions to occur seamlessly alongside fiat currency operations. Institutions like American Express and Bank of America use stablecoins to enable faster cross-border payments and reduce transaction costs. Visa and Stripe facilitate merchant acceptance of stablecoins, expanding digital payment options for consumers and businesses. This integration leverages existing financial infrastructure while adding blockchain-based efficiency and transparency.
- Stablecoins operate on blockchain networks, allowing near-instantaneous transactions without traditional banking delays. They reduce costs by eliminating intermediaries and lowering fees compared to wire transfers or credit card payments. This digital infrastructure supports 24/7 global access, enabling seamless cross-border capital movement. As a result, businesses and individuals can transfer funds quickly and cheaply, similar to how data moves efficiently over the internet.
- Stablecoins provide a stable value digital asset that can be used as collateral for loans, enabling new credit products without traditional banking delays. They allow wealth managers to offer clients digital asset portfolios with lower volatility compared to cryptocurrencies like Bitcoin. This stability facilitates easier integration with existing financial tools and regulatory compliance. As a result, stablecoins help bridge traditional finance and decentralized finance (DeFi) for credit and investment services.
- Stablecoins offer remote workers fast, low-cost cross-border payments without currency conversion delays. Hedge funds use stablecoins for quick, efficient trading and liquidity management in digital asset markets. Small businesses benefit from instant settlements and reduced transaction fees, improving cash flow and operational e ...
Counterarguments
- Stablecoins may not be as decentralized as other cryptocurrencies, potentially subjecting them to censorship and control by central authorities.
- The reliance on stablecoins could reinforce the existing financial system's power structures rather than democratizing finance.
- Regulatory frameworks, while providing security, could also stifle innovation and limit the potential of cryptocurrencies.
- The value of stablecoins is tied to the stability of the underlying fiat currency, which may not be as stable in the long term due to inflation or other economic factors.
- The widespread adoption of stablecoins by traditional financial institutions could lead to increased surveillance and reduced privacy for users.
- The environmental impact of blockchain technology, which underpins stablecoins, is a concern due to the energy-intensive nature of some consensus mechanisms like proof-of-work.
- The claim that stablecoins offer greater utility and efficiency than traditional financial methods may not hold in all contexts, especially where digital infrastructure is lacking.
- The integration of stablecoins into existing financial platforms does not necessarily guarantee their success or user adoption.
- The assertion that USDC facilitates capital flow with the cost-efficiency and speed of the internet may not account for potential network congestion and associated fees.
- The Genius Act's prohibition on interest generation for sta ...
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Advancements in Ai and Cloud Computing
The field of artificial intelligence (AI) is rapidly growing, pushing technological boundaries and requiring innovative solutions in cloud computing to keep pace.
Ai Computing Power Demand Drives Data Center Innovation
Chase Lochmiller acknowledges the necessity for the technology industry to bring online the power necessary for new AI infrastructure, including data centers.
Crusoe Cloud Builds Energy-Efficient Centers for Large Language Model Training and Deployment
Lochmiller discusses Crusoe's energy-first approach for creating computing infrastructure, which allows access to abundant energy sources rather than relying on traditional network hubs. Crusoe Cloud, applying this innovative approach, aims to build a high-performance cloud platform for AI with the latest GPU technology, such as NVIDIA's Ampere generation GPUs, prior to Hopper implementation.
Advanced Cooling, Power, and Networking Enable Unparalleled Compute Density and Efficiency in Ai Data Centers
Crusoe Cloud focuses on creating energy-efficient solutions, like natural gas-powered data centers, which operate off-grid. Lochmiller mentions significant investments, including a $1.2 billion purchase for gas turbines to power their AI-centric infrastructure. To manage the intense power fluctuations that accompany large-scale AI operations, they utilize a one-hour battery energy storage system to smooth out the draw from GPUs running compute cycles.
The discussion centers around the need for continuous innovation to support growing AI computations. As AI becomes increasingly prevalent, solutions like Elon Musk's integration of advanced cooling, electrical, and hot-aisle containment systems in constructing the Colossus data center become essential steps in boosting efficiency of data centers.
Ai Services Are Integral to Industries and Businesses
Across industries, prominent companies are eager to harness AI to drive innovation and efficiency.
Leading Companies Developing Transformative Ai Models
Lochmiller mentions that AI services offered by Crusoe cater to a select subset of big tech companies. With their vertical integration, they can provide specialized data center services, easing significant bottlenecks for major tech entities that are adept in managing GPU clusters. An emerging trend points to data center racks increasing in power capacity, potentially reaching a megawatt—equivalent to the power consumption of a small town ...
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Advancements in Ai and Cloud Computing
Additional Materials
Clarifications
- NVIDIA's Ampere GPUs, released in 2020, introduced significant improvements in AI performance and energy efficiency over previous generations. They feature enhanced tensor cores optimized for deep learning tasks, enabling faster training and inference of AI models. The Hopper generation, expected after Ampere, aims to further boost AI capabilities with architectural innovations and increased computational power. These advancements allow data centers to handle larger, more complex AI workloads more efficiently.
- The "energy-first approach" in data centers prioritizes securing abundant, cost-effective, and sustainable energy sources before focusing on location or traditional network connectivity. It often involves situating data centers near energy production sites, such as natural gas fields or renewable energy plants, to reduce transmission losses and costs. This approach enables off-grid operation and enhances energy efficiency by aligning computing demand directly with energy availability. It contrasts with conventional data centers that prioritize proximity to network hubs over energy considerations.
- Hot-aisle containment systems separate the hot air exhausted from servers to prevent it from mixing with the cold air used for cooling. This containment improves cooling efficiency by directing hot air to return vents without reheating the intake air. It reduces energy consumption by allowing higher cooling precision and prevents overheating of equipment. The system typically involves physical barriers like doors and walls around server racks.
- Vertical integration in data center services means a company controls multiple stages of the supply chain, from hardware manufacturing to facility management and software deployment. This approach reduces reliance on external suppliers, improving efficiency and coordination. It allows faster innovation and tailored solutions for specific customer needs. Ultimately, it can lower costs and enhance performance by streamlining operations.
- Data center racks consuming up to a megawatt represent extremely high-density computing setups, often housing hundreds of GPUs or servers. Managing this power requires advanced cooling systems to prevent overheating and maintain performance. Electrical infrastructure must handle rapid power fluctuations and ensure stable delivery without outages. Such scale also demands sophisticated energy storage and distribution solutions to optimize efficiency and reliability.
- A one-hour battery energy storage system stores electrical energy to provide power during short-term demand spikes. It smooths out sudden increases in GPU power usage by releasing stored energy, preventing strain on the main power supply. This helps maintain stable and efficient operation of data center hardware. The system also allows better integration with variable energy sources like natural gas turbines.
- AI in cybersecurity can detect and respond to threats faster than humans by analyzing patterns and anomalies. Offensively, AI can be used to automate attacks, find vulnerabilities, and create sophisticated phishing schemes. Defensively, it strengthens systems by predicting attacks and improving threat intelligence. This dual use makes AI a powerful but double-edged tool in cybersecurity.
- Financial services like Circle must comply with strict regulations to prevent fraud, money laundering, and protect consumer data. AI implementation requires careful oversight to ensure algorithms do not violate laws or introduce bias. Regulatory bodies demand transparency, auditability, and risk management in AI systems. Non-compliance can lead to fines, legal action, and loss of customer trust.
- AI can automate task assignments and track progress to improve team productivity. It analyzes project data to identify bottlenecks and suggest optimizations. For household management, AI can schedule chores, manage s ...
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Infrastructure Development to Support AI and Transportation Innovations
Adam Goldstein and Chase Lochmiller discuss the infrastructure development initiatives required to support the burgeoning sectors of artificial intelligence (AI) and transportation technologies.
Race to Build EVTOL Infrastructure
Regulatory Bodies Fast-Track EVTOL Deployment in Major Cities
Goldstein highlights the potential for existing heliport infrastructure in major U.S. cities to support EVTOL (Electric Vertical Takeoff and Landing) aircraft. He mentions that the city, already the biggest helicopter market in the U.S., has three big heliports on the West Side, East Side, and downtown at Wall Street, indicating a readiness for EVTOL development.
Archer Aviation Builds Facilities, Partners With Authorities For EVTOL Hubs
While Archer Aviation is not mentioned directly, the conversation implies that companies are actively working with authorities to build facilities and collaborate on creating EVTOL hubs, an essential step for such technologies to become commonplace.
Innovative Solutions Are Crucial for Future Computing and Transportation Demands
Data Centers Explore Renewable Energy, Natural Gas, and Small Modular Nuclear Reactors
Lochmiller discusses the growing demand for energy in powering one of the world's largest clusters of GPUs. In Abilene, Texas, they built a 1.2 gigawatt substation and a 350 megawatt gas plant onsite, potentially indicating an exploration of natural gas for such energy needs. Furthermore, Lochmiller mentions access to a pipeline leading into gas turbines and working with companies like GE Vernova and Caterpillar's Solar to address supply chain constraints for energizing compute infrastructure.
Lochmiller's company, Crusoe Cloud, took an innovative approach by adapting a turbine, originally re-engineered for supersonic jet travel by Boom Supersonic, to power data centers.
AI-based Integration of New Energy Tech Fosters Sustainable, Resilient Systems
In Wyoming, Lochmiller mentions a 10 gigawatt campus project and references the potential for post-combustion carbon capture and sequestration using class six wells. He also discusses recycling end-of-life EV batteries for data center use and deploying a fully off-grid solar plus battery energy storage system that powers an AI data center continuously at lower power costs than in Northern Virginia. This system demonstrates an effective use of second-life recycled batteries for AI data centers.
Lochmiller notes that Crusoe has over 45 gigawatts in their energy infrastructure pipeline to support high-density compute layers and acknowledges the ensuing heat challenges. He talks about harnessing hydro energy in the Nordics, utilizing Norway and Iceland's geothermal and hydro resources. In his bullish take on Small Modular Nuclear Reactors (SMRs), he reveals plans to energize the first AI factory powered by an SMR by 2027 at the Idaho National Lab.
Additionally, Lochmiller’s partnership with Allo Energy ...
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Infrastructure Development to Support AI and Transportation Innovations
Additional Materials
Counterarguments
- EVTOL infrastructure may face public resistance due to noise, safety, and privacy concerns, which could slow down deployment despite existing heliport infrastructure.
- Fast-tracking regulatory approval for EVTOLs might compromise thorough safety and environmental impact assessments, leading to unforeseen issues post-deployment.
- Collaborations between companies and authorities for EVTOL hubs may prioritize commercial interests over local community needs and environmental considerations.
- The reliance on natural gas and small modular nuclear reactors for data center energy needs could be criticized for not moving fast enough away from fossil fuels and for potential safety concerns associated with nuclear energy.
- Adapting advanced turbine technology for data centers may not be as efficient or cost-effective as other renewable energy solutions in the long term.
- The use of post-combustion carbon capture and sequestration is still an emerging technology and may not be as effective or economically viable as other carbon reduction strategies.
- Recycling end-of-life electric vehicle batteries for data center energy storage might face scalability issues and could be less efficient than other storage technologies.
- Fully off-grid solar plus battery energy storage systems may not be feasible in all locations due to varying solar irradiance and land availability.
- The development of over 45 gigawatts of energy infrastructure could face significant regulatory, financial, and logistical challenges that might impede progress.
- While harnessing renewable energy in the Nordics is promising, it may not be easily replicable in other regions with different geographic and climatic conditions.
- The ambition to power an AI factory with a small modular nuclear reactor by 2027 may be overly optimistic given the regulatory hurdles and developmental challenges associated with SMRs.
- The impact of AI on defense sectors raises ethical concerns about the militarizatio ...
Actionables
- You can support the transition to sustainable energy by choosing to invest in green energy funds or companies that are developing renewable energy projects, such as those involving solar, geothermal, or small modular nuclear reactors. By allocating a portion of your investment portfolio to these sectors, you're financially backing the growth of infrastructure that aligns with the advancements discussed, such as powering AI data centers with cleaner energy sources.
- Consider switching to an electricity provider that sources power from renewable resources to contribute to the demand for sustainable energy, which can indirectly support the development of infrastructure for high-density compute layers and AI-driven systems. This personal choice increases the market for renewable energy, which can lead to more investments and advancements in the field.
- Explore community solar projects or other local renewable energy initi ...
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