All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top Trades Live

Mgm: Value Opportunity With Activist Investor Protection and International Expansion

MGM Resorts presents a compelling opportunity rooted not only in its Las Vegas presence but also in its strategic international exposure and the active involvement of influential investors. Barry Diller now owns 26% of MGM, having aggressively acquired shares and placed a $48 per share bid—a price now acting as a valuation floor. The company's stock buybacks, which have retired half the float over six years, further support shareholder value. Diller’s deep commitment is evident, with 80% of his NAV invested in MGM. His motivation is financial, not strategic, and his formal bid has put the company "in play."

The Osaka casino license grants MGM access to Japan’s $40 billion gambling market, which is much larger than Macau’s $30 billion or Vegas’s $10 billion. MGM owns 40% of the Osaka casino scheduled to open in 2030 and collects a management fee. With its closer proximity to major East Asian cities and the rarity of Japanese casino licenses, Osaka is estimated to deliver $2 billion in annual EBITDA. Market attention typically increases three years before property openings, timing that enhances the opportunity.

MGM is also positioned for optionality in Dubai, where it is building a property boasting 300,000 square feet of space pre-configured for gambling—even though gambling is not yet legal there. Should regulation change, this location could be worth $40–50 per share. The arrival of Wynn Resorts to the region with a new casino nearby only enhances the odds that Dubai may liberalize gaming laws.

Collectively, MGM’s undervalued Vegas assets, discounted Japanese expansion, and speculative Dubai catalyst create the foundation for a potential threefold return—even if Barry Diller’s bid fails and MGM continues independently. If Dubai legalizes gambling, the upside is even greater. The sum-of-the-parts value for Vegas and Japan alone is estimated to be in the "low 60s" per share, with Dubai a significant added free option.

Talon Energy's Nuclear and Gas Assets Trade Below Replacement Cost Amid High Electricity Demand

Talon Energy is a power producer with two gigawatts of nuclear and six gigawatts of natural gas generation, trading at a $25 billion enterprise value far below its $45 billion replacement cost. That means the equity can double as the business simply approaches intrinsic value, without requiring operational change.

The surging demand driven by AI data centers further supports Talon's prospects. The PJM grid, spanning Pennsylvania, Jersey, and Maryland, will require 106 gigawatts of new power in the next decade—a timescale that is not long in infrastructure terms. This tightens existing power capacity and price dynamics, driving data centers and hyperscalers into long-term power purchase agreements with firms like Talon.

An illustrative precedent is Microsoft’s 20-year, $100/MWh agreement with Constellation Energy, which resulted in the historic restarting of Three Mile Island’s nuclear reactor. Such deals underscore the desperate appetite for reliable, clean energy and the premium pricing available to asset owners.

As a baseline, simply running the existing business and allowing favorable contracts to accumulate supports $50 per share of free cash flow—a double from today’s stock price, which trades at just seven times free cash flow compared to the 15x average for infrastructure assets. If Talon signs more data-center contracts and/or power prices rise further, $70–$100+ per share of free cash flow becomes achievable, driving similar gains in equity value.

Moreover, new capacity buildouts—just four more gigawatts, a fraction of what PJM needs—enable Talon to scale well beyond $100 per share in annual free cash flow. This creates 3–5x upside potential over time. Still, Talon is sensitive to interest rate changes, as revenue is tied heavily to the long-term power contract market.

Actis Oncology Leads In ...

A surge in artificial intelligence and robotics is poised to drive a sustained, decades-long growth in power demand, fundamentally reshaping energy infrastructure investment strategies and straining existing supply chains and regulatory frameworks.

Ai Revolution Sustains Elevated Power Demand For Decades

Power Demand Grows: GDP at 2-3% Annually; Innovations Extend Elevated Consumption For 15-20 Years

Historically, power demand closely tracks GDP, rising at 2–3% annually. When technological breakthroughs occur, such as appliances and air conditioning in the mid-20th century, demand spikes until widespread adoption, after which it returns to its underlying algorithmic GDP-based growth. Today, the unfolding AI and robotics revolution is set to repeat—and prolong—this pattern of surging consumption, effectively sustaining above-trend electricity demand for 15–20 years as new innovations become deeply integrated into the economy.

2000s Efficiency: Led Lighting, Smart Hvac, and Offshoring To China Flattened Power Demand, Masking Capacity Issues and Creating a False Sense of Abundance

During the 2000s, the pattern reversed: a focus on efficiency—including LED lighting, smart HVAC, tinted windows, and advanced electronics—combined with offshoring heavy industry to China, flattened power demand in the U.S. for nearly two decades. This period masked underlying capacity constraints and led to a widespread yet misplaced sense of energy abundance.

Ai and Robotics: An Endless Cycle of Elevated Demand due to Persistent Computational Growth

The present technological cycle is different. If AI is to fulfill its promise of driving scientific breakthroughs and robotics-powered productivity, data centers and hyperscalers will require a persistent stream of computational power—creating a seemingly endless cycle of elevated energy demand that diverges sharply from previous normalization after efficiency gains.

Power Infrastructure Expansion For 1,000x Computational Capacity Presents Supply Chain Challenges in Minerals, Labor, and Regulatory Approvals

Attempting to expand U.S. power infrastructure to support an estimated 1,000-fold increase in computational capacity exposes glaring bottlenecks. There are acute shortages in critical minerals such as nickel superalloys needed for power plants and space launches, as well as silver for photovoltaic cells. Supply chain constraints are matched by shortages in skilled labor and long permitting timelines. While internet-era expectations demand instant results, real-world infrastructure projects require incremental, "geological time" to materialize, deepening the challenge of keeping pace with surging demand.

Semiconductor and Energy Supply Chains Face Bottlenecks as Data Centers Compete With Space Launches and Solar Manufacturing for Rare Materials and Capacity

Nickel Superalloys: A Scarce Commodity For Rocket Launches, Power Plants, and Turbines

Power plants, rocket launches, and major infrastructure projects all compete for the same limited pool of minerals such as nickel superalloys and silver. This cross-industry competition exacerbates shortages and creates project delays at every stage, signaling persistent supply-side stress for years to come.

Data Centers Consume $50 Billion per Gigawatt, Akin to Refineries Where Electricity Is Key. Power Costs, Not Chip Supply, Dictate Computational Capacity

Modern data centers, now capital-intensive assets requiring $50 billion per gigawatt of capacity, are structurally analogous to oil refineries: their critical input is electricity, not microchips. Outflows from these centers power digital economies, producing data, photons, and intelli ...

Oleg Nodelman draws a compelling analogy between cancer treatment and warfare, underscoring a shared objective: identify the enemy, target it precisely, and minimize collateral damage. This framework traces the technological and scientific evolution in the battle against cancer, from blunt-force tactics to exquisitely targeted interventions.

Radiopharmaceutical Platforms: Evolving Precision Medicine With Gps-like Targeting and Cellular-Scale Payload Delivery

Early approaches to cancer treatment mirror the brutality of medieval siege warfare. Surgery and radiation sought to eradicate tumor strongholds by obliterating both malignant cells and surrounding healthy tissue, akin to leveling the castle and its environs in hopes of eliminating the enemy. This tactic produced severe side effects and remained largely ineffective against metastatic disease, where cancer spread beyond a single site.

The next chapter arrived by accident; during World War I, military physicians realized mustard gas destroyed rapidly dividing cells. Chemotherapy, inspired by this discovery, became a systemic poison—flooding the entire body in hopes of killing tumors faster than healthy tissue. However, chemo failed to discriminate: along with tumors, it devastated bone marrow, skin, hair follicles, and digestive tissue.

First-generation targeted therapies improved precision. These were akin to GPS-guided munitions: instead of indiscriminate destruction, they zeroed in on specific genetic mutations within tumors. Nevertheless, cancer’s adaptive wiles—emerging as resistant mutations—rendered these weapons only temporarily effective.

Immunotherapy marked a paradigm shift: rather than deploying additional weapons, these drugs recruited the body’s own T-cells as local allies to attack tumors. While occasionally producing spectacular results, immunotherapy’s efficacy was highly dependent on the tumor’s microenvironment—the “terrain” of the ongoing battle.

Modern radiopharmaceuticals represent another dramatic leap: Nodelman compares them to swarms of microdrones navigating the bloodstream. Through molecular recognition, they home in on tumor cells and precisely deliver a radioactive payload with a blast radius as small as 100 microns—the diameter of a single cell. This enables autonomous assassinations with maximal destruction of cancer and minimal collateral damage to healthy tissue.

Platform Technologies in Biotech Command Premium Valuations By Addressing Multiple Disease Targets, Creating Optionality and Revenue Streams Justifying Billion-Dollar Acquisitions

Radiopharmaceutical biotech companies, such as Actis, employ a derisking strategy by selecting validated targets with known biological significance and regulatory traction. Nectin-4, critical in bladder cancer, is one such target. Actis’s second major program takes on B7H3, a marker ...

The emergence of decentralized, token-incentivized networks is transforming global infrastructure, especially in real-time kinematic (RTK) positioning. Geodnet demonstrates how cryptocurrency mechanisms enable rapid global deployment far beyond what traditional, centralized models have achieved.

Geodnet Creates Vast Rtk Positioning Network In Four Years Using Decentralized Token Incentives, Achieving Scale Impossible for Traditional Builders

Geodnet’s model allows any individual— from hobbyists to business owners— to purchase affordable rooftop RTK base stations. These contributors earn GEO tokens in exchange for operating a station, incentivizing wide participation and rapidly growing the network. In just four years, Geodnet has deployed about 22,000 RTK stations by distributing ownership and economic benefits, a pace traditional firms cannot match.

Legacy providers like Trimble, Hexagon, and Topcon spent decades building their RTK networks, jointly reaching only around 12,000 stations worldwide. In contrast, Geodnet’s network— established in 2021, with deployments beginning in 2022— has more than doubled that number.

Now, Geodnet operates in over 150 countries and 11,000 cities, covering roughly 80% of the global population outside sanctioned nations. Node deployment is broad, serving both urban centers and most rural regions, even in the United States. As the number of active nodes and corresponding revenue incentives grow, network expansion accelerates further.

Rtk Positioning for Precise Agriculture, Autonomous Vehicles, Robotics, and Consumer Applications

Geodnet’s highly available RTK coverage has become critical for multiple cutting-edge applications:

Precision Agriculture Tech: Robotics Like Burrow's Mule For Transport and John Deere's Unmanned Sprayers Reduce Damage, Waste, Labor, and Improve Yield Consistency With Precise Guidance

Promoted and subsidized by USDA initiatives, US farmers and ranchers now adopt precise ag technology relying on Geodnet. Robotic mules from Burrow transport crops like grapes, while John Deere’s unmanned sprayers (GUS) operate autonomously in vineyards, powered by Geodnet’s RTK. The distributed network— more accessible and cost-effective than legacy systems— allows rapid deployment and significant cost savings, reducing both physical infrastructure investment and operational complexity.

Autonomous Vehicles Gain Precision With Tomtom Integrating Geodnet's Rtk Data Into Maps, Surpassing Standard Gps Capabilities

TomTom, a supplier to nearly all autonomous vehicle (AV) development programs globally, integrates Geodnet data into its maps. This integration provides centimeter-accurate coverage for AVs, dramatically exceeding conventional GPS precision and enabling high-level autonomy in navigation.

Rtk-Precision Essential For Consumer Robotics: 2024 Projections Depend On Networks Like Geodnet

The scale of Geodnet underpins a coming surge in consumer robotics. Companies such as YARBO and Sunseeker are launching millions of robotic lawn mowers, all reliant on RTK accuracy for effective autonomous operation. Industry estimates suggest 1 million units powered by Geodnet will be sold in 2024.

Drone Applications From Dji and Us Manufacturers Rely On Geodnet's Rtk Network for Precise Positioning in Delivery, Surveillance, and Agriculture Across Regions

The world’s largest drone manufacturer, DJI, already incorporates Geodnet in many models, extending RTK benefits to delivery, surveillance, and agricultural uses. As regulatory shifts favor American suppliers, a wave of US drone makers are expected to adopt Geodnet, further expanding its application horizon.

Geodnet's Model: Capital Efficiency & Token Returns via Revenue Sharing vs. Traditional Equity Retention

Geodnet’s business model leverages revenue-sharing tokens, distributing value far more directly than traditional infrastructure firms, who retain equity and capital appreciation for select shareholders.

Heading: 80% of Revenue For Geo Token Buys, 20% For Operations

Of the roughly $11 million current annual ...

The discussion explores distinct investment opportunities—ranging from high-risk, high-upside assets like early-stage biotech and crypto to more stable, downside-protected investments such as infrastructure or companies with activist investor floors. Key considerations include asymmetric risk-reward analysis, limits imposed by security liquidity, and how platform technology underpins valuation and portfolio sizing.

Asymmetric Risk-Reward Analysis: High-Upside Lottery vs. Protected Low-return Investments

Investments such as early-stage biotech and cryptocurrency tokens present the opportunity for 5-10x returns, but Chamath Palihapitiya and others caution that downside risk includes the potential for complete loss of capital. Such investments should be treated as "lottery tickets," warranting only limited portfolio allocation due to their binary and discontinuous risk profiles. For example, in biotech, acquirers like Lilly may bid for promising assets, resulting in a major upside event but also carrying a meaningful risk of total loss. Cryptocurrency investments face even greater issues: although attractive for their explosive upside, their high illiquidity and risk of irrelevance mean investors can lose everything.

In contrast, opportunities such as MGM’s business, where activist investor Barry Diller has provided a bid floor, offer significant downside protection. Gavin Baker emphasizes that the capped downside from Diller’s bid and geographic expansion opportunities in Japan and Dubai present a compelling risk-reward profile. Even if new ventures falter, the business can deliver a 3x return over two years on core operations and stabilized revenues. Infrastructure assets, such as Talon, feature recurring revenue and bid floors, which allow for larger allocations, although these assets are more sensitive to interest rates.

Portfolio allocation, therefore, focuses on concentrating capital in investments where downside is capped—such as MGM or infrastructure platforms—while allocating only limited funds to lottery ticket-type opportunities in crypto or micro-cap biotech for asymmetric, high-multiple upside.

Liquidity and Market Depth Limit Position Sizing For Illiquid Securities, Hindering Portfolio-Scale Allocations In Opportunities

Chamath Palihapitiya highlights significant liquidity constraints in high-upside lottery-ticket investments. Cryptocurrency tokens and micro-cap biotech stocks often lack sufficient trading volume to absorb institutional purchases in the millions without moving prices, limiting practical position sizes to as little as $20,000–$100,000. As a result, these opportunities cannot support meaningful portfolio weights at scale, regardless of their potential upside.

Conversely, equities and bonds, including opportunities like MGM and large infrastructure firms (such as Talon), trade on major exchanges with ample liquidity. Investors can allocate tens of millions of dollars without influencing the market price, supporting substantial portfolio weightings. These assets are thus more attractive for larger investors needing to deploy significant capital while managing execution risk.

In assessing specific risks, David Friedberg notes long-duration infrastructure assets such as Talon are particularly sensitive to rising interest rates due to t ...