Human biology: largest TAM in the world
Bill Maris identified human biology and healthcare as probably the largest total addressable market in the world for deep tech investment.
Snapshot · All-In with Chamath, Jason, Sacks & Friedberg
Bill Maris: How Google Could Crush AI Competitors, Why Small Funds Win, and AI's Atari Stage
Explore episode
Jun 9, 2026
Where this was said
AI's 'Atari Stage': what comes next?
At 24:59 · chapter starts 19:09
The sharpest moment in the conversation arrives when Maris raises what he considers Google's obvious strategic play: slash token prices by 80% and watch OpenAI and Anthropic's business models go 'super critical.' If an enterprise can get a basically identical product from Gemini at a fifth of the price, why wouldn't they switch? The panel explores whether OpenAI is burning investor cash Uber-style to grab market share, and whether the public markets will eventually be left holding the bag. Maris is blunt: with approximately $1 trillion in spend commitments and only $60 billion in revenue, OpenAI's IPO math relies on retail and passive funds absorbing valuations that the S&P 500 rules are already being bent to accommodate. [1] — Bill Maris "Google could arbitrarily cut token prices by 80%, making its model functionally identical to OpenAI's at a fraction of the cost — and Maris…" 24:50
Gaming evolution: '80s to today in 5 AI years
The transformation gaming underwent from text-based Zork to photorealistic modern games will happen to AI within the next 5 years, per Maris.
AI at 'Atari stage' — PlayStation 10 in 5 years
Bill Maris compared today's AI to the Atari command-line era and predicted it would reach PlayStation-equivalent sophistication within 5 years.
Life Sciences: Computational Biology Is the Bet
Maris founded Calico, invested in Flatiron and New Limit, and remains deeply interested in longevity — but says therapeutic clinical trials are a specialist area he's stepping back from. The real prize is computational biology: simulate a human cell in silico and drug discovery accelerates exponentially.
Section32: 6 funds, all top decile
Bill Maris's Section32 has raised 6 funds averaging ~$400M in size, with all 6 performing in the top decile.
Small Funds Crush Large Funds — The Data Proves It
The math is unambiguous: VC funds under $750M average 4.76x DPI versus 2.42x for funds over $1B, and represent 95% of all top-decile performers. Maris's six Section32 funds have averaged ~$400M in size and all landed in the top decile.
Similar snapshots
50% of U.S. adults report being lonely
The U.S. Surgeon General's 2023 report on loneliness found that half of American adults report feeling lonely, marking a widespread epidemic of social isolation.
Brain.fm increased focus brainwave activity by 119%
In a peer-reviewed study, Brain.fm's audio technology was shown to increase focus-related brainwave activity by 119%, according to the show's sponsor read.
Wealthier countries have highest rates of anxiety and depression
The Easterlin Paradox shows that wealthier nations — and the wealthiest neighborhoods within them — tend to have the highest rates of anxiety, depression, loneliness, and suicide.
More than 3 in 4 Americans report anxiety or depression
Mental health challenges are nearly universal — BetterHelp's own research found the majority of Americans experiencing symptoms right now.
Medicaid 5-year look-back rule
When applying for Medicaid to cover nursing home costs, there is a 5-year look-back period that can disqualify applicants who gave away or spent down assets.
Pipe broke → hydrogen sulfide studio air
A broken pipe filled the Bad Friends studio with what the hosts identified as hydrogen sulfide — microscopic fecal aeroparticles — that the crew denied smelling.
Robot surgery: 10x less blood loss
Fei-Fei Li's father's liver surgery performed by a da Vinci robot resulted in 10 times less blood loss than a typical open liver surgery, thanks to laparoscopic precision.
115M US adults have prediabetes
Approximately 115 million adults in the US currently have prediabetes, most of whom are unaware, according to the Lingo sponsor segment.
Drug overdose deaths: 110K to 80K to 70K
Drug overdose deaths in the US fell from 110,000 to 80,000 in 2024, and then to roughly 70,000 — the largest single-year drop the CDC has ever recorded.
