What happens when an innovation boom starts to look like a financial bubble? This week, Elisa sits down with Sarah Myers West of the AI Now Institute to examine the mounting evidence that America’s most influential AI firms may be overvalued, overleveraged, and quietly expecting government rescue if profits don’t materialize. Together, they trace the circular flow of investment between chipmakers, cloud providers, and AI developers, explore why growth projections outpace real-world demand, and unpack how national security narratives are being used to justify unchecked expansion.

Sarah Meyers West is Co-Executive Director of the AI Now Institute

References:

• The AI Now Institute
• Op Ed: Sarah Meyers West and Amba Kak, You May Already Be Bailing Out the AI Business. The Wall Street Journal. Nov 12, 2025.
• EO on Accelerating Federal Permitting of Data Center Infrastructure
• EO on Promoting the Export of the American AI Technology Stack
• NBC: "Trump administration drafts an executive order to challenge state AI laws." Jared Perlo. Nov. 19th 2025.
• WSJ: "Big Tech Is Spending More Than Ever on AI and It’s Still Not Enough." Megan Bobrowsky. Oct. 30th 2025.
• Bain & Company: "$2 trillion in new revenue needed to fund AI’s scaling trend." Sep 23rd, 2025.
• NYT: "Silicon Valley’s Man in the White House Is Benefiting Himself and His Friends." Nov. 30 2025
• The White House Archives: "Remarks by APNSA Jake Sullivan on AI and National Security." The National Defense University. Oct 24 2024.
• RISE Act
• NSLT Ep. 380, "Where Energy Policy Is Headed Next with Tyler O’Connor (Part 1)" July 23 2025.

Polarization isn’t just a political outcome—it’s an industry. This week, Elisa welcomes Aakaash Rao and Shakked Noy, economists from MIT and Harvard and co-authors of The Business of the Culture War, to explore how shifts in the media business model—from the collapse of local newspapers to the rise of cable news—created powerful incentives to divide audiences. Together, they unpack how networks learned to mobilize viewers through cultural identity issues, what survey data reveals about a dramatic realignment in voter priorities, and why these trends pose urgent questions for policymakers and the future of American democracy.

Aakaash Rao is a Ph.D. candidate in Economics at Harvard University

Shakked Noy is a Ph.D student in Economics at MIT

References:

• Rao, Aakaash, and Shakked Noy. The Business of the Culture War. Job Market Paper, Harvard University, 2025.
• NSLT, Ep. 229, Broken News and the Media Rage Machine with Chris Stirewalt
• The Fairness Doctrine Overview

Washington’s influence economy is bigger—and murkier—than most Americans realize. This week, Elisa sits down with investigative reporter Kenneth P. Vogel to unpack the sprawling web of foreign lobbying revealed in his new book, Devil’s Advocate, tracing how powerful insiders—from Rudy Giuliani to Hunter Biden—became entangled with corrupt foreign interests and why these relationships blur partisan lines. Drawing on history behind the Foreign Agents Registration Act and modern examples of access-brokers operating in plain sight, Vogel exposes the incentives, vulnerabilities, and national-security risks that allow foreign money and influence to move through Washington, often away from public view but never without consequences.

Kenneth P. Vogel is a reporter based in the Washington bureau of The New York Times, investigating the intersection of money, politics and influence.

References:

• Vogel, Kenneth P. Devils’ Advocates: The Hidden Story of Rudy Giuliani, Hunter Biden, and the Washington Insiders on the Payrolls of Corrupt Foreign Interests. William Morrow, 2025.
• Foreign Agents Registration Act (FARA) Overview

AI is learning from us—but what happens when the data it’s fed carries our deepest biases? This week, Elisa Poteat sits down with Roy Austin, inaugural director of Howard Law School’s Artificial Intelligence Initiative and former Deputy Assistant to the President for Urban Affairs, Justice and Opportunity in the Obama White House, to discuss how law and ethics can keep pace with accelerating innovation. Together, they examine AI’s influence on justice, bias, and national security, the responsibility of major tech companies, and what it will take to prepare the next generation of lawyers for an AI-driven world.

Roy Austin is the inaugural director of the Howard Law Artificial Intelligence Initiative, a groundbreaking initiative focused on ethical AI innovation and civil rights law.

References:

• White House Legal Aid Interagency Roundtable. Expanding Access to Justice, Strengthening Federal Programs: First Annual Report of the White House Legal Aid Interagency Roundtable. November 2016.
• Horwitz, Jeff. “Meta’s AI Rules Have Let Bots Hold ‘Sensual’ Chats with Kids, Offer False Medical Info.” Reuters, 14 Aug. 2025
• FISA Section 230
• Doe v. Meta Platforms, Inc. U.S. District Court, N.D. Cal., No. 23-cv-420095, Opinion filed Oct. 17, 2025.

As artificial intelligence accelerates, questions about power, privacy, and accountability are more urgent than ever. This week, we revisit our conversation with bestselling author and award-winning AI reporter Karen Hao, whose book Empire of AI reveals how ambition and competition transformed OpenAI from a mission-driven nonprofit into one of the world’s most powerful—and controversial—tech companies.

This re-air comes ahead of the 35th Annual Review of the Field of National Security Law CLE Conference, taking place November 13–14 at the Omni Shoreham Hotel in Washington, DC. With the theme “Technology, National Security, and the Law: Keeping Pace with Innovation,” the conference will feature two days of expert discussions on how emerging technologies are reshaping national security.

Karen Hao is a bestselling author and award-winning reporter covering artificial intelligence.

References:

• Register Now! The 35th Annual Review of the Field of National Security Law CLE Conference, November 13–14, 2025, with an opening reception on November 12.
• Agenda: The 35th Annual Review of the Field of National Security Law CLE Conference
• Hao, Karen. Empire of AI: Dreams and Nightmares in Sam Altman’s OpenAI. Penguin Press, 2025
• Section 230 Overview

This week, Elisa breaks down the latest headlines in national security law as the government shutdown stretches into its fourth week. From Russia’s attacks on eastern Ukraine to the growing energy needs of artificial intelligence, she connects how today’s developments are shaping policy and security. Elisa also covers the recent U.S. military plane crashes in the South China Sea, the evolving conversation around tariffs, and how economic challenges are shaping the outlook for younger Americans. She wraps up with a preview of the 35th Annual Review of the Field of National Security Law CLE Conference—where top experts will unpack the intersection of technology, innovation, and national security law.

References:

Register Now! The 35th Annual Review of the Field of National Security Law CLE Conference, November 13–14, 2025, with an opening reception on November 12. Register before November 1 for early bird rates.

The Standing Committee’s 35th Annual Review of the Field of National Security Law is almost here. This week, Elisa sits down with Standing Committee Chair Stephen Preston to highlight what’s ahead at this year’s conference—taking place November 13–14 in Washington, DC. From keynotes on artificial intelligence and defense innovation to panels exploring ethics, cybersecurity, and private sector engagement, Stephen shares how this year’s program captures the challenges and opportunities of a rapidly changing technological era. Afterwards, Elisa recaps the latest national security headlines—from hostage exchanges and AI investments to international jewelry heists and more.

Stephen W. Preston is Partner and Co-Chair of Defense, National Security and Government Contracts Practice at WilmerHale, and chair of the American Bar Association’s Standing Committee on Law and National Security.

References:

• Register Now: 35th Annual Review of the Field of National Security Law CLE Conference, November 13–14, 2025, with an opening reception on November 12. Register before November 1 for early bird rates.
• Ep. 373, From Pipelines to Prisoners: Security in the Energy Sector with Kieran Ramsey (Part 1)
• Ep. 392, Empire AI: OpenAI’s Rise and the Race for Global Power with Karen Hao

Once envisioned as a nonprofit dedicated to advancing AI for the benefit of humanity, OpenAI has since become one of the most powerful—and controversial—companies in the world. This week, Elisa Poteat sits down with Karen Hao, author of Empire AI, to examine how ambition, secrecy, and competition reshaped the organization’s mission. From the erosion of trust and safety standards to the looming energy costs of AI’s expansion, they explore what OpenAI’s story reveals about the future of artificial intelligence and the global race for dominance.

Karen Hao is a bestselling author and award-winning reporter covering artificial intelligence.

References:

• Hao, Karen. Empire of AI: Dreams and Nightmares in Sam Altman’s OpenAI. Penguin Press, 2025
• REGISTER NOW: 35th Annual Review of the Field of National Security Law CLE Conference – November 13–14, 2025, with opening reception on November 12. Register before November 1 for early bird rates
• Section 230 Overview

With hundreds of thousands of federal employees furloughed, the consequences of another government shutdown are hitting home. This week, Elisa is joined by Max Stier, President and CEO of the Partnership for Public Service, to break down how shutdowns became a political tool—and what they cost the American people. Alongside guest host Harvey Rishikof, they discuss the essential vs. nonessential workforce divide, the legal roots of shutdowns, and how this cycle threatens the long-term strength of U.S. institutions.

Harvey Rishikof is Senior Counselor of the ABA Standing Committee on Law and National Security

Max Stier is the founding president and CEO of the Partnership for Public Service

References:

The Partnership for Public Service

EVENT: Register for the 35th Annual Review of National Security Law CLE Conference, this Nov. 13-14 in Washington, DC

The Hatch Act Overview

Balanced Budget Act of 1997

Can a sanctions law be used to set trade policy? In this episode, Elisa sits down with Rachel Alpert, former OFAC Chief Counsel and now a Partner at Jenner & Block, to explore how the International Emergency Economic Powers Act (IEEPA) has evolved—and why its use to justify tariffs is drawing scrutiny. Together, they trace the law’s origins, examine the traditional role of OFAC, and discuss the case heading to the Supreme Court that could reshape how tariffs are imposed during national emergencies.

Rachel Alpert is a Partner at Jenner & Block, and former Chief Counsel at the US Treasury Department's Office of Foreign Assets Control (OFAC)

References:

IEEPA

The National Emergencies Act

Trading with the Enemy Act

Export Administration Regulations

Outbound Investment Security Program

Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010

Section 232 of the Trade Expansion Act of 1962

The Major Questions Doctrine