This week we made the case that AI breaks a fundamental economic law: the bigger it gets, the more expensive it is to run, which is the exact opposite of how transformative technologies are supposed to work. The IPO trio of OpenAI, Anthropic, and SpaceX looks less like the next internet and more like the last big exit for early investors before the whole thing deflates. Then we looked at the manufacturing uptick, which sounds like good news until you realize a lot of it may just be companies stockpiling inventory before prices get even worse.

Chapters

Intro: 00:00:36

Quick Takes: 00:01:34

Max Notes: 00:09:02

Killer Left Take of the Week: 00:18:03

Chart of the Week: 00:19:27

Headlines: 00:21:11

Outro: 00:23:05

Resources

CSPAN’s Book TV: Robert Caro Reveals Details of His Final Lyndon Johnson Biography

Forbes Breaking News: Bessent Asked If Data Showing Americans Dipping Into Savings To Pay For Gas, Groceries Concerns Him

CBS Mornings: Graham Platner’s sexting controversy rocks his campaign

New York Times: Platner’s Texts With Women Concerned Campaign as Senate Race Took Off

Yahoo! Finance: OpenAI CEO Altman denies company is looking into government bailout

More Perfect Union: We Uncovered a Hidden Wealth Transfer in the SpaceX IPO. You’re Holding the Bag.

ISM World: ISM® Manufacturing PMI® Report May 2026

Bloomberg: US Manufacturing Activity Expands by Most in Four Years

Bloomberg: US Manufacturing Expands Most in Four Years on Stockpiling Rush

CNN: Artists are bailing on a Trump-backed concert series for America’s 250th. Now he’s hosting his own ceremony

Time: Sam Altman Says AI ‘Jobs Apocalypse’ He Once Predicted Probably Won’t Happen.

Bloomberg: Canada Dips Into Technical Recession for First Time Since 2020

UNFTR Resources

Watch: On The Record 6/2/26 (When the AI Bubble Will Burst | Ben Shapiro | Graham Platner).

Essay: When the AI Bubble Will Pop.

Read: The Donroe Doctrine.

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