A handful of tech billionaires now wield outsized influence over the U.S. economy—and increasingly, over national security itself. This week, Elisa sits down with Justin Sherman, founder and CEO of Global Cyber Strategies and author of Navigating Technology and National Security, to unpack how advanced AI systems, high-powered chips, and global investment flows collide with U.S. security law. Using a provocative hypothetical, they explore the role of export controls, CFIUS, outbound investment screening, and bulk data regulations—and what happens when companies push right up against the boundaries of oversight.

Justin Sherman is the founder and CEO of Global Cyber Strategies, a Washington, DC-based research and advisory firm.

References:

• Sherman, Justin. Navigating Technology and National Security: The Intersection of CFIUS, Team Telecom, AI Controls, and Other Regulations. Wiley, 2025.
• McFaul, Cole, Sam Bresnick, and Daniel Chou. Pulling Back the Curtain on China’s Military-Civil Fusion: How the PLA Mobilizes Civilian AI for Strategic Advantage. Center for Security and Emerging Technology, September 2025. CSET

Artificial intelligence is reshaping the security landscape faster than policy can keep pace. This week, we bring you a special episode recorded live at the 35th Annual Review of the Field of National Security Law Conference: “The AI Arms Race and National Security Law.” Moderated by Margaret Hu, Professor of Law and Director of Digital Democracy Law at William & Mary Law School, the panel examines how AI is transforming military strategy, cyber operations, and global power competition. Featuring four leading experts in emerging technology, the discussion explores the legal and ethical guardrails needed for autonomous systems, the private sector’s growing role in national defense, and the geopolitical stakes of an AI-driven future.

Moderated by Margaret Hu, the Davison M. Douglas Professor of Law Director, Digital Democracy Law, William & Mary Law SchoolFeatured

Panelists:

Aaron Cooper, Partner & Founding Co-Chair, Critical & Emerging Technologies Practice, Jenner & Block LLP

Kat Duffy, Senior Fellow for Digital and Cyberspace Policy, Council on Foreign Relations

Joshua Hodges, Partner, Ridgeline Advocacy Group

Will Hudson, Associate General Counsel, Anthropic

References:

• CLE Materials from the 35th Annual Review of the Field of National Security Law Conference
• Audio Recordings from the 35th Annual Review of the Field of National Security Law Conference

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.