We're back — and this episode covers two of the biggest stories in tech right now.

First, Nvidia. The company just reported 73% revenue growth and beat every estimate on Wall Street. So why did the stock still drop? We break down the four forces quietly reshaping the AI chip market — DeepSeek's $6 million bombshell, Trump's tariffs, big tech building their own chips, and whether Michael Burry's billion-dollar bet against AI is starting to look a lot smarter than people thought.

Then, the story that shook the entire AI industry. Anthropic — the company behind Claude — had a $200 million Pentagon contract, the first AI ever cleared to operate on classified military networks. Then the government came back with a demand: remove all safeguards. Allow mass surveillance of American citizens. Enable autonomous weapons that fire without a human in the loop. Anthropic's CEO said no. By the next day, the Trump administration blacklisted them entirely.

We get into what the Pentagon actually wanted, why Anthropic's decision might be the smartest business move in AI right now, and why the comparison to Apple's famous privacy standoff tells you everything about where this is headed.

This is the episode where the AI boom stops being about hype — and starts being about power.