For four years, it was just a desert.

The state blocked IPOs.

They're blocking M&As.

There's just an all-out anti-tech assault.

DC is the zero-sum game.

There's something positive out there,

so it has to accrue to the DC power base.

Figma managed to make its way through that.

Absolutely no thanks to the state attacking it.

And then Lena Kahn decided to take a victory lap on this,

which was, as I said, it's like the assassin congratulating themselves

for helping to elect Trump.

There's been a wave of M&A chaos lately.

Meta and scale, windsurf and Google,

and a lot of it points to something bigger,

how regulation, capital, and innovation are colliding in 2025.

In today's episode, I brought on Steven Sinovsky and biology's Srinivasa to break it all down.

We get into how dealmaking is changing from aquiliers to what biology calls aquifiers,

plus the deeper power struggle between the state and the network,

and what it all means for AI, startups, in the future of tech.

Let's get into it.

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