Offline with Jon Favreau Max Returns! AI Bubbles, Info Silos, and 67
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Nov 29, 2025 
Max Fisher, an insightful journalist focused on geopolitics and tech, dives into the repercussions of the AI bubble and the surprising resilience of Meta amid regulatory scrutiny. He discusses the societal impacts of AI and questions whether a financial correction might be less damaging than unregulated growth. The conversation tackles the influence of tech oligarchs and how information silos shape perceptions. Fisher also shares thoughts on popular memes, conspiracy theories, and practical tips for cutting phone screen time, making for a lively and thought-provoking discussion.
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Limits Of Antitrust By Litigation
- Lina Khan's FTC strategy aimed to treat Meta as a monopoly but legal standards made that approach fragile.
- Meta successfully argued TikTok and other platforms undercut a monopoly claim, undermining the FTC's case.
AI Is A Telegraphed Bubble
- The AI boom looks like a highly telegraphed bubble with everyone acknowledging eventual failures.
- Infrastructure winners (chips, data centers) can still profit even if many AI startups collapse.
Arms Race Makes AI Economics Implausible
- AI firms are in an arms race spending irrationally to outcompete rivals despite unlikely aggregate profitability.
- Depreciation on built AI infrastructure may far exceed realistic revenue, making profits mathematically unlikely.