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McDonald’s Business Slows Amid Shakeup of Digital Deals
McDonald’s says an attempt to lure budget-conscious consumers backfired in its latest quarter. The fast food giant reported earnings Tuesday (Aug. 4)
National Park Service says Trump's arch would adversely affect 37 historic sites
President Donald Trump proposed the 250-foot-tall arch last year to commemorate the country's 250th anniversary
National Park Service says Trump's arch would adversely affect 37 historic sites
President Donald Trump proposed the 250-foot-tall arch last year to commemorate the country's 250th anniversary
Todd Blanche's nomination for attorney general clears critical hurdle
The Senate Judiciary Committee voted 12-10 along party lines in support of the nomination of President Donald Trump's former personal attorney
National Park Service says Trump's arch would adversely affect 37 historic sites
President Donald Trump proposed the 250-foot-tall arch last year to commemorate the country's 250th anniversary
19 defendants charged in Pennsylvania home healthcare fraud schemes
Nineteen defendants are facing criminal charges following an investigation into healthcare fraud in Pennsylvania, officials said.
MrBeast Sales Slow, Angel Stock Falls, MUBI and Neon Look for Hits, and Will an NBA Franchise Set a Sales Record?
(Welcome to the Entertainment Strategy Guy, a newsletter on the entertainment industry and business strategy. I write a weekly Streaming Ratings Report and a bi-weekly strategy column, along with occasional deep dives into other topics, like today’s article. Please subscribe.) You probably remember egg prices spiking a few years ago. This led to a lot of debate between the pro-market/pro-competition/antitrust/Neo-Brandesian crowd and the center/center-right/center-left/abundance/libertarian crowd over the cause, whether it was the avian flu outbreak or whether industry consolidation led to price fixing, using avian flu as a convenient cover. Basel Musharbash wrote a whole investigation at BIG looking at it. Well, two years later, we have our answer: it was price fixing. The Justice Department found proof, via emails, of price fixing. Indeed, just the threat of an investigation brought prices down two years ago: I bring this up because at least half a dozen of my favorite political writers and pundits, who were skeptical about price fixing at the time, haven’t written any mea culpas on this issue. It’s really dispiriting and makes it much, much harder to trust their work on other issues. If you take a hard stand on an issue, then you get it wrong, you need to explain how and why you got it wrong. Or update your priors. This is how epistemological bubbles are formed! All of which is to say, it’s time for another installment of “What I Got Right, What I Got Wrong”. Last issue, I mostly focused on the “wrong” side of the equation, so today’s is a bit more balanced, but with one big mea culpa (though I still stand by my original concerns). Let’s dive right in! Subscribe CORRECTION: UFC Didn’t Release Subscriber Data (But Seems to Have Bragged About It Internally) In my analysis of the viewership of UFC Freedom 250, I wrote... “Paramount has also released datecdotes bragging about their subscriber numbers. Earlier this year, they claimed that the first UFC fight on Paramount+ brought in 1 million subscribers.” Well, that datecdote did not come from a PR rep, but from great reporting from James Faris at Business Insider. The actual quote was this: “Paramount’s flagship streaming service generated about a million new subscribers on the day of its first-ever UFC event, Paramount product chief Dane Glasgow told employees in a town hall on Tuesday morning, three staffers who attended the meeting told Business Insider.“ This wasn’t the biggest goof in the world; even Faris emphasized to me that this is more a “clarification” than a correction. Still, it sounds like, internally, the folks at Paramount were very happy about this result—and I’m guessing they were happy with this news getting out—even though the gains didn’t last through the quarter, dropping to 700K adds. RIGHT: MrBeast’s Struggles Continue... I’m very skeptical about MrBeast’s burgeoning media “empire” and, in particular, its $5 billion valuation, as I wrote earlier this year and last year. Sure enough, according to Business Insider, regarding its “booming” consumer products division_:_ “US sales volume grew 13% year-over-year in 2025, following a 33% leap the previous year, according to a presentation deck dated May 2026....A February 2025 investor deck viewed by Business Insider showed Feastables’ net revenue more than doubled in 2024 from 2023, to $215 million, and was forecast to grow 74% in 2025, to $375 million.” [Emphasis mine.] If you told investors that you projected 74% growth but delivered 13%,1 that’s not ideal. But it’s not just MrBeast. Logan Paul and KSI’s Prime had sales drop in half for their energy drinks. It’s one thing to build a successful entertainment company and an entirely different thing to succeed in the heavily-consolidated-but-also-very-competitive consumer packaged goods space! CPGs are dominated by a few firms with very wide moats compared to YouTube, which has few barriers to entry. These businesses require different skill sets and have completely different business environments. WRONG: Does the NBA Have an $8 Billion Bidder? Almost as soon as I published my article about the NBA’s finances, casting skepticism on NBA expansion, I saw this Front Office Sports headline: One group “claims to have already raised $8 billion” for the Vegas expansion team. I mean, wow. That’s just $2 billion less than what the Los Angeles Lakers were valued at when they were sold just last year. And they’re arguably the most popular team in the NBA. (Side note: the new owner is now under an investigation for fraud in how he went about financing the Lakers and the Dodgers purchases.) So much for the “dried up” language I used in that article. (This is why I usually stick to my “Entertainment Nuance Guy” tone in articles...) I went off old information—from April, when I read/heard about the NBA downplaying expansion efforts—instead of doing a quick double-check for new news. That said...if you read the article, the market for Seattle is “slow”, with just one reported bidder. So I wasn’t entirely off. This goof has annoyed me since I first published it, mainly because it undercut that article’s real point, which I stand by: NBA franchises are really overvalued right now. Now, I get why NBA teams are overvalued. When it comes to owning sports teams, it’s basically never wrong to assume that some rich person somewhere will care more about owning a team (or just being part of a group since they’re so expensive) than the actual financials. There are only so many teams to own, and opportunities to buy in preferred markets don’t come along very often. This explains why the teams sell for such high multiples (usually above a 10 to 12.5 revenue multiple, which is very high). You only need one person to overpay! Beyond the ultra-wealthy luxury good explanation, I worry NBA teams are becoming speculative assets. More and more private equity investors are buying into NBA teams. But the value, in owning a team, comes from selling it later, not any meaningful relationship to revenue or profit growth. In other words, the newer NBA owners are increasingly expecting someone later to buy their inflated asset. That’s not sound economics; that’s the “greater fool” theory at work.2 At some point, actually making money has to matter. Especially since revenue growth is now below the growth of the stock market. (And this matters because the NBA doesn’t have easy levers to pull to drastically lower their costs—half of their revenue has to go to players and then you actually have to run a team, including coaching, training, travel, media expenses, and more—or raise revenues aside from one-off expansions in America and overseas.) I just don’t see how investors make their money back buying NBA teams, except for selling at a higher price later on down the line. But if revenue/profit growth continues to slow, at some point, someone will be left holding the bag. RIGHT: Baseball and Basketball are about equally popular. Related to the above, I wanted to cite two quick pieces of evidence for one of my other theories: that the NBA and MLB are about as popular as each other, but the NBA gets much, much better media coverage. One YouGov survey has that fans prefer basketball to baseball by 52% to 48%, which I’m guessing is within the margin of error for that poll. That’s virtually even, meaning they’re about the same popularity. Over on NBC, a recent Red Sox-Yankees game averaged 4 million viewers, higher than Sunday Night Basketball’s average of 3.4 million on the same network. A Yankees-Dodgers game averaged 3.9 million two weeks ago. Not every game averages this much, but it shows you that baseball isn’t far off from basketball, depending on the matchup. Altogether, the NBA is just slightly more popular than baseball, but NBC is paying MLB a fraction of what they pay the NBA, a point I’ve made before. RIGHT: Angel, MUBI and Neon Updates... I’ve long been skeptical about many of Hollywood’s buzziest startups/smaller indie studios. It’s not that they don’t make great movies—films like Anora and Everything Everywhere All at Once are amazing—or that they’re not (rightfully) pushing the majors to make better films, but...they get a ton of hype, and that hype often doesn’t live up to the reality or difficulty in scaling up. Starting with MUBI, well, The Wall Street Journal wrote a feature on MUBI’s struggles last April, best summarized by the subheader “After Sequoia valued Mubi at $1 billion, a left-wing revolt sent the indie film company into a tailspin”. MUBI lost $7.3 million on $200 million in revenue in Q4 2025, but reportedly hit a record 1.7 million subscribers at the end of Q1. As for Neon, Department M purchased a “significant stake” in the company earlier this year. How much is that “stake” worth? According to Deadline, “No financial figures for the Neon-Department M deal were disclosed.” So...that’s not great! If it was a big valuation, we’d hear about. Also, I found this curious: “Both Neon and Department M already have separate partnerships with Qatar. The Qatar Film Committee has a slate deal in place with the former, and a biopic production pact with the latter.” Color me skeptical about much Middle Eastern investment dollars. See: LIV Golf. Finally, as for Angel (formerly Angel Studios), their stock very, very slightly popped last month after Young Washington ($20 million budget) which made $45 million in the US, but their stock is still way down from its opening. Smaller Updates RIGHT: The WGA should focus on antitrust concerns! I’ve been on this for years. Post-WGA/AMTPT deal in 2023, I wrote an article for the Ankler calling on the WGA to focus and organize against industry consolidation. Sure enough, the WGA filed a lawsuit against the Paramount-WBD merger, and people are organizing around this issue now. I wish this energy had coalesced earlier (specifically to lobby Washington much earlier), but better late than never! WRONG: Actually, the chip shortage might be due to market manipulation. In my last “Long Reads for the Long Summer” article, I shared an article about how LLMs are causing memory chip prices to spike, which will make all electronics more expensive. Well, turns out, three RAM manufacturers control 90% of the market, and now a private lawsuit accuses them of price-fixing. So yeah. WRONG/UPDATE: The Odyssey will hold! Two weeks ago, I wrote, “As of this moment, we haven’t had a super-blockbuster, though The Odyssey, Spider-Man: Brand New Day and Avengers: Doomsday could all cross the $500 million mark. (At this point, The Odyssey would need a very strong hold to get there.)” Well, it’s safe to say it’s going to have that hold! It only dropped 30% in weekend two and IMAX screenings are sold out all month. Spider-Man: Brand New Day is also off to a great start. RIGHT: People are rushing to get shows out yearly. I’ve long been bullish on yearly, weekly-released shows, and Leslie Goldberg at The Ankler wrote about how many people in town are now listening. WRONG: Mark Carney reverses Canada’s stance on homegrown production. After writing about Canada installing domestic production quotas, Canada has backed off. WRONG: I don’t trust Spider-Man: Brand New Day’s online “views”. When I originally wrote about the latest Spider-Man film’s record-breaking trailer, I thought this was just YouTube views, but after watching this Corridor Crew video and doing more research, well, it’s all social views of the trailer globally. Really? That stat includes TikTok, Reels and YouTube Shorts views. Basically, I don’t trust it anymore. (This film will probably set record, but I trust the pre-sales data more.) RIGHT: Celebrity Production companies are still struggling. I’ve written about this for years, but the company that I didn’t track was Kevin Hart’s HartBeat, which was valued at $650 million but is struggling now and might just end soon, especially after Kevin Hart pulled his endorsement deals. And Bad Robot is moving to NYC. CORRECTION: SpongeBob is a “second run” title. In my 2025 recap article, I had _SpongeBob SquarePants_labelled as a “library” title, when it is still a “second run” show, with new episodes still coming out on Nickelodeon. CORRECTION: In my last “What I Got Right, What I Got Wrong” update, I offered a correction from Doug Creutz and misspelled TD Cowen. Thanks, Grammarly! 1 Though he could have increased prices to make up for the gap, he couldn’t have increased them that much. 2 There’s a theory, which I think that Daryl Morey created and Bill Simmons popularized, that, to be successful building your team, you only need a handful of bad GMs in the league to take advantage of. To be clear, Daryl Morey’s theory was also for signing bad contracts, that you could always get out of bad contracts. Basically, there’s always someone who will make a bad trade. It’s not the same exact thing, but similar enough to the Greater Fool Theory that I really like it.
Ted Cruz urges Senate to stay in Washington until Protect College Sports Act passes this week
President Donald Trump says he's hopeful for a Senate floor vote on the "Protect College Sports Act," but political hurdles could push action into September.
McDonald’s replaces U.S. boss after slowest growth in over a year
The chain named long-time executive Skye Anderson as president of its US business to lead turnaround efforts, replacing Joe Erlinger, who is leaving the company and has held the role for about seven years.
Politics & Power: Scandals, splits, uncertain road to November mean midterms are still in flux
Scandals, ideological schisms, and foreign‑policy crises have blurred the midterm map. Candidate quality, outside spending, and voter perceptions of the economy — plus President Donald Trump’s outsized role — will determine control of Congress.
Micromanager-In-Chief: President Trump Can’t Keep His Hands Off The Family Business
For a decade, Donald Trump and his family have insisted that he stopped all management of his businesses while serving as president. He did not.
Former GOP Sen. Jeff Flake backs Jon Ossoff, saying ‘character matters’
The Arizona Republican has been one of the loudest critics of President Donald Trump. He says Ossoff's character outweighs any policy disagreements they might have.
Trump lashes out as political losses pile up
President Donald Trump lashed out at oil companies and his own US attorney in the gilded Oval Office on Monday as his spin ran into the real world.
One mistake Trump hasn’t made on Iran
Unless Donald Trump finds a way out of his box on Iran, history may come to regard his choice to wage war as a presidency-defining error.
Capital One says money laundering concerns led to closure of Trump Org accounts, not politics
Trump’s claims that various banks closed accounts linked to his family over political reasons after Jan. 6 just took a fresh turn.
Why the Trump pool story matters even after Pirro dropped her case
We are very used to Donald Trump saying things that aren't true. This is something different.
Furious Trump is considering removing Pirro over Reflecting Pool filing, sources say
President Donald Trump is considering removing Jeanine Pirro, the US attorney for the District of Columbia, over a Justice Department filing on the Reflecting Pool, two people familiar with his thinking told CNN.
FIRST ON FOX: Trump to open direct line with military families in ground-up readiness push
Trump's executive order creates a Military Spouse Commission chaired by Jennifer Hegseth to address childcare, housing, employment and health care.
Blanche rescinds 'anti-weaponization fund' for Trump allies after GOP senators threaten to block his AG bid
Acting Attorney General Todd Blanche has issued a formal order terminating President Donald Trump’s $1.8 billion “anti-weaponization fund” to compensate his political allies.
Trump can declare Iran victory now and withdraw troops, former counterterror official argues
Former National Counterterrorism Center Director Joe Kent continues to call for President Donald Trump to remove U.S. forces from the Middle East.
Matthew Whitaker breaks down Trump's strategic deterrence on Iran
U.S. Ambassador to NATO Matthew Whitaker joins Cheryl Casone on ‘Mornings with Maria’ to discuss President Donald Trump's decision-making regarding Iran, emphasizing strategic deterrence over escalation.
GOP congressman defies Trump on Iran but keeps his endorsement
GOP Rep. Tom Barrett voted for the third time to limit President Donald Trump’s Iran war powers in late July — attempting to help drive a stinging rebuke of the commander-in-chief that can only pass if members of his own party sign on.
Trump’s mail voting appeal tests Supreme Court’s anti-chaos election rule
President Donald Trump’s emergency appeal aimed at limiting the use of mail ballots is poised to test a controversial, 20-year-old Supreme Court principle that was intended to avoid chaos before elections.
Todd Blanche rescinds Trump's 'anti-weaponization fund' ahead of nomination hearing
Acting Attorney General Todd Blanche issued a formal order late Sunday terminating President Donald Trump's $1.8 billion "anti-weaponization fund" to compensate his political allies.
Todd Blanche moves closer to confirmation after rescinding $1.8B fund
Acting Attorney General Todd Blanche took a key step towards confirmation after meeting demands to rein in a settlement deal President Donald Trump reached with the IRS this year.
Exclusive: US military asks troops for ‘creative and unconventional’ ideas to punish Iran
The request from a senior officer at the US military command carrying out President Donald Trump’s war with Iran came in an email: We need ideas.
As he wrestles with the monumental and the absurd, Trump forgets what voters want
President Donald Trump is trying to shape how he’s remembered through his transformations of Washington’s monuments, official buildings and grassy parks — and the honors boards at his golf clubs.
Blanche rescinds Trump’s ‘anti-weaponization’ fund, removing hurdle from attorney general nominee’s confirmation
Donald Trump’s nominee for attorney general, Todd Blanche, said late Sunday he is formally rescinding the president’s $1.8 billion “anti-weaponization” fund, after Senate Republicans threatened to block his nomination over the controversial agreement.
Blanche rescinds Trump’s ‘anti-weaponization’ fund, removing hurdle from AG pick’s confirmation
Donald Trump’s nominee for attorney general, Todd Blanche, said late Sunday he is formally rescinding the president’s $1.8 billion “anti-weaponization fund,” after Senate Republicans threatened to block his nomination over the controversial agreement.
Blanche rescinds fund for Trump supporters after GOP senators threaten to block his AG bid
Acting Attorney General Todd Blanche has issued a formal order terminating President Donald Trump’s $1.8 billion anti-weaponization fund to compensate his political allies.
Briatore says he and Trump instigated New Jersey F1 bid
Remember the planned New Jersey F1 GP? Flavio Briatore says he and Donald Trump set it in motion
Trump Media now selling early access to president's Truth Social posts
Trump Media launched Truth API on Saturday, allowing early access to posts from prominent Truth Social accounts, including President Donald Trump's.
WA’s 2026 primary election tests Trump’s grip on both parties
Key Washington primaries offer an early look at President Donald Trump's GOP influence, Democratic divisions and the battle for Congress in 2026.
What a new Justice Department filing says about the ‘botched’ Reflecting Pool renovation
The Justice Department on Friday said the rush to complete President Donald Trump’s renovation of the Lincoln Memorial Reflecting Pool led to “hasty and botched work,” shedding new light on the problems behind the Washington landmark’s $14 million facelift.
Newsom and Trump agree on one way to address AI's impact
Gov. Gavin Newsom, President Donald Trump, Sen. Bernie Sanders, OpenAI’s Sam Altman and others are uniting around the idea of “universal basic capital.”
Brown, Acton bet voters want change as Democrats keep Ohio close
Ohio Democrats are banking on voters wanting a change from President Donald Trump, unaffordable living and Republican rule in the Buckeye State.
Darline Graham promotes Trump's agenda in her political debut ahead of special Senate primary
Sen. Darline Graham has made her political debut in South Carolina, stepping into the spotlight after her brother Lindsey Graham's death to advocate for President Donald Trump's policy priorities.
Darline Graham makes her political debut in South Carolina
Sen. Darline Graham has made her political debut in South Carolina, stepping into the spotlight after her brother Lindsey Graham's death to advocate for President Donald Trump's policy priorities.
Darline Graham promotes Trump's agenda in her political debut ahead of special Senate primary
Sen. Darline Graham has made her political debut in South Carolina, stepping into the spotlight after her brother Lindsey Graham's death to advocate for President Donald Trump's policy priorities
Darline Graham promotes Trump's agenda in her political debut ahead of special Senate primary
Sen. Darline Graham has made her political debut in South Carolina, stepping into the spotlight after her brother Lindsey Graham's death to advocate for President Donald Trump's policy priorities.
‘Trump threw us all a curveball’: South Carolina Republicans are stewing about Lindsey Graham’s old Senate seat
When President Donald Trump helped orchestrate Darline Graham’s appointment to finish Sen. Lindsey Graham’s term, many Republicans in South Carolina saw it as a fitting tribute to her late brother.
Rams Get Another Aaron Donald Return Boost As Momentum Builds
The Rams got another boost in their odds of getting Aaron Donald back on their defensive front, terrorizing quarterbacks in the NFC. The post Rams Get Another Aaron Donald Return Boost As Momentum Builds appeared first on LA Sports Report.
Rams Draw Attention With Latest Aaron Donald Update
The Rams have been upfront about this. The post Rams Draw Attention With Latest Aaron Donald Update appeared first on HEAVY.
Aaron Donald's comeback chances are 'trending upward,' says Rams coach Sean McVay
Trump’s unforced errors on Todd Blanche and the ‘SAVE America Act’
It often seems like President Donald Trump simply doesn’t care about making his party look good ahead of the 2026 midterm elections.
Liberal court stuns with ruling that hands Trump major immigration win
A liberal-leaning First Circuit panel reversed two district court orders blocking Trump's TPS termination for South Sudan and Ethiopia migrants.
WATCH LIVE: Trump hosts Cabinet meeting at Camp David
President Donald Trump is taking Friday's Cabinet meeting on the road — to the Camp David presidential retreat in Maryland, a rustic backdrop for sessions that have come to be known for being overly long and consumed by administration officials' endless praise for their boss.
Few signs of talks between US and Iran as Trump hears from different corners on path forward
Despite President Donald Trump’s claims Iran is “begging” for a deal, some US officials fear regime figures appear more committed than ever to wielding leverage over the Strait of Hormuz and firing missiles toward American troops.
Anthony Constantino Is Everything Wrong With Politics in MAGA Era
Anthony Constantino, a Donald Trump-loving sticker magnate running for Congress in New York, is everything wrong with our politics in the MAGA era.
Trump defends DOJ weaponization fund and attacks Cornyn, further imperiling Blanche nomination
President Donald Trump said acting Attorney General Todd Blanche “should be immediately approved” as his permanent pick for for the role and defended a controversial $1.8 billion “anti-weaponization fund” that’s at the crux of why the nomination has not yet moved forward.
Live updates: Trump announces Gaza deal
Get live updates and the latest news as Trump announces a deal for Hamas to disarm and Israel to withdraw forces from Gaza and holds a Cabinet meeting at Camp David.
The Kingdom Hearts AI Art Controversy Has Be Cleared Up
Someone forgot how many fingers Donald has
Pueblo mayor, council concoct Trumpian Texas Two-Step
Several weeks ago, an article was published positing Pueblo Mayor Heather Graham is a disciple of the calamitous Donald Trump school of governance — specifically as it related to questionable ethical practices and the misuse of public funds. Recently, Graham confirmed her allegiance by implementing the Trump tactics of deflect and divide to continue her […]
Democratic candidates grapple with past stances on defunding the police ahead of key midterm races
Democrats are trying to convince voters that lawlessness under President Donald Trump is a major threat.
NFL Releases New Seahawks Hard Knocks Clip Ahead of Premiere
Mike Macdonald jokes about being “awkward” while telling the Seahawks how to handle the Hard Knocks cameras during training camp. The post NFL Releases New Seahawks Hard Knocks Clip Ahead of Premiere appeared first on HEAVY.
CDC, public health preparedness nominees advance in Senate
The Senate Health, Education, Labor and Pensions Committee on Thursday approved President Donald Trump’s nominees to lead the Centers for Disease Control and Prevention and to serve as a key assistant secretary, two leadership roles that the administration has struggled to fill. The committee voted 12-11 along party lines to advance Sean Kaufman to serve […]
How views on Trump's handling of Iran have shifted, according to this poll
Most Americans say the war in Iran has not been worth fighting, and President Donald Trump’s approval rating on Iran has fallen slightly since last month, according to a new AP-NORC poll.
Urban League report says Trump administration is harming Black Americans' chances at American Dream
Released on Thursday, the annual “State of Black America” report grimly describes Black Americans' economic and political prospects as having worsened due to policy changes from President Donald Trump's administration.
Sen Darline Graham drops campaign video on heels of brother's funeral services amid tight primary timeline
Sen. Darline Graham, the sister of the late Sen. Lindsey Graham, dropped a campaign video as she runs for U.S. Senate with President Donald Trump's endorsement.
Trump says he may temporarily pull Blanche's nomination for attorney general as Republicans seek concessions
President Donald Trump said Thursday he may pull acting Attorney General Todd Blanche’s nomination for attorney general, looking to avoid concessions to holdout Republicans.
Trump says he’s open to temporarily withdrawing Blanche nomination amid GOP resistance
President Donald Trump says he wouldn’t object to temporarily withdrawing Todd Blanche as his nominee for attorney general amid resistance from two Republican senators.
Trump touted his tariffs in Michigan despite rising costs. Even some of his supporters are worried
During President Donald Trump's rally in Milford, the crowd was adoring. But even some of his ardent supporters said prices are too high and tariffs had caused short-term economic pain.
Senate panel delays vote on Blanche attorney general nomination
Key Republicans have demanded more assurances about the settlement of President Donald Trump's lawsuit against the IRS
The new "science golden age" looks suspiciously like a grift
This edition of PN is made possible by paid subscribers. Become one ⬇️ 🚀 Subscribe to PN 🚀 The Trump regime is trying to usher in a “Golden Age in Science” where scientific research is run like a Trump family business, artificial intelligence is all that matters, profit is everything, and expertise is for chumps. Or at least that’s the vision emerging from a new 123-page “Report to the President” from Michael Kratsios, the Director of the White House Office of Science and Technology Policy. In a normal administration, you could probably skip over learning about a science policy document — but this is no normal administration, and this is no normal science policy document. Instead, it’s Trump’s attempt to end the actual golden age of science that was kicked off in 1945 with the publication of '“The Endless Frontier” by Vannevar Bush. [ ](https://www.publicnotice.co/p/harmeet-dhillon-portland) [ Harmeet Dhillon demonstrates danger of posting through it ](https://www.publicnotice.co/p/harmeet-dhillon-portland) Liz Dye · Jul 29 [ Read full story ](https://www.publicnotice.co/p/harmeet-dhillon-portland) Bush, at President Franklin Delano Roosevelt’s request, laid out a vision of federal support for science that centered on funding universities to do basic research, saying that as long as those institutions were “vigorous and healthy and their scientists are free to pursue the truth wherever it may lead, there will be a flow of new scientific knowledge to those who can apply it to practical problems in Government, in industry, or elsewhere.” Kratsios’s report is supposed to be the successor to Bush’s, and even apes the format, but this isn’t really a document about science policy. It’s one about ending science research as we know it in favor of shoveling cash at big tech companies. While it might be temping to wave this away as an aspirational policy document, Trump has already begun to shift billions in research funds to AI projects and has taken a hatchet to science funding across the board. He’s teed up the shift Kratsios proposes here, and since neither Congress nor the Supreme Court seem inclined to stop him from doing whatever he wants with taxpayer money, it isn’t doomering or hyperbole to say we are staring down the barrel of a world where the only “science” the government intends to support is for-profit tech and defense advancements. Science for dummies Part of how you can tell this isn’t a document about science is that you are immediately faced with an absolute wall of business-speak of the worst sort. Did you know we must “tightly couple our science and technology enterprises to ensure that groundbreaking ideas invented in the United States are rapidly prototyped, tested, manufactured, and scaled domestically”? You do now! That tone isn’t surprising, because Kratsios has no background in science or research. He has a bachelor’s in political science and spent most of his career working for Peter Thiel at Thiel Capital. After a stint in the first Trump administration as Chief Technology Officer, where he also did not do any science, Kratsios was tasked in 2020 with overseeing the Pentagon’s research budget for a brief time, a position that, as the Wall Street Journal put it, “carries a great deal of power in terms of dictating investment allocations.” He spent the Biden years at Scale AI as “head of strategy,” which you will also note is neither a science nor a research job. But Scale AI has contracts with the Department of Defense and, as the Washington Post wrote in 2023, “has been aggressively pitching itself as the company that will help the US military in its existential battle with China.” And now you have the necessary background for our new golden age, which is going to be a golden age of taking money away from scientists and universities and giving it to companies like Scale AI. A note from Aaron: Working with brilliant contributors like Lisa takes resources. If you aren’t already a paid subscriber, please become one to support our work. 👇 Subscribe In a genuinely galling move, Katsios spends a lot of time slamming universities because of “administrative burdens on researchers” and the “well-documented inefficiencies” in academia, the message being that those damn universities waste the time of amazing researchers with paperwork. Except it’s the administration that is attempting to impose inefficient, unnecessary burdens on those researchers with a proposed Office of Management and Budget rule that would require senior political appointees to approve every science grant and ensure it aligns with Trump’s personal priorities. Researchers would also have to seek prior government approval to attend conferences or publicize their research. And political appointees could terminate any grant at any time if they feel like it. [ ](https://www.publicnotice.co/p/omb-rule-science-funding) [ The murder of expertise ](https://www.publicnotice.co/p/omb-rule-science-funding) Lisa Needham · Jun 11 [ Read full story ](https://www.publicnotice.co/p/omb-rule-science-funding) But when it comes to AI, we’re going to “restore permissionless innovation.” The report proposes to give lucky ducky innovators a pile of cash up front for grants lasting five years or longer, saying “awards should be fully-funded in year one, with all resources earmarked upfront, to minimize administrative burdens and reduce pressure for researchers to generate intermediate results to secure continued funding.” Yeah, wouldn’t want to have to make the Very Special Tech Bros show results or get money parceled out year by year like the plebes at universities. The report also proposes that we should have “fast grants” with “simplified applications requiring just a few pages of writing” because that is definitely how science works, just writing a bit off the dome and getting some cash. [ ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) [ Tech elites are turning AI into ChatGPTrump ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) Paul Waldman · July 29, 2025 [ Read full story ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) Oh, and we should have prizes and challenges, where multiple teams compete. The proposed prizes include incentives like “advance procurement commitments,” which means the federal government agrees to buy whatever is being developed. There’s also “regulatory fast-tracking,” making sure all those great AI thingies don’t have to wait too long to be unleashed on a market. These aren’t incentives to do science. These are incentives to develop things with tax dollars that you can then sell to the government for more tax dollars. In the suggestion that might be the most unhinged, the most very opposite of how both government and research work, our new age will include “golden tickets.” That’s where an individual reviewer in an agency — yes, just one person — can “recommend unconventional proposals that may not pass consensus-driven review panels” because somehow this will “surface valuable ideas too divisive for committees and attract higher quality reviewers by empowering them to exercise independent scientific judgment.” Yes, that’s saying that a random person in an agency should be able to shovel money at some idea even if it can’t pass a review panel, and that the opportunity to do so will attract better employees because apparently all the best minds in science are chomping at the bit to be allowed to unilaterally fund AI research based on their personal vibes. But that isn’t at all how actual science works, and actual scientists aren’t unhappy about review panels. They work collaboratively, not siloed in some secret race to create the next AI chatbot. A 2020 study by the National Bureau of Economic Research examined whether peer review panels succeed in helping agencies predict which research ideas will best advance science. Peer review was better at finding “diamond in the rough” applicants than a single government program official. How about that. Trump always wants a taste It’s painfully clear that what Katsios is trying to do here is turn the whole of government science research and funding into the sort of “move fast and break things” paradigm that is the hallmark of big tech. That method works to line the pockets of tech executives, but it isn’t science. There’s a reason the government funds different kinds of research than private tech companies do. What Katsios either fails to understand or deliberately ignores is that the federal government is the main funder of basic research precisely because it can take a long time for it to bear fruit and is not intended to be profitable as such. “Basic” here does not mean rudimentary or simple, but rather research that is designed to advance scientific knowledge instead of achieving a specific outcome or product. Big tech companies don’t widely fund that sort of research, because it doesn’t make them money. Industry dollars account for only about 20 percent of basic research funding, while the government contributes around 60 percent. Big tech companies and startups do, however, rely on and benefit from that basic research. A 2019 study found that 35 percent of all patents obtained by venture-backed startups from 1976 to 2016 cited federally supported research. Basic research funded by the NIH contributed to every single drug the FDA approved from 2010 to 2016. [ ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) [ The Saudi nuclear farce and governance by whim and meme ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) Noah Berlatsky · Jul 27 [ Read full story ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) Unlike inventing the next ChatGPT, actual science is slow and iterative. Government funding of research that, on its face, would not appear to lead to any big new invention is actually what underpins those big new inventions. If the government hadn’t funded research into desert lizard venom, we wouldn’t know about semaglutide, and we wouldn’t have Ozempic. If research scientists hadn’t studied how bees optimize nectar foraging within a colony, we wouldn’t have the algorithm that assigns internet traffic across computer servers. The report assiduously ignores that a symbiotic, profitable relationship between the federal government, universities, and private companies already exists. Each federal research dollar generates about $1.50 to $3.00 in long-term economic benefits. The $36 billion the government awarded in NIH research funding in fiscal year 2025 generated $94 billion in new economic activity. Trump’s proposed new golden age is intended to strip those billions from universities, resulting in the dismantling of departments and the shuttering of labs. But Katsios has a plan for that: Universities should just become trade schools to churn out no-show STEM degrees! “Require universities and community colleges to embed practical technical training and externships into STEM curricula. Let hands-on experience and industry credentials count toward degrees.” It’s quite the feat to, on the one hand, strip schools of funding for scientific research while simultaneously demanding to control what is taught and, oh, also, colleges need to give degrees to employees at big tech companies just for being employees at big tech companies. The new golden age would also exacerbate the brain drain Trump’s policies have already caused. Nature found that in the first quarter of 2025, US scientists submitted 32 percent more job applications abroad than in 2024. A March 2025 poll by Nature of roughly 1,600 scientists found that over 1,200 said they were considering leaving the country. Europe is investing $565 million to make it a “magnet for researchers” and provide funding for scientists who relocate. The new golden age is also about embedding Trump’s xenophobia into the fabric of American science. The report complains of an “over-reliance on foreign students” that “creates a security challenge our institutions are ill-equipped to address” and that a “reliance on foreign talent sidelines American students.” This is, to put it mildly, nonsense. International students pay far higher tuition and often receive no financial aid. Their tuition dollars are what make it possible for American students to get financial aid. In the 2023-2024 school year alone, international students contributed $43.8 billion to the US economy and supported over 378,000 jobs. Those 1.1 million international students accounted for only six percent of the total number of students in higher education that year, but were such an economic engine that for every three international students, one job was created or supported. It’s impossible not to wonder whether part of Trump’s loathing for universities and their leading role in scientific research is that there is no way for him to corrupt the process and make money off it in the same way he can by giving millions and billions to Silicon Valley types who, in turn, give him millions in cash. There’s no way for his children to invest in universities that the government then gives no-bid contracts to, fattening the family’s bottom line, which is pretty much the Trump sons’ current venture capital practice. Trump and Katsios’s view of science is narrow, cramped, and wrong. We’re not in a crisis, we’re not a failed state. We’ve been a science superpower for decades, and the only thing that threatens that is Donald Trump. Tech bros are already living high off the hog in this administration. They don’t need any more of our tax dollars. Hopefully this new golden age never comes to pass. Thanks for reading Public Notice. This post is public so feel free to share it. Share We’ll be back with more tomorrow. If you appreciate today’s PN, please do your part to keep us free by signing up for a paid subscription. 🚀 Subscribe to PN 🚀 Thanks for reading, and for your support.
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