TBPN Podcast Summary – February 20, 2026

Episode Title: Palmer Luckey LIVE from NYSE, Supreme Court Smackdown, Data Center Backlash
Hosts: John Coogan & Jordi Hays
Notable Guests: Ryan Petersen (Flexport), Palmer Luckey (Anduril, Erebor), Jonathan Gould (Office of the Comptroller of the Currency), Diogo Mónica (Anchorage/Han Ventures), Joe Lonsdale (8VC), John Shahidi (Happy Dad), Will Bruey (Varda), Sam Levenback (X Energy), Alex Heath (Sources)

Episode Theme

Main Focus:
A blockbuster episode exploring the aftershocks of a Supreme Court tariff decision, the launch of Erebor (a new tech-native bank) at the New York Stock Exchange, and the swelling local backlash to data centers. The show features live reporting, top tech guests, and sharp analysis on financial, policy, and technology trends.

Key Segments & Discussion Points

1. Supreme Court Overturns AIPA Tariffs

Guest: Ryan Petersen (Flexport)
Timestamps: [01:10] – [14:15]

• Tariff Decision Details: The Supreme Court overturned the AIPA reciprocal tariffs, one of the most sweeping sets of tariffs affecting global trade, but did not clarify if $175B+ in refunds would be disbursed.
  • “That is the giant $75 billion question. What happens to all that money that people paid over the last year?” – Ryan Petersen [02:37]
• Refund Uncertainty: Businesses await clarification on refunds; CBP has previously stated it would refund if tariffs are ruled illegal, but administration signaled no refunds for the next five years pending litigation.
  • “Because the Supreme Court did not have a firm opinion about refunds, there will be no refunds for the next five years.” – Ryan Petersen [04:06]
• Flexport's Role: Flexport built a free automated tariff refund calculator for businesses (tariffs.flexport.com).
• Impact on Small Business & Manufacturing:
  • Small e-commerce businesses and their supply chains suffered. Many moved toward reshoring or diversifying supply chains due to tariff instability.
  • “A lot of small businesses really suffered last year. 40% of Shopify merchants were doing fulfillment from overseas...all those people just got hit with a huge new disruption.” – Ryan Petersen [05:50]
• New Tariffs: Section 122 tariffs are being implemented (10% now, can go up to 15%), apply equally to all countries, limited to 150 days at a time, but can be perpetually renewed.
  • “I predict Section 122 will experience a pause of 15 minutes and then another 150 days...you could do that in perpetuity.” – Ryan Petersen [09:07]

2. Data Center Backlash in Local Politics

Timestamps: [15:58] – [29:33]

• NJ Data Center Cancelled: Viral community protest leads to cancellation of a planned 1GW data center in New Jersey, replaced with a park.
• Economic Analysis: Data centers can generate ~$100M in local taxes and hundreds of jobs, but “permanent underclass” and aesthetic/abstract concerns dominate opposition.
  • “The meme is, ‘I don’t like what it stands for’… not about health or safety.” – John Coogan [19:24]
• Design Innovations:
  • Enthusiastic discussion about Denmark’s CopenHill — a power plant with a ski slope on top — suggests towns and companies should make data centers more appealing with creative architecture or even underground builds.
  • “Why not put parks or extreme sports parks on top of data centers?” – Jordi Hays [24:02]
• AI and Local Sentiment:
  • Hosts note the challenge of selling diffuse, incremental technology benefits (like AI) to local communities versus visible, immediate ones.

3. Erebor—A New Tech-Focused Bank Launches

Guests: Palmer Luckey, Jonathan Gould (Comptroller of the Currency), Diogo Mónica (Anchorage/Han Ventures), Joe Lonsdale
Timestamps: [63:29] – [123:16]

• Origins & Motivation:
  • Palmer Luckey started Erebor after enduring pain points with legacy banks and seeing the collapse of Silicon Valley Bank:
  • “I realized you didn’t have banks aligned with US interests, deep tech, energy...that could serve them in a meaningful way.” – Palmer Luckey [64:21]
• National Bank Charter:
  • Erebor receives its official charter, a rare win for new banks post-08 crisis. The process required $350M+ in regulatory capital and deep regulatory engagement.
  • Comptroller Gould: “It’s absolutely critical that we have new banks forming in America… we want to do everything we can so we’re transparent and holding all applicants to the same standard.” [93:09]
• Differentiators:
  • Deep alignment with US interests (defense, intelligence).
  • Proactive anti-fraud cooperation.
  • Emphasis on risk aversion (Palmer: “We’re going to be the last man standing”).
  • 24/7 settlement and eventually US dollar-backed stablecoin rails.
• Tech & Crypto Positioning:
  • Won’t substitute humans for chatbots “for a long time, if only for regulatory reasons.”
  • Aims to have physical vaults and real-world assets, not “a bank of the Ether.”
• Product Roadmap:
  • Prioritizing what customers need: equipment financing, conservative lending, smooth legacy banking integration—not scaling recklessly.
  • “If we can do that, we’ll be doing better than many other banks.” – Palmer Luckey [70:44]
• Charter vs. Fintech “Banking as a Service”:
  • “If you don’t control your charter, the buck doesn’t stop with you. Someone else can always kick you off the platform.” – Palmer Luckey [71:30]
• Onboard Customers:
  • Companies like X Energy (advanced nuclear reactors for data centers) cite Erebor’s ability to “roll up their sleeves and understand our sector” as key.
  • “Not a lot of new reactors in construction; capital allocators don’t want to touch it… Erebor is willing to understand what is risky, what is bankable, and do the real work.” – Sam Levenback [149:08]
• Future of Bank Formation:
  • Investors and founders are seeing a new, though difficult, “window” for next-gen banks across verticals (farming, industrial, etc.), catalyzed by success models like Erebor.
  • “After 20 years of almost zero federal charters, there’s a window here…” – Diogo Mónica [113:21]

4. The SaaSocalypse & The Future of Software

Guest: Joe Lonsdale (8VC, Palantir co-founder)
Timestamps: [116:05] – [123:16]

• SaaS in the Age of AI:
  • “Low-end SaaS is in trouble… point solutions with no system of record or network effect. But if you spent $100M+ building your product and culture, you’re fine.”
• AI Productivity:
  • “The best engineers really are 5-10x better with (AI agents). If your devs aren’t using it, replace them.”
• Banking & Trust:
  • Excited about Erebor but notes the need for “barbell” strategy between innovation and ultra-conservatism in risk: “It’s a goddamn bank… your job is to be conservative as well.”

5. Other Notable Segments & Quotes

Video Games Industry Data

Timestamps: [34:53] – [39:10]

• Roblox’s meteoric growth: “Its quarterly engagement is now equal to Steam, PlayStation and Fortnite combined.” [34:58]
• The tension between free, ad-supported entertainment (TikTok, Instagram) and traditional paid games.

Creator Economy & IRL Streaming

Guest: John Shahidi (Happy Dad, Shotz)
Timestamps: [124:30] – [137:08]

• “I actually got emotional because… watching your guys’s journey has been incredible. Now all these pitches: ‘We’re the TVPN of X.’ That’s what TVPN’s become.” – John Shahidi [124:49]
• Consumer product marketing: “Focus on being where the customer is—trade marketing, store displays—not just digital spends.”

Journalism & the Sources Model

Guest: Alex Heath (Sources, formerly Verge)
Timestamps: [161:32] – [185:43]

• AI as editor and first-draft creator: “The scoop cannon’s always loaded… My leverage now is my network, the interviews, the scoops. The writing is mostly edited AI.” [163:27]
• “You can’t buy me. And I may ruin your day if I scoop you. But at least I’ll do it with a smile.” – Alex Heath [168:31]
• Outlook: “It’s a barbell world: You either own the platform or you’re a lone creator. Distribution is what matters.”
• On industrial gossip: “Gossip isn’t negative—it’s neutral. But people like the world operating on the truth.” [181:43]
• Future of media: “We’re in this unbundling phase… There will be rebundling. But it’ll be small teams, profit sharing, not bloated newsrooms.”

Memorable Quotes & Moments

• “Most lottery winners end up bankrupt. Don’t spend it all if you get a tariff refund.” – Ryan Petersen [13:35]
• “The biggest beneficiaries of vibe coding are hardware nerds like me… focus on what you’re good at!” – Palmer Luckey [80:27]
• “I have a collection of motorcycles themed ‘commercial failure.’ The more a failure, the better!” – Palmer Luckey [89:58]
• “The secret of longevity in journalism is fairness. Even give those you dislike a fair shake—out of nerdy curiosity, not cynicism.” – Alex Heath [166:02]
• “We should have a blockchain for co-founder stories—then nobody can claim it after the fact!” – Palmer Luckey [86:58]
• “Commerce is moving from innovation to extraction—especially in games. Go back to the basics.” – Palmer Luckey (paraphrased from Nirav Patel) [78:57]

Important Timeline Markers

• [01:10] Ryan Petersen joins to break down tariff ruling
• [16:06] Viral data center protest & economic analysis
• [63:29] Palmer Luckey joins live from the NYSE
• [92:30] Jonathan Gould (Comptroller) explains chartering process
• [107:00] Diogo Mónica (Anchorage/Han Ventures) discusses federal bank charters
• [116:05] Joe Lonsdale on SaaS apocalypse and new bank era
• [124:30] John Shahidi live from NYSE, consumer product insights
• [139:47] Will Bruey (Varda) on space manufacturing and launch economics
• [147:39] Sam Levenback (X Energy) on nuclear reactors for data centers
• [161:32] Alex Heath joins in person to talk scoops, AI writing, journalism’s future

Tone & Style

• Lively, irreverent, and news-driven: The hosts and guests mix technical depth with Silicon Valley-style irony, inside jokes, and direct attribution (“Scoop doggy dog!” “You can never have too many cheesesteaks.”)
• Rich banter and “hypercurrent” references: Many segments rely on memes (“permanent underclass”), ongoing Twitter/X discourse, and deep knowledge of tech-industry drama.
• Balanced with insight: Guests and hosts regularly contrast hype with hard business and regulatory realities.

TL;DR for the Uninitiated

The TBPN episode delivers a high-energy, news-packed tour of the current tech/business moment: A massive Supreme Court ruling throws world trade and refunds into chaos, but operators like Flexport jump to help. Meanwhile, “the tech bank” Erebor, launched by Palmer Luckey, wins its charter with unique government alignment and immediately onboards next-gen, capital-intensive customers like nuclear startups. Elsewhere, fear of “SaaSocalypse” is real for flimsier software companies, but deep culture and network effects still rule. Local communities increasingly block data centers, but creative solutions abound if industry can pitch better. Throughout, the show circles back to AI’s impact on productivity, journalism, and even meme podcasts—delivered in the punchy, referential style that’s become TBPN’s trademark.

For full interviews, best moments, and more, visit: TVPN.com or find TBPN on Spotify, X, and YouTube.

This summary focuses on all substantive content. Ad reads, intros, and outros have been omitted.