Friday links: insider media

MarketsU.S. corporate profits are at a record high. (axios.com)Earnings are growing, but its the wrong companies. (ft.com)Prediction marketsPolymarket's annualized run rate now exceeds $1 billion. (cnbc.com)Donald Trump Jr. got a free stake in Kalshi back in early 2025. (msn.com)ETFsSouth Korea is experiencing the downside of leveraged ETFs. (etf.com)A lot of ETF 'innovation' these days is just throwing stuff up against the wall. (citywire.com)AIJames Pethokoukis talks AI and work with Prof. Erik Brynjolfsson. (fasterplease.substack.com)Larry Kotlikoff talks with Sebastian Mallaby, author of "The Infinity Machine." (larrykotlikoff.substack.com)Sean Illing talks with Charlie Warzel about how AI is killing off the human internet. (podcasts.apple.com)DefenseA look at the damage Iran was able to inflict on an American naval base in Bahrain. (wsj.com)The Pentagon has reinstated mandatory influenza shots. (apnews.com)Air power alone doesn't win wars. (theatlantic.com)EconomyLower gasoline