There has been a rash of bankruptcies and acquisitions among AR-15 makers in the past year. Some of the largest producers, like Anderson Manufacturing, have shut down their operations. To explain what's going on, we have KE Arms director Russell Phagan on the show.

Phagan has been selling AR-15s and parts for over 20 years. He said the market has shifted significantly since the guns were first put on the market over 65 years ago. He said the gun's popularity was built on the back of bans, military adoption, and even pop culture prominence.

However, he argued the market dynamics have shifted the past two decades. They've become more dependent on the threat of new bans in a feast-famine cycle. And the 2020 surge was so large that Phagan argued it nearly saturated the market. Combine that with a handful of other demand-depressing factors, and things are looking grim for those specializing in ARs today.