“Current thing” in this context is the “current thing the Internet is outraged by or is perceived to be overly-concerned about”. An oblique reference to Cancel

“Current thing” in this context is the “current thing the Internet is outraged by or is perceived to be overly-concerned about”. An oblique reference to Cancel Culture. It seems like he’s become emboldened by Elon Musk’s tweeting and is trying to play a similar role. (I have no opinion of pmarca, good or bad, except perhaps that he wastes too much time thinking about Internet drama.)