As I share mic time with my heir

from Lil Wayne (Ft. Jay Z) – Mr. Carter Lyrics on Rap Genius

Meaning

Jay-Z is naming Wayne as his “heir to The Throne” as the King of Rap, and also being Young Carter.
He also makes a clever play to also mean Mike (Jordan) with his Air (Jordan) possibly intimating that he’s in his element.

Wayne famously misunderstood this line. “My homie had to tell me ‘You know what he said, right?’ I didn’t even get it. I was like, ‘Why is he saying "air”? Is he just talking about the air?’“ — Lil Wayne in Rolling Stone

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