| Trump’s AI treasure |
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| Photo illustration: Sarah Grillo/Axios. Photo: Nicholas Kamm/AFP via Getty Images |
| President Trump is raising the idea of the U.S. government taking stakes in AI giants — not out of populism, but with a dealmaker’s eye for profit, Axios’ Dan Primack and Maria Curi write. Why it matters: Government equity in private companies — anathema to free-market capitalism and Republican dogma about “picking winners and losers” — is a signature of Trump’s second term. The big picture: Companies like OpenAI and Anthropic may soon be worth trillions. So even small stakes could be meaningful to the federal government.For example, a 2% stake in a $3 trillion company works out to $60 billion. That gives the government a financial incentive to help these companies grow, which dovetails with Trump’s existing laissez-faire AI policy. Zoom in: Sen. Bernie Sanders (I-Vt.) and Trump share an instinct that the government should capture a piece of AI’s windfall. But they would slice the pie very differently. Sanders proposes requiring top AI companies to pay a one-time 50% tax in stock, flowing into a sovereign wealth fund that distributes gains to the public. Trump is discussing voluntary equity stakes that would give the government a direct cut of AI companies. He told reporters aboard Air Force One on Friday he wants Americans to be partners “in this revolution.” “As far as economics is concerned, we have certain things that aren’t that far apart,” Trump said of Sanders. Behind the scenes: Populists may sense the White House tide turning on AI, given the recent departure of AI czar David Sacks, and Saturday’s announcement that deputy Sriram Krishnan will leave at the end of the month.Neither left over policy disagreements. Sacks’ time as a special government employee was up, and he still advises the White House. Krishnan plans to launch an AI consulting group and will remain in Trump’s orbit. Sacks has publicly cautioned against the government taking stakes in Big AI. But that’s mostly because of his libertarian leanings and what it could mean with Democrats in power — not because he believes Trump has gone soft on accelerationism. What’s next: Trump said he plans to meet in the “very near future” with tech companies to discuss what a partnership with the government could look like.OpenAI and Anthropic have each floated versions of public wealth funds.Share this story. |
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The big picture: Companies like OpenAI and Anthropic may soon be worth trillions. So even small stakes could be meaningful to the federal government.
Behind the scenes: Populists may sense the White House tide turning on AI, given the
What’s next: Trump said he plans to meet in the “very near future” with tech companies to discuss what a partnership with the government could look like.