Today’s episode starts with a tip from the tireless Daniele, who never lets me slip into a daze; after all, I’m of a certain age.
So thanks, Daniele. Here’s the news: Trump and Sam Altman, alongside none other than Bernie Sanders, are working on a wonderful idea: public equity participation in so-called “Artificial Intelligence” companies (Fortune).
TL;DR: May the gods protect us.
Bernie Sanders, the sprightly social-democratic senator from Vermont, has floated a wonderful idea—so wonderful that it has even won the approval of Sam Altman and Trump.
An idea like this might actually come to fruition.
Let’s use Sanders’ own words, from the New York Times:
Artificial intelligence will almost certainly be the most transformational technology in the history of the world. It will profoundly affect the life of every man, woman and child in our country. It will bring — and is already bringing — unimaginable changes to our economy, our democracy, our emotional well-being, our environment and how we educate and raise our children. Further, there is a very real fear that as A.I. becomes smarter than humans it could eventually function independently, with potentially catastrophic consequences.
(New York Times, June 1, 2026)
Now. This is not an opinion: aside from that “almost certainly” which carries a lot of weight, it is the selling point of every company in the so-called “Artificial Intelligence” sector, something on which the most phenomenal marketing and propaganda campaign in history has been unleashed over the past five years. The idea that everything will change because we now have language models is, at best, still entirely unproven.
Second. The marvelous profits are entirely imaginary, and they too are part of the sales pitch. As I write this, the so-called “industry” (can you hear the quotation marks?) of so-called “Artificial Intelligence”—that is, to be precise, language models—excluding the sole provider, NVIDIA, has spent $1.2 trillion, against $135 billion in revenue, and offers every subscription tier at a loss. In other words, the “unimaginable changes” start with $1.065 trillion in losses.
Third. The dangers of “AI that will operate independently” are the marketing ploy AI bros use to make themselves look important: it’s clear that if something threatens all of humanity, it’s a serious and important matter. Unfortunately, language models are neither one thing nor the other, and existential threats exist only in the AI bros’ drug-induced trips. I don’t know what they’re smoking, but judging by the effects, it’s clearly too strong for them.
Let’s continue with Sanders’ words:
Since A.I. is built on the collective knowledge of humanity, the wealth it generates must benefit humanity. Not just Mr. Musk, Mr. Altman, Dario Amodei and other moguls whose companies are positioned to dominate the industry. Not just venture capitalists in Silicon Valley or money managers on Wall Street who undoubtedly see A.I. as the next great wealth-extracting machine.
(New York Times, June 1, 2026)
OK. The idea that language models were built by forcibly acquiring material from anyone and everyone, without a penny in compensation or royalties, is at least finally a fact. It was pure and simple colonial-style wealth extraction.
But the notion that because language models were built on the sum total of human knowledge, the U.S. is entitled to 50% is an equally colonial idea. Who gives a damn if there are six billion Internet users and eight billion people in the world. What matters is that humanity—represented by three hundred million Americans—profits from it.
After a lifetime in politics, Sanders doesn’t seem to have a intern, an advisor, a friend for Pete's sake, capable of inspiring a moment of reflection in him, or at least of telling him that parroting the press releases of multinational corporations isn’t a good foundation for a political agenda, much less a social democratic one.
Be that as it may, Sanders continues without even taking a breath.
That is why I will soon be introducing the American A.I. Sovereign Wealth Fund Act. This legislation would give the public a direct ownership stake in the largest A.I. companies in our country. How? It would create a sovereign wealth fund through a one-time 50 percent tax — not on the profits of OpenAI, Anthropic, xAI and other companies, but paid with something far more valuable than that: the stock.
(New York Times, June 1, 2026)
Sanders’ idea is called nationalization. In normal times, Sanders would have already had a tragic car accident or a sudden heart attack before it was cocktail hour in Langley. But we don’t live in normal times.
And in fact, not only is Sanders alive and well, but Sam Altman has requested and secured a one-on-one meeting with him to discuss the idea, and Trump himself, aboard Air Force One, told reporters that the idea is on the table and that he will soon be meeting with Musk, Altman, and Amodei.
The Associated Press reporter put it this way:
“There’s something very interesting about the idea; it almost becomes a partnership with the American public,” Trump, a Republican, said Friday.
Associated Press, June 6, 2026
When reporters pointed out that Sanders identifies as a social democrat—which, incidentally, is pure heresy in the United States—Trump retorted that his base and Sanders’ base are not so far apart on economic issues.
There is great confusion under the heavens.
The funny thing is that the only timid objection came from Altman, who said he didn’t quite agree with the 50% figure. How sweet.
Let’s think this through for a moment.
For months now, the likes of Altman, Musk, and Amodei have been taking turns in a typical week:
- On Monday, one of them says he’s not sure if his language model has become sentient yet, and if it isn’t now, it certainly will be within a year or two;
- On Tuesday, another one counters that there’s a tangible possibility that so-called “Artificial Intelligence” will annihilate humanity, but in the meantime, for three to five years, the United States will have cutting-edge companies;
- On Wednesday, the third one says the second is exaggerating but that the “Artificial Intelligence” industry is certainly too important and will generate too much wealth for the government not to get directly involved;
- Thursday, I could never get the hang of Thursdays;
- Friday: Jensen Huang announces a new dedicated graphics card that consumes only one megawatt instead of the two megawatts of the previous model, so data centers can buy twice as many cards for the same power consumption.
This charade has been going on for at least a year. One might think that eventually someone would realize they’re just repeating the same story over and over while pushing the timeline further out, but no. Apparently, Sanders is buying into the whole story and likes it so much that he’s considering drafting a special law for it.
Now, the United States is a country where you get labelled a Communist ofr simply mentioning public healthcare.
Sanders comes along, proposes nationalizing 50% of the so-called “Artificial Intelligence” giants, and not only does no one bat an eye, but one of those giants and the most, ehm, (checks notes) business-friendly president we’ve ever seen essentially agree.
Am I the only one who thinks this doesn’t add up?
I explain Trump’s possible agreement by the fact that, for him, “l’État c’est moi”; so, for Trump, public ownership is Trump’s ownership.
I can explain why Altman might agree even more simply: OpenAI has over $500 billion in debt, and Sanders is offering to saddle the American people with half of it in exchange for a stake in the golden age that so-called “Artificial Intelligence” has been promising in five years for the past five years.
Altman, of course, is a snake oil salesman but he’s no fool: in fact, he said that what he doesn’t like about Sanders’ idea isn’t just the percentage, because 50% would mean Altman could no longer call the shots.
Altman is the one who, among other things, said that OpenAI cannot be considered a normal company (especially when looking at its debt) because, in his own words, “we are here for the glorious future.”
And Altman was also fired for the amount of lies he told his board of directors, before Microsoft’s money brought him back and forced everyone else to resign.
Altman knows full well that, even with a minority stake, having Uncle Sam on his side would mean maximum investor confidence and credit lines always open. After all, Uncle Sam is footing the bill.
I still don’t understand what Sanders finds so brilliant about this idea.
For the taxpayer, a government stake in the so-called “Artificial Intelligence” industry means shouldering, today, 50% of 500 billion in debt.
For the taxpayer, a government stake in the so-called “Artificial Intelligence” industry means shouldering, today, 50% of 500 billion in debt. Sure, in the glorious future, Artificial Intelligence will make us all rich (and even blonde, young, and with a huge dick), but the billions in debt are here today; we’ll believe in the profits (and the rest) when we see them.
As you know, to me the mythical “invisible hand of the market” always seems like a fairy tale for the naïve. But if, as the fans say, the market is very good at separating the fools from their money, then for this time I’d gladly opt for pure libertarian-style laissez-faire. No shares in imaginary profits, no support for real debts, and above all, no bailouts when creditors want five hundred billion back.
Let the pathetic clowns who pose as great innovators deal with that freedom of enterprise (which means freedom to fail) that they are so quick to invoke for other companies.
Remember the creaks I mentioned a couple of episodes ago? SpaceX’s takeover bid is already creaking loudly, and over the weekend, OpenAI presented its own. But if investors already have doubts about Musk’s offer (he’s a charlatan, but he commands the stage like no one else) the outlook isn’t good.
Sanders should make peace with it. If he wants to nationalize something, he should try Google Cloud Platform and AWS, which are now, to all intents and purposes, public infrastructure, and leave so-called “Artificial Intelligence” to the dreams of a bunch of bloated forty- and fifty-somethings with the " vision" of a teenager in the ’70s.
Trump told reporters that executives from leading AI companies will visit the White House, “probably next week,” to discuss a potential "partnership."
Joey Cappelletti (Fortune)
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