A recent survey indicates that many U.S. workers are advocating for increased corporate accountability through the establishment of an AI sovereign wealth fund. This push comes in light of rising discontent surrounding the recent wave of layoffs in the tech sector, despite the overall growth in corporate profitability. The poll, conducted by Verasight in June among 1,690 adults and released earlier this month, revealed that 69% of respondents support a proposal that would require AI firms to contribute half of their stock to a public sovereign wealth fund.
Benjamin Leff, CEO of Verasight, commented, "The public views AI Sovereign funds as a means to redistribute the financial benefits derived from the AI sector back to society at large."
In a related initiative, Senator Bernie Sanders introduced the American AI Sovereign Wealth Fund Act in June. If enacted, this legislation would enable the public to hold a 50% equity stake in the largest U.S. AI companies. Sanders emphasized the need for the economic returns generated by AI to benefit the wider population rather than solely enriching the wealthiest individuals. "The future of AI and the well-being of humanity should not be determined in private meetings in Silicon Valley by billionaires focusing solely on their profit margins,” he remarked.
The surge in tech layoffs has left many employees feeling anxious about their job stability, especially as businesses continue to boost investments in AI technologies. According to Goldman Sachs Senior Global Economist Joseph Briggs, an estimated 15 million American workers, or over 9% of the workforce, could face job displacement during the anticipated ten-year transition period towards AI adoption. In a report published last month, Briggs drew parallels between this situation and the significant automation shifts experienced during the late '90s and early 2000s.
While Briggs acknowledges the potential for job loss, he remains optimistic that AI will ultimately create numerous new opportunities despite the immediate disruptions.
Sovereign wealth funds are positioned to play a multi-faceted role in the AI landscape. They could provide funding for essential national AI infrastructure, acquire equity in AI enterprises, and ensure a portion of AI-driven financial gains contributes to the public treasury, according to research from Windfall Trust. However, managing the balance between serving the public interest and engaging in the global AI race presents challenges.
Windfall Trust points out that there can be conflicting objectives between a financial mandate, which focuses on maximizing returns for citizens, and a strategic mandate aimed at developing national AI capabilities and maintaining influence over leading technologies. These competing priorities may arise when the most lucrative investment options involve foreign AI companies rather than domestic ones.
