OpenAI proposed donating 5% of its equity to a US sovereign wealth fund

Sam Altman, the CEO of OpenAI, has put forth an intriguing proposal to allocate 5% of the company's equity to a U.S. sovereign wealth fund, as reported by the Financial Times. This initiative, which appears to be in its early stages, is intended to encourage other AI firms to make similar contributions, although many details surrounding the proposal remain unclear. The rationale behind this donation is to establish positive relations with the U.S. government and mitigate potential political backlash. This concept echoes discussions that surfaced in June, where former President Trump acknowledged talks about creating avenues for the public to become stakeholders in AI companies. However, specifics regarding the equity stakes were not disclosed at that time. As these discussions unfold, any formal implementation is likely to face the hurdle of requiring congressional approval, a factor that could significantly complicate the process. Altman has also been vocal about the potential for a public AI fund, and OpenAI has articulated more concrete ideas on how such a fund might be organized. In a recent policy paper titled "Industrial Policy for the Intelligence Age," OpenAI outlined a vision for a public wealth fund that would directly invest in AI laboratories and companies using their technology. The proposal suggests that returns from this fund could be shared with citizens, enabling broader participation in the benefits of AI-driven growth, irrespective of individual wealth or access to resources. Moreover, a more assertive approach to this idea was proposed by Senator Bernie Sanders, advocating for a one-time 50% tax on stock from AI companies, with the proceeds funneled into a public wealth fund. This legislation, identified as the American AI Sovereign Wealth Fund Act, targets all “systemically important” AI firms, encompassing those involved in data centers, infrastructure, or robotics. Notably, companies like Google and SpaceX, which incorporate AI within a broader business model, would have the option to separate their non-AI segments to avoid taxation. As of now, this bill has not progressed to committee review.