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Bernie Sanders Introduces Legislation to Create $7 Trillion AI Sovereign Wealth Fund

4 days ago by beep to c/technology

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XLE 50 points 4 days ago

I'm not an economic genius, but this doesn't seem like a great idea.

At current valuations, the sovereign wealth fund that would be created under this legislation would be worth an estimated $7 trillion.

Are these companies really worth what their valuations claim to be?

The Independent Commission would use voting shares in these companies to block decisions that hurt the American people and to push for policies that help them.

Wait, who's purchasing the shares in these companies?

it would require large companies that operate both AI and non-AI businesses to break up those businesses, ensuring the public receives an ownership stake in the AI business.

Separate the profitable part and let the oligarchs keep that for themselves??

ETA: Bernie Sanders has been mislead by an actual AI doom cult leader, so the AI-is-inevitable lobby's foot is already in the door with him.

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Grimy 11 points 4 days ago

We need to make aggressive nationalization cool again. A thank you card, a pizza party and a "you won at capitalism" medal. Throw them in prison if they complain, China does it with their CEOs.

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pennomi 8 points 4 days ago

Nobody is purchasing the shares here, it’s a tax.

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XLE 7 points 4 days ago

The "tax" is the ownership of those stocks...

This is so bizarre because with other funds, they're done for proven profitable things. Oil in Alaska. We could have gone after all tech company stock, but Bernie Sanders only went for the unproven, unprofitable thing.

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pennomi 2 points 4 days ago

In what way is a tax a purchase? It’s ownership but not purchase.

The government, on threat of imprisonment, says give us your stock. No money changes hands, only the AI companies lose.

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XLE 6 points 4 days ago

Neat. The government gets a 50% stake in only the Grok part of SpaceX, not the profitable parts of it... And then the government has an incentive to help Grok profit.

This is bad because it seems like

  • Elon Musk remains untaxed on the profitable parts of his company
  • the government is incentivized to build Grok more poison methane turbines to pump its share value

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Nouvellalia 4 points 3 days ago

Oh god, he's listening to yud?

Bernie, my man, you're too old for this one. Your discernment breaks in this basin. Get out and find some youths you know and trust for reasons outside politics and tech.

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brianpeiris 35 points 4 days ago

Bernie has good intentions, but he was AI-pilled by Geoffrey Hinton, who ironically also has good intentions. However, they are both out of touch with reality.

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Tollana1234567 5 points 4 days ago

what he should be doing is taxing them, and starts regulating datacenters instead. but likely AI TECH is in the pockets of many congresman right now, and governors.

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zod000 8 points 4 days ago

This is such a bad idea, Bernie got duped hard by the AI hype man in his ear. I hope that this gets sunk in congress, which it probably will because A. Bernie is pushing it, and the GOP hates Bernie and B. I suspect enough of those same idiots will see this as taking from the poor billionaires C. A few sane people in congress will see what a dumb idea it is

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technocrit 4 points 4 days ago

Buying into the grift? Misguided at best.

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HugeNerd 2 points 4 days ago

Why that's as many as seven Elons! And that's a lot.

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fleem 1 point 4 days ago

that's some damn philosophers stone lalilulelo bullshit

enough to alter the course of history in the before times

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CanIFishHere 1 point 4 days ago

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tristynalxander 0 points 4 days ago

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AnAmericanPotato 1 point 3 days ago

It's still an open question where the eventual sweet spot will be in terms of model size and speed once the dust settles.

Nobody has the hardware to run frontier models in their personal devices. Even the larger open models are out of reach unless you're ready to spend $10-20k on hardware. You can't do shit on 8GB of memory.

That said, I don't think there's any great use case for trillion-parameter models in the long term. You can get good results for cheap from much smaller models with smarter workflows, and eventually that will become as easy and accessible as using cloud products. The big players have done well staying 6-12 months ahead, but that's really not a lot in the grand scheme and they can't keep it up indefinitely.

Their only play is regulatory capture and they're pushing hard for it.

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Amoxtli -8 points 4 days ago

Not even Barack Obama supported Bernie Sanders.

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ushmel -10 points 4 days ago

man, bernie needs to hang it up, he's drinking the kool aid

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DarkCloud 22 points 4 days ago

He wants to take 7 trillion dollars from AI companies. That's what a sovereign wealth fund is, it's when you take profits from a source, and store it to use on things like health care, wellfare, pensions, public transport, housing, infrastructure, ect.

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dhork 12 points 4 days ago

Lol, good one, who actually thinks AI companies are profitable?

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XLE 2 points 2 days ago

Can you show everybody here where that money will come from?

Is the money in the room with us right now?

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XLE -2 points 4 days ago

The page says it's a one-time tax... so which AI companies have that?

I would like to know how much would actually be in that fun right away rather than what it could maybe be. Valuations are skewed. We know this. Just look at WeWork.

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village604 0 points 4 days ago

It's giving the government controlling ownership of the company.

They're saying the values of the seized shares would be $7T

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XLE 1 point 4 days ago

"Up to" is doing some heavy lifting there. Who the heck told Bernie there's $14 trillion of AI stocks to take?

https://isaiprofitable.com/

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pennomi 11 points 4 days ago

He’s calling to tax 50% of all the company shares in AI, making it a public benefit.

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XLE 4 points 4 days ago

He's calling for a group under the current US president to have 50% of the stock of the AI companies... And only the AI (read: no-path-to-profit) part of those companies.

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pennomi 4 points 4 days ago

Yes, that’s how national organizations work. It’s not like some random VC firm that privately owns the stock. It’d be owned by the nation, and the directors would be required to pay dividends to the public on those profits.

This is basic sovereign wealth fund stuff.

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XLE 3 points 4 days ago

Is it normal to exclude the profitable part of the company?

I am very worried about this because AI lobbyists have done a great job of pushing politicians around. Bernie Sanders himself has accepted Eli Yudkowski, an AI doom cult leader, as a reputable source.

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webkitten -13 points 4 days ago

Between his support of an sexual abuser like Platner and his support of AI bullshit, it's time for him to retire.

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kryptonianCodeMonkey 1 point 4 days ago

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