Getting a valuation from the US government via the equity tax allows OpenAI to tell investors “we are worth a trillion [dollars]”

Mike and Nick examine the dangerous intersection of good intentions, astroturfing, and the kayfabe of the AI bubble. They compare Senator Sanders' proposal for an AI wealth tax to the industry's. Mike also details how industry operatives might be using the left's talking points against them to shape the policy agenda.

• The valuation magic trick: Valuations are invocations: numbers that become real once believed. If a politician proposes taxing a company based on a specific valuation, they aren't just taking money, they are validating a price tag.
• Bailouts in broad daylight: If the government holds equity in AI companies, the state becomes a stakeholder. A “tax”  ...