AP Exclusive: Bernie Sanders unveils plan to give the public direct ownership of AI companies

Sen. Bernie Sanders has proposed the AI Sovereign Wealth Fund Act, which would create a sovereign wealth fund financed through a one-time 50% tax on the stock of the largest AI companies. According to Sanders' office, the tax is estimated to raise nearly $7 trillion. The fund would be used to give the public direct ownership of AI companies, with the goal of ensuring that the benefits of AI are shared broadly.

The proposal targets the largest AI companies by market capitalization, though the exact list of companies and valuation methodology have not been detailed. The one-time tax would be applied to stock, meaning companies would either need to issue new shares or sell existing holdings to cover the tax liability. Sanders argues that AI companies have accumulated enormous wealth and that this tax is a way to 'democratize' the technology.

Reaction to the proposal has been mixed. Supporters say it addresses concerns about AI wealth concentration, while critics question the feasibility of taxing stock and the government's ability to manage a sovereign wealth fund effectively.