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Newsom Proposes AI Equity Fund, Wealth Tax Sparks Bubble Fears

7/16/2026

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Summary

Story summary

Governor Gavin Newsom proposed a fund giving Americans shares in an AI company.
He unveiled the plan last month with a tax on the ultra-wealthy, prompting Economist Dean Baker to warn it could inflate an AI bubble.
OpenAI CEO Sam Altman discussed a 5% equity stake with White House, noting that at $1 trillion valuation the stake could return billions and make the proposal a major issue for Newsom’s 2028 run.

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Story summary

Governor Gavin Newsom proposed a fund giving Americans shares in an AI company.
He unveiled the plan last month with a tax on the ultra-wealthy, prompting Economist Dean Baker to warn it could inflate an AI bubble.
OpenAI CEO Sam Altman discussed a 5% equity stake with White House, noting that at $1 trillion valuation the stake could return billions and make the proposal a major issue for Newsom’s 2028 run.