How AI Wealth from IPOs Could Reshape American Philanthropy
By
David Wallace-Wells
The bagel they save for the regulars. Don't skim, savour.
Summary
The article discusses how the new wave of AI-generated wealth from IPOs is poised to reshape philanthropy, following a pattern of previous philanthropic waves in American history. As AI billionaires face growing backlash, they have floated various compensatory proposals like universal basic income in compute, a "New Deal" for AI, and shared AI prosperity. The piece suggests we may be entering a "third wave of American philanthropy" driven by Silicon Valley liquidity events.
Key quotes
· 3 pulledWhat do the great fortunes made from artificial intelligence owe the rest of us?
a 'universal basic income,' paid in compute; a 'New Deal' for A.I.; a commitment to income redistribution; and a 'shared A.I. prosperity.'
the third wave of American philanthropy
You might also wanna read
BlackRock CEO Warns AI Boom Could Widen Wealth Inequality
BlackRock CEO Larry Fink warns in his annual investor letter that the AI boom risks widening wealth inequality, with only a handful of compa
theguardian.com·2mo ago
Silicon Valley Billionaires Launch AI Super PACs to Influence US Politics
This article examines how Silicon Valley billionaires and tech companies are creating AI-focused super PACs to influence US politics followi
The Verge·9mo ago
Polling Shows Americans View AI as Major Driver of Wealth Inequality
New polling data reveals that American voters increasingly view AI as a significant threat to economic equality and society, with concerns a
gizmodo.com·2mo ago
AI Industry Faces Profitability Pressure as Anthropic and OpenAI Approach IPOs
The article discusses the AI industry's urgent need to achieve profitability, focusing on Anthropic and OpenAI as key examples. These compan
The Verge·1mo ago
Cory Doctorow Critiques AI Investment Bubble and Links Austerity to Fascism
Cory Doctorow critiques the massive investment in AI technology, arguing that it represents a form of 'AI psychosis' among billionaires and
pluralistic.net·1mo ago
Why AI Technology Won't Create Widespread Wealth Like Previous Technological Revolutions
The article argues that while AI is a transformative technology, it will not create massive wealth for most people, unlike previous technolo
joincolossus.com·8mo ago