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   The risk in an AI equity fund
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   Plus: The Treasury's surprise boost to bond buybacks.
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              Thursday, August 20, 2026
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               Giving every American a stake in AI sounds great until you do the math
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               American AI companies are collectively worth trillions of dollars, and lawmakers, Nobel-winning economists, and AI executives themselves are asking whether ordinary citizens should own a piece of them.
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               OpenAI CEO Sam Altman has been discussing a plan to give the U.S. government a 5% equity stake in his company, according to a Financial Times report from early July. Altman wants other leading AI firms to do the same, with equity flowing into a 
government-run fund modeled on Alaska's Permanent Fund, which invests oil wealth and distributes annual payments to residents. The talks are in early stages, and any deal would likely require an act of Congress.
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               Sen. Bernie Sanders has proposed something far larger: an American AI sovereign wealth fund that would require AI companies earning more than $200 million a year to surrender half their stock to a government fund. Sanders' office says such a fund would send 
more than $1,000 to every American through annual dividends.
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               Altman's plan is voluntary and wouldn't give the government a board seat. Sanders' bill is compulsory and would give a public commission equal board representation and voting power over corporate strategy. The difference between the two is significant.
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                      Just bring your number. Not available if with Metro or T-Mobile in the past 180 days. Unlimited data if using &gt;35GB/mo; may notice reduced speeds due to prioritization.
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               Today's Poll
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               Should AI companies give the public equity?
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                              <td align="center" bgcolor="#000000" style="text-align:center;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721">
                               <!--[if !mso]><!-->
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                                Yes. The public deserves a share of AI wealth
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                               <!--<![endif]-->
                               <!--[if mso]><a 
href="https://www.ne16.com/t/11099441/222404108/10397079/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwOC0yMA&x=c8745f6f" target="_blank" style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: block; ">Yes. The public deserves a share of AI 
wealth</a><![endif]-->
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                          <td align="center" bgcolor="#000000" style="text-align:center;vertical-align:middle;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721" valign="middle">
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                              <td align="center" bgcolor="#000000" style="text-align:center;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721">
                               <!--[if !mso]><!-->
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block; ">
                                No. AI doesn't have any fundamental value
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                               <!--<![endif]-->
                               <!--[if mso]><a href="https://www.ne16.com/t/11099441/222404108/10397080/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwOC0yMA&x=a9a06baf" target="_blank" style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display:
block; ">No. AI doesn't have any fundamental value</a><![endif]-->
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                          <td align="center" bgcolor="#000000" style="text-align:center;vertical-align:middle;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721" valign="middle">
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                              <td align="center" bgcolor="#000000" style="text-align:center;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721">
                               <!--[if !mso]><!-->
                               <span style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: 
block; ">
                                Only if the amount is meaningful to everyone
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                               <!--[if mso]><a href="https://www.ne16.com/t/11099441/222404108/10397081/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwOC0yMA&x=e8c4cfc0" target="_blank" style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; 
display: block; ">Only if the amount is meaningful to everyone</a><![endif]-->
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              <span style="font-family:Arial">
               Here's what you need to know
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                 <a aria-label="" style="color:#121721" target="_blank" title="">
                  <img alt="" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D75%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2266383509.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODcyMjA4NjMuNjk3MjE3NX0:1wwzmx:Mhp_SS1LBIHcoShNhkTqthSYGc1v8KW7t3NrJJd418U" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
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                 <div>
                  <strong style="color:#016FF0">
                   <a data-linktext="OpenAI reported $6.7 billion in Q2 revenue as spending surged." data-linktype="Normal" style="color:#17253D" target="_blank">
                    OpenAI reported $6.7 billion in Q2 revenue as spending surged.
                   </a>
                  </strong>
                  Operating losses jumped roughly 32% to $12.3 billion, dwarfing the 18% rise in sales and disappointing investors. OpenAI 
posted worse quarterly results than Anthropic for the first time, falling well behind its rival in revenue.
                 </div>
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               John Briggs of Natixis said the surprise was the point. "If yields go too far," he said, "the Treasury will try and fight it, and now we know where some pain points are." Peter Boockvar of One Point BFG Wealth Partners chose not to read too much into it, calling the operation "a rearrangement of the maturity schedule of Treasuries," not a debt paydown.
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