Trump explores equity stakes in major AI firms

What happened

Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick have discussed different approaches to structuring potential government equity in AI firms. Bessent favors using equity to seed Trump Accounts, while Lutnick prefers directing it to a sovereign wealth fund. President Trump has said he will convene top AI executives to discuss the industry "giving back something to the public," though no decision has been made yet.

Why it matters

The proposal remains an extremely tough sell beyond OpenAI, which first pitched it last year. Microsoft and Meta have turned away from the idea in recent days. The administration's recent export controls on Anthropic may further complicate any equity negotiations, potentially making meetings with industry leaders more tense. Lawmakers and industry representatives have also voiced skepticism—one described it as a "head-scratcher," and a National AI Association official stated the industry needs "proper guardrails and federal legislation," not equity infusions.

What to watch

Upcoming meetings between Trump and top AI executives remain unscheduled. Both OpenAI and Anthropic could see valuations in the $1 trillion（約160兆円） range if they go public, which raises questions about whether any competitor would actually agree to cede equity to the administration.