Opinion Piece: President Biden, It's Time to Invest in a 50-State Information Technology Fund

Recommended soundtrack: Midnight Rambler, Rolling Stones

Dear President Biden,

As our nation faces the challenges of potential stagflation and an increasingly competitive global landscape, it is crucial that we take proactive steps to secure our economic future and technological leadership. One key area that demands our attention is the rapid advancement of artificial intelligence (AI) and its transformative potential across all sectors of our economy.

To ensure that the United States remains at the forefront of the AI revolution, I propose the creation of a 50-State Information Technology Investment Fund. This fund would serve as a lead minority investor in areas of strategic importance to the government and the military, fostering innovation, economic growth, and national security.

By establishing this fund, the government would act as a catalyst for private sector investment, providing the necessary capital and support to accelerate the development and adoption of cutting-edge AI technologies across all seven layers of the AI stack. This comprehensive approach would help to create a thriving AI ecosystem, from the foundational chips and hardware infrastructure to the application and integration of AI solutions in various industries.

The fund would operate as a sovereign wealth fund, strategically investing in companies and projects that align with our national priorities and values. This structure would allow the government to participate in the financial upside of the AI industry while also ensuring that the benefits of these investments are widely distributed across all 50 states.

Moreover, by taking a leadership role in AI investment, the government can help to shape the direction of the industry, promoting the development of ethical, transparent, and accountable AI systems. This is particularly important as we navigate the complex challenges and opportunities presented by the rise of artificial intelligence agents and the emerging "kings game" of AI seignorage.

Investing in a 50-State Information Technology Fund would not only bolster our economic competitiveness but also contribute to the improvement of living standards for all Americans. The profits generated from AI seignorage could be reinvested in critical areas such as education, healthcare, and infrastructure, creating a virtuous cycle of economic growth and social progress.

President Biden, the time to act is now. By embracing a bold vision for AI investment and leadership, we can unlock the full potential of this transformative technology, driving innovation, creating jobs, and securing our nation's position as a global leader in the 21st century.

The 50-State Information Technology Investment Fund represents a unique opportunity to harness the power of AI for the benefit of all Americans, and I urge you to make this a top priority for your administration. Together, we can build a brighter, more prosperous future for our nation and its people.

Sincerely,

Ramoan Steinway