Americano Has Trump been taken over by Big Tech?
Sep 19, 2025
Oren Cass, chief economist at American Compass and editor of The New Conservatives, dives into Trump's recent UK visit promising tech investments. He questions whether the AI boom is genuine growth or just a bubble. Cass warns of the risks of tech concentration and explores how government investment can influence the market. He discusses the implications of tariffs and trade policies for reindustrialization and the need for a strong industrial strategy. The conversation also touches on Trumpism's effects and public sentiments during his trip.
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NVIDIA's Power Is Technical And Political
- NVIDIA holds exceptional market power in AI chips due to chips plus software and ecosystem dominance.
- Cass argues this dominance translates into political leverage that can conflict with national interest.
Make Government Stakes Transparent And Conditional
- If the government takes equity in a struggling firm, require a public upside tied to that rescue.
- Define the terms, governance, and eligibility through legislation rather than ad hoc deals.
Markets Favor Profit Over Public Value
- Markets alone funnel capital to highest financial returns, not necessarily to socially valuable activities.
- Cass urges a mixed-economy approach with clear, cabined public roles to steer investment toward national priorities.
