SoFi CEO Anthony Noto says the absence of an artificial intelligence framework is weighing on U.S. businesses even as companies pour money into the technology. “There's no real framework in place,” Noto told Sam. Rules that might constrain powerful technology companies could also affect businesses building on their systems, including SoFi.
The scramble already costs a lot. The Federal Reserve Bank of Atlanta estimated that private U.S. firms would likely spend around $280 billion on AI in 2026. Apollo Global Management chief economist Torsten Slok reported that roughly 70% of S&P 500-listed companies are deploying AI in some form, while a much smaller percentage have shown it generates returns. Companies are investing faster than public rules can catch up.
Who Sets the Terms
Noto leads a bank and financial technology company with $61 billion in assets. SoFi has introduced an AI-enabled investment tool and a chatbot-powered financial guide, putting the company among those building services on top of the technology, though its future oversight remains unclear.
“Constraints are being asked for by the super scalers, the creators of the actual technology. We're a beneficiary of the technology. We're building on top of it,” Noto said. “And the people that are developing the platforms are asking for help.” He called that “counter to any other innovation that I've seen.” In Noto's account, the people with the largest platforms are also asking for limits on them.
Noto said AI policy “just doesn't have a lot of history” and “certainly doesn't have a lot of legislation.” He described backlash against AI as palpable while corporate and individual adoption accelerates. For companies trying to keep pace, he said, the combination creates risks around large investments. SoFi hasn't taken a specific position on how AI should be overseen or regulated.
Politics, Policy and the Investment Bet
Potential presidential contenders are proposing policies for AI's future development and economic role, Noto said. As political power changes hands, he said, “we could start to move faster toward some type of regulation around artificial intelligence more broadly.” New rules would affect the largest technology companies and could also “have an impact on our businesses.” Policy writers may change, but companies and consumers remain inside a system whose terms are still being negotiated.
The report said AI safety and alignment have occupied Silicon Valley leaders including Sam Altman and Peter Thiel. At an annual gathering of technology thinkers in Berkeley the previous weekend, AI labs struggled to agree on binding, politically feasible plans, while politicians from Sacramento to Washington tried to address the policy gap as voters voiced fears of AI-related disasters.
The newsletter said Democrats were expected to retake control of the House and possibly the Senate. Corporate leaders could face a less accommodating political and regulatory environment than during the early days of Trump 2.0, alongside debates over AI labs and the technology's role in finance and commerce. That's a possible change in political management, not a settled framework.
The Portfolio Question
Noto called SoFi's business model durable and said the company is avoiding strategies he considers short-lived, such as prediction markets. SoFi closed its crypto trading platform after FTX's collapse led to a sweeping federal crackdown on digital-asset marketplaces. After banking regulators loosened their approach following President Donald Trump's return to office, Noto said SoFi “sprinted pretty aggressively to be able to reenter the offering for consumers.” The company now offers crypto trading and has launched its own dollar-pegged stablecoin.
Noto said opportunities in AI remain, but added, “sometimes moving slower is better than moving faster, and I would say in this particular circumstance, moving slower is definitely more favorable than moving fast.” The Financial Times page supplied for this topic displayed the headline “How to shield your portfolio if AI goes ka-boom,” but its article text was inaccessible. No portfolio-protection strategies appeared in the supplied material.