U.S. private firms are expected to spend around $280 billion on artificial intelligence in 2026, as businesses and investors face uncertainty over government regulation. SoFi CEO Anthony Noto said that uncertainty is weighing on companies preparing for an AI-driven economy.
Who Is Investing
Earlier this year, the Federal Reserve Bank of Atlanta estimated that private firms in the United States 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. A much smaller percentage, he said, have shown the technology is generating returns.
Noto leads SoFi, a bank and financial technology company with $61 billion in assets. SoFi recently introduced an AI-enabled investment tool and a chatbot-powered financial guide, bringing AI into services it offers consumers.
AI policy “just doesn't have a lot of history,” Noto said, and “certainly doesn't have a lot of legislation.” He said potential presidential contenders are proposing policies for AI's future development and economic role. Changes in political power, he said, could mean “we could start to move faster toward some type of regulation around artificial intelligence more broadly.”
New rules would affect the largest technology companies, Noto said, but could also “have an impact on our businesses.” Planned private investment is substantial. Yet Slok reported limited evidence of returns, putting regulation and financial risk alongside the expansion of corporate AI deployment.
Who Is Asking for Constraints
Noto said the companies creating AI platforms are asking for limits themselves. “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,” he 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.”
The report said Silicon Valley leaders including Sam Altman and Peter Thiel have focused on questions about AI safety and alignment. It also referred to an annual gathering of technology thinkers in Berkeley the previous weekend. AI labs have struggled to agree on binding, politically feasible plans. From Sacramento to Washington, politicians are trying to address the lack of policy as voters express fears of AI-related disasters.
Noto didn't take a specific position on how AI should be overseen or regulated. He said backlash against AI is palpable as corporate and individual adoption accelerates, putting large investments at risk as companies try to keep pace with technological changes.
Regulation, Finance, and Risk
SoFi previously closed its crypto trading platform after FTX's collapse led to a sweeping federal crackdown on digital-asset marketplaces. Banking regulators later loosened their approach following President Donald Trump's return to office. SoFi “sprinted pretty aggressively to be able to reenter the offering for consumers,” Noto said. The company now offers crypto trading and has launched its own dollar-pegged stablecoin.
Noto described SoFi's business model as durable. The company is avoiding strategies he considers short-lived, such as prediction markets. Many AI opportunities remain, he said, 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 newsletter said Democrats were expected to retake control of the House and possibly the Senate, potentially leaving corporate leaders with a less accommodating political and regulatory environment than during the early days of Trump 2.0. Debates include AI labs and the technology's role in finance and commerce. 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; the fetched content offered no portfolio-protection strategies.