data

Beltone is a financial services group with 24 diversified funds and more than 100,000 clients. Khalil El Bawab, CEO of the Local & Regional Markets Division, shares the firm’s growth plans and challenges with Global Finance.

Beltone began in Cairo in 2002 as an asset management firm. In 2022, it was acquired by Emirati Chimera Investment, part of Abu Dhabi-based IHC. Since then, Beltone has completed two record capital increases—EGP 10 billion (about $210 million) in 2023, which at the time was the largest in Egyptian Exchange (EGX) history, and EGP 10.5 billion in 2025, which is now the record for the largest all-cash capital increase on the EGX. Today, Beltone is part of IHC’s new entity, 2PointZero, alongside eight other companies.

Global Finance: How is Beltone Holding currently structured?

Khalil El Bawab: Beltone is a fully fledged institution offering a wide range of services, including investment banking, brokerage, asset management, and custody services. Additionally, Beltone provides various non-banking financial services such as leasing, factoring, consumer and mortgage finance, SME finance, and microfinance. The organization also has a venture capital company that invests in startups through equity and venture debt. Beyond finance, Beltone has expanded into non-financial sectors, with businesses like Robin, which offers Data Science and AI solutions; Beltone Academy, focused on training and development; and Magnet, a human resources consultancy.

GF: What is your approach to the client’s needs?

Bawab: Traditionally, financial services were about selling products. However, amid the market’s emerging financial literacy levels, we shifted our focus on redefining the need. At Beltone, we pinpoint other needs for the clients and then we engineer tailored products around them. Here again, the approach is fully data-driven. For example, clients might not be aware of how to maximize their returns by moving their investments around between equities, fixed income products, precious metal funds, and other channels. Once the investor becomes aware of these diverse offerings and is aware of the ease of investing with Beltone, their need is redefined and met with a tailored portfolio of investing options. Credibility comes not from pushing the highest-commission product, but from ensuring that 5, 10, or 15 years later, clients can say they fulfilled their needs.

GF: How is the regulatory landscape supporting Beltone’s growth?

Bawab: The asset management industry in Egypt changed significantly in 2018. Before then, only banks and insurance companies could issue or sponsor funds. The new regulations allowed asset managers and investment banks to launch their own funds and brokerage firms to act as placement agents. This is a true milestone for the industry, allowing financial service providers to bridge the gap in terms of physical barriers, paperwork, and user experience for clients looking to invest.

Then, issuing a fund could take up to a year; now it takes just a very few days. Since then, more than 50 new funds have started, and that has completely changed the market. Also, the financial regulatory authority issued the FinTech License, which allows digital onboarding, including e-signatures and e-contracts, to help attract more investors to the market, effectively taking the market to new levels.

GF: You manage a large number of funds–why so many?

Bawab: We currently manage 24 funds, including 15 for banks, and plan to launch 5–6 more. All our funds have zero subscription or redemption fees — no entry or exit barriers. The market sees us as simply launching fund after fund, but it’s a conscious strategy and preparation for our upcoming wealth management application.

Today, we already offer the Beltone Trade App — the only investment bank-owned app not tied to a bank, giving qualified investors direct access to equities, fixed income products, and mutual funds. In early 2026, we’ll launch a second app that goes beyond robo-advisory. Clients will be digitally onboarded, complete a risk profiling exercise, and receive personalized advice on the optimal allocation for their investments. It could be single investments or incremental, with standard settlement instructions every month… I’m not concerned which channel the clients go to, but I want to equip them with the right tools to choose the products that best fit their needs.

GF: Who are the clients that you’re targeting?

Bawab: Generation Alpha. The ones who live on smartphones — they research everything and don’t want to interact with any human being. In fact, studies show people would rather visit the dentist than go to a bank! Egyptian law now allows 15-year-olds to open bank accounts and invest in the stock market. Our goal is to incentivize this generation early, with incremental investment plans matched by their guardians up to a limit. By starting at 15, we’re preparing the next driving force of our client base for the coming 10–15 years.

GF: Sounds like you are facing a huge financial literacy challenge.

Bawab: Sure, but you have it at all ages, and overall financial literacy in Egypt is improving rapidly. We are seeing tremendous growth in the number of new entrants opening brokerage accounts or participating in the stock market & mutual funds. We are still behind international standards, but our market growth is outpacing global benchmarks in terms of market participation. This is a collective effort that everybody is working on. The focus now is on making investing simpler and more accessible — and our upcoming wealth management app is designed to be exactly that: super simple and straightforward.

Reporting from Washington — To any nefarious hackers looking for information that could be used to sway elections or steal Americans’ identities, the file compiled by a GOP data firm called Deep Root Analytics offered all manner of possibilities.

There in one place was detailed personal information about almost every voter in the U.S. It was a collection of some 9.5 billion data points that helped the firm assess not only how those Americans would probably vote, but their projected political preferences. In some cases, the data collectors had scoured people’s histories on Reddit, the social media platform, to match vote history with social media use, and well-informed predictions were made about where each voter would stand on issues as personal as abortion and stem cell research.

It’s the kind of sensitive information that, if a bank or a big-box retailer or almost any other corporation had failed to protect it, would have triggered major trouble with regulators. But there it sat on the Internet, without so much as a password to guard it, for 12 days.

Luckily for the Republican Party and Deep Root, an Arlington, Va.-based firm that handles data management and analysis for the party, it was a cybersecurity consultant who came across the treasure-trove of political data this month, not a foreign agent. There is no indication that the database had been tapped by any other unauthorized parties while it was unprotected.

But the exposure of the data, which some are describing as the largest leak of voter information in history, is a jolting reminder of how deeply the political parties are probing into the lives of voters and how vulnerable the information they are compiling is to theft.

The Deep Root incident is the latest in a series of such problems with political data, the most infamous being the case of the Russian hack of the Democratic National Committee. As cybersecurity experts sound an increasingly loud alarm about the potential consequences, the lapses keep happening — often with nobody held accountable for them.

“This is a catalog of human lives, with intrinsic details,” said Mike Baukes, chief executive of UpGuard, the Mountain View, Calif., firm that came across the file during a routine scan of cloud systems.

“Every voter in America is potentially in there. The scale of it is just staggering, and the fact that it was left wide open is wholly irresponsible.…This is happening all the time. We are continually finding these things. It is just staggering.”

Privacy experts were skeptical that political operatives will change their ways following the latest incident.

“The state of security for massive data sets is so incredibly poor despite a daily drumbeat of data breached,” said Timothy Sparapani, a former director of public policy for Facebook who is now a data privacy consultant at the firm SPQR Strategies, based in Washington. “It is shocking. It is embarrassing. People ought to lose their jobs.”

Sparapani said if the culprit had been a private firm, it would be subjected to punitive actions by attorneys general, consumer lawsuits and big fines from regulators. But political operations face no such repercussions.

“As a voter, you are left with almost no recourse because our laws have not caught up to the massive computing power which is readily available to gather enormous data sets and make them searchable at the click of a button,” he said. “The breadth and depth of data collection by these companies is not well understood. If it were, I think the average voter would be frightened.”

UpGuard was able to access the file merely by guessing a Web address. It alerted Deep Root as well as federal authorities.

Deep Root apologized in a statement, but also suggested the incident had been overblown.

The data file “is our proprietary analysis to help inform local-television ad buying,” the statement said. It noted that much of the voter information the analysis is built on is “readily provided by state government offices.” The firm said it has put security procedures in place to prevent future leaks.

Other digital strategists warned, however, that the failure to protect such detailed information not only raised major privacy and security concerns, but also may have tipped off political adversaries to the inner workings of the Republican Party’s closely guarded digital strategy.

The GOP contracted with Deep Root during the presidential campaign. The firm’s co-founder, Alex Lundry, led the data efforts of GOP nominee Mitt Romney in 2012 and then worked for the unsuccessful presidential campaign of former Florida Gov. Jeb Bush last year.

GOP officials said the data belonging to the party that was exposed was limited to very basic information about voters, such as their party registration. They said none of the GOP’s sensitive strategic data was exposed. The party has suspended work with the firm pending an investigation by Deep Root into security procedures.

The failure by Deep Root to protect its massive database was particularly troubling to some advocates at a time when Congress is investigating how Russia exploited data vulnerabilities to meddle in last year’s presidential election.

“This is data used for opinion manipulation,” said Marc Rotenberg, executive director of the nonprofit research group Electronic Privacy Information Center, based in Washington. “It needs to be regulated. And there needs to be consequence for breaches. We have a major problem in this country with data security, and it’s getting worse.” The foundation wants Congress to hold hearings on political data security.

But holding political parties and contractors accountable for their data practices has proven tricky. David Berger, an attorney with the Bay Area-based firm Girard Gibbs who has represented consumers affected by data breaches at Anthem and Home Depot, said part of the problem is voters are not demanding changes loudly enough.

When a retail company fails to protect the privacy of its customers, Berger said, the company suffers and lawmakers hear about it from the victims.

“When people see Deep Root, they are not going to necessarily associate that with the [Republican Party] or anything else,” he said. “If your average American knew the amounts of data and profiling that is already put together by these companies about every single one of us, people would be very concerned. But there’s no face here, and they try to keep quiet.”

Halper reported from Washington and Dave from Los Angeles.

[email protected]

Follow me: @evanhalper

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The New Reactor Economy

In the twenty-first century, nuclear energy has re-emerged not only as a source of electricity but also as an instrument of geopolitical endurance. Among all global reactor exporters, Russia’s Rosatom State Atomic Energy Corporationremains exceptionally resilient. Despite sanctions and fractured supply chains, Rosatom today is involved in the construction of thirty to forty reactor units worldwide, including in Egypt’s El-Dabaa, Bangladesh’s Rooppur, and Turkey’s Akkuyu.

Yet beneath the story of uranium and concrete lies a subtler revolution: the rise of digital-twin technology. A digital twin is a virtual, data-driven replica of a reactor that mirrors every process in real time using sensors, analytics, and artificial intelligence (AI). It enables engineers to simulate performance, anticipate faults, and fine-tune safety systems remotely.

In doing so, Rosatom is no longer merely exporting atomic hardware; it is exporting data architectures and predictive-analytics ecosystems that tether partner nations to Russian digital infrastructures for decades. The company has consolidated these capabilities under its Unified Digital Platform, linking design, construction, and operation through cloud-based modelling and AI-driven monitoring (Rosatom Newsletter, 2025).

This digitalization marks a turning point in nuclear diplomacy: power now flows through algorithms and data, not only through megawatts and materials.

From Hardware Exports to Data Dependencies

Since 2020, Rosatom’s subsidiaries, notably Atomenergomash and Rusatom Service, have begun integrating digital lifecycle systems across their international reactor portfolio. The company’s engineering arm, ASE, has developed what it calls Multi-D IMS, a digital configuration-management platform that creates detailed virtual models of nuclear facilities during design and construction. These models enable real-time collaboration, fault prediction, and workflow optimization across sites, forming the foundation of Rosatom’s emerging digital-twin ecosystem.

Rosatom’s own communications describe these tools as part of a broader Unified Digital Platform, which connects design, manufacturing, and operation through cloud-based modelling and AI-driven analytics. While official statements do not identify specific plants using these systems, Rosatom notes that its “digital infrastructure and twin technologies” are being offered to international partners within its reactor export programs.

This architecture creates a durable maintenance corridor between Moscow and client operators.  Even after physical construction ends, the flow of digital data and software updates ensures that Russian engineers remain integral to plant performance.  In practice, the information layer itself becomes a channel of long-term engagement and influence.

Comparable Western vendors, EDF, Westinghouse, and GE Hitachi, are also pursuing digital-twin technologies. Yet Rosatom’s approach is uniquely state-integrated, aligning with Russia’s national strategy of digital sovereignty and self-sufficient AI infrastructure. The result is a hybrid of engineering innovation and strategic design: a system that embeds Russian digital standards within the nuclear industries of its partners.

For many developing economies, the offer is pragmatic: a single vendor providing financing, turnkey construction, and continuous digital assistance.  But this convenience introduces a subtler dependence, one not of uranium supply or credit, but of algorithmic reliance and data governance.

Kudankulam: India’s Quiet Test Bed

Nowhere is this shift more visible than in southern India. The Kudankulam Nuclear Power Plant (KKNPP), jointly operated by India’s Nuclear Power Corporation of India Limited (NPCIL) and Rosatom, is the first operational complex of VVER-1000 reactors in the Global South.

Originally a hardware partnership signed in 1988, Kudankulam is evolving into a digital interface. In 2020, Rosatom’s fuel subsidiary TVEL supplied India with next-generation TVS-2M fuel assemblies, extending reactor cycles from twelve to eighteen months, a shift managed through digital modelling and predictive maintenance.

Rosatom’s 2024 annual report outlines plans to connect Kudankulam’s operational analytics to its Unified Digital Nuclear Industry Platform, integrating India into the same digital ecosystem that supports Turkey’s and Egypt’s projects.

For India, this offers substantial advantages, higher capacity factors, enhanced safety diagnostics, and exposure to emerging global standards in nuclear AI. Yet it also entwines India’s civilian nuclear operations with Russian data protocols and remote diagnostic tools. Kudankulam thus becomes not only a reactor but also a node in Rosatom’s global digital web, where megawatts are managed by code as much as by turbines.

This duality defines the future of strategic cooperation: efficiency through integration, balanced against data-driven interdependence.

Algorithmic Sovereignty and Strategic Autonomy

Digital integration introduces a new vocabulary of power. Terms once reserved for information technology, data sovereignty, algorithmic control, and cybersecurity now shape energy diplomacy. For countries like India, which prize autonomy, these are practical concerns.

In 2019, a cyber incident at Kudankulam briefly demonstrated how vulnerable nuclear infrastructure can be when administrative networks intersect with global data flows. Although operational systems were unaffected, the episode exposed the need for stronger digital-governance frameworks in critical energy sectors.

Another question concerns ownership of reactor data. Predictive-maintenance algorithms rely on vast datasets, coolant temperatures, pressure levels, and sensor diagnostics gathered continuously during operation. If these datasets are processed on Rosatom’s proprietary cloud, who controls their reuse or replication? India’s Digital Personal Data Protection Act (2023) mandates localization for sensitive data, yet nuclear information exists in a legal grey zone, governed more by bilateral contracts than explicit national legislation.

For Russia, digitalization ensures resilience under sanctions. Cloud-based engineering assistance allows specialists in Moscow to monitor reactors abroad even when travel or logistics are constrained. For partners, it delivers cost-efficient expertise, yet it also embeds an asymmetry; operational sovereignty becomes mediated by foreign algorithms.

Rosatom’s approach reflects Moscow’s broader strategy of technological statecraft, using digital ecosystems to sustain global reach despite economic isolation. The outcome is a new form of dependence: not energy insecurity but informational dependency.

Atoms → Algorithms: The Next Frontier of Energy Diplomacy

Rosatom’s digital transformation parallels wider trends in global technology politics. China’s Digital Silk Road, the U.S.-EU “trusted-tech” frameworks, and Russia’s own push for a “Digital Atom Belt” all reveal how infrastructure and information are converging.

India occupies a delicate middle ground. Collaboration with Rosatom at Kudankulam grants access to advanced analytics, but New Delhi also explores partnerships with Western firms on small modular reactors and new fuel cycles. Balancing these engagements will require clear rules on digital interoperability, data governance, and cyber assurance.

India already has the institutions to do so. The Atomic Energy Regulatory Board (AERB) verifies reactor-control software domestically, while CERT-IN supervises cyber-critical infrastructure. Extending such oversight to digital-twin and predictive-maintenance platforms can preserve sovereignty while encouraging innovation.

For Russia, meanwhile, digital twins are both export products and diplomatic instruments. By embedding AI-based support systems in every reactor project, Rosatom ensures long-term relevance. Even if hardware exports slow, its role as a digital-lifecycle provider guarantees enduring engagement. In that sense, Rosatom’s most influential reactor export may no longer be physical; it is virtual.

Conclusion: The Politics of Invisible Power

The shift from atoms to algorithms defines the next frontier of nuclear diplomacy. During the Cold War, power was measured in reactors built or megawatts produced. Today, it is determined by who controls the data that sustains those reactors.

For partner nations, digital twins promise transparency, efficiency, and safety. For exporting powers, they offer a quiet form of leverage that persists beyond physical construction. As India pursues self-reliance through Make in India and Atmanirbhar Bharat, it must treat data infrastructure with the same strategic weight as fuel supply chains.

The aim should not be isolation from partners like Russia but reciprocal digital governance, shared access protocols, transparent algorithmic audits, and domestic data custody. Rosatom’s digital twin diplomacy exemplifies a future where technological cooperation and strategic caution must coexist.

The next great non-proliferation challenge may not concern uranium enrichment but data enrichment: who holds it, who protects it, and who decides how it is used?

Since April 2023, more than 12 million people have been displaced, nearly 9 million inside Sudan and over 3 million across borders. The United Nations now identifies Sudan as the world’s worst humanitarian crisis, with 25 million people facing acute food insecurity and famine conditions already recorded in multiple areas.

These are not statistics; they are markers of systemic collapse. Mass graves, torched health facilities, and emptied towns tell the story. UN officials and independent human rights bodies have documented that the Rapid Support Forces (RSF) and allied militias committed genocide in Darfur, a finding echoed by the recent fall of El Fasher to RSF forces and the disturbing images that followed, underscoring the scale of brutality: civilians hunted in displacement camps, aid workers killed, humanitarian corridors severed. Each captured city tightens the noose on civilians and erodes any remaining space for lifesaving assistance.

The $4.2 billion required under the 2025 Sudan Humanitarian Response Plan remains largely unfunded. Agencies, including the WFP, UNICEF, UNHCR, and IOM, warn of an imminent operational collapse. Inaction is not neutral — it accelerates mass hunger, disease, and death. Sudan’s implosion will intensify displacement, fuel illicit economies, exacerbate extremist recruitment, and heighten volatility in food and fuel supplies. The outcome is predictable: expanded violence, deteriorating governance, and prolonged economic decline across West and Central Africa.

This crisis does not end at Sudan’s borders. It reverberates across a Sahel already destabilised by insurgency, climate shocks, and hollowed-out state institutions. Since 2020, a succession of coups in Mali, Burkina Faso, and Niger has entrenched military rule and normalised authoritarian recourse. Weak governance and porous borders transform humanitarian emergencies into regional security threats.

The international response must shift from caution to conviction:

• Close the funding gap immediately. Multiyear, flexible financing is essential. Underfunding today guarantees higher security and social costs tomorrow.

• Enforce accountability. Genocide determinations and credible atrocity reports demand criminal investigations, targeted sanctions, and civilian protection mechanisms. Impunity is a policy choice — and one that invites repetition.

• Reform and empower Africa’s institutions. The African Union must evolve from a consultative platform into a body capable of deterrence. Continent-wide resilience requires real incentives and penalties for unconstitutional rule, as well as rapid protection capacity. AU, ECOWAS, and the UN should align political mediation, enforcement tools, and governance support to reduce the appeal of coups masquerading as solutions.

The AU’s intervention is both urgent and crucial for the continent’s stability. Africa cannot afford perpetual crises while its people are uprooted and its natural wealth siphoned off. Sudan is a warning. The Sahel is the echo. Failure to act decisively will cement a trajectory of conflict, authoritarian drift, and economic paralysis. Accountability, protection, and reform are not aspirations; they are minimum requirements for continental stability.

A group of graduate students from the Harvard University Kennedy School celebrate during the 368th Harvard University Commencement in May 2019 at the campus of Harvard University in Cambridge, Mass. Harvard College stated in new data its 2029 class makeup showed Black students comprised 11.5% with Hispanics at 11% and Asian-American students at 41%. File Photo by Matthew Healey/UPI | License Photo

Oct. 23 (UPI) — New data released by Harvard University’s undergraduate school showed a decline for the class of 2029 in both Hispanic and Black students, with a spike in its Asian student population.

Massachusetts-based Harvard College stated its 2029 class makeup showed Black students comprised 11.5%, with Hispanics at 11% and Asian-American students at 41%, according to newly released data.

However, the university did not release demographics and data on its White student population.

The data release followed the U.S. Supreme Court‘s recent ruling that struck down affirmative action practices in America’s higher learning institutions.

Prior to the high court’s decision, the Harvard student population had been made up of about 18% of Black students.

But Harvard’s total number of Hispanic students went up following the Supreme Court’s ruling.

According to data, roughly 21% of Harvards 2029 graduating class were eligible for federal Pell Grants. It added 45% were tuition free and 26% on an entirely free program.

Earlier this year, President Donald Trump instructed the Department of Education to inform U.S. educational institutions on the receiving end of federal funds to officially end affirmative action policies in a number of school-related practices.

Meanwhile, a Yale professor and expert on affirmative action history called the decline an example how the high court’s “disastrous decision from 2023 continues to cause Black enrollment rates to decline at many of the nation’s premier universities.”

“I fear that Harvard’s plummeting trend lines over the last two years offers an unattractive preview of the future in American higher education,” Justin Driver, a professor at Yale Law School, told The New York Times.

Hello and happy Thursday. It’s Anita Chabria again. Today, I’m coming to you from a coffee shop where I just used Apple Pay to buy a dirty chai.

Why does that matter? Because in the last five minutes, I’ve dropped all kinds of data into the universe. What I drink, how much I’ll pay for it, how long I sat here using this Wi-Fi and dozens of other details that companies are willing to pay for but that I don’t even think about — much less benefit from.

Every day, we all walk around dropping data like garbage — when in reality it’s gold. Especially in the age of budding artificial intelligence, when the smallest bit of insight is being crammed into these new robo-gods in the hope of making them seem ever smarter and more human.

It all raises the question, if it’s our data, shouldn’t we be paid for it?

André Vellozo thinks so, and is working to make that a reality. He’s a Brazilian hippie based in Silicon Valley, an outsider in an increasingly conservative and insular community with an idea that’s more about equality than power.

“Everything you do generates value and data,” Vellozo said. “Now you can collect.”

Here’s what he envisions — and why it’s as much politics as business.

Pennies add up

Think of Vellozo’s idea a bit like streaming royalties, giving you a small paycheck every time information you create is used, be it details of a coffee purchase or your hospital stay. Obviously, an artist could never keep track of every single time their show or song is played — they rely on managers and brokers.

Vellozo’s company, DrumWave, would act as that broker for individuals’ data. In his scenario, every person from birth would have a digital wallet where every bit of data they drop is accounted for. This is stuff you are already creating, whether you’re aware of it or not — and which companies are too often collecting, whether you are aware of it or not.

How many “accept all” buttons have you clicked in your life without reading the details of what you are agreeing to, including allowing others to sell your data for their own profit?

When companies want to use that data — which they do to understand economics in the macro and micro, or to study health outcomes, or to feed those large language models such as ChatGPT — DrumWave packages it and licenses it for use without identifying details, but with each consumer’s consent.

Data goes out, payment comes it — over and over for the life of the account.

It’s not as far-fetched as it might seem. Gov. Gavin Newsom proposed a similar idea in 2019, arguing, “California’s consumers should also be able to share in the wealth that is created from their data.”

Nothing ever came of it, in no small part due to the lobbying and money thrown at government by big tech. I asked the governor’s office if there was still any interest around the idea and got nothing back from them. But California already has a law that could give folks control of their data, though it isn’t often used the way Vellozo envisions.

Downsides

There are, of course, many obstacles and potential pitfalls. Data privacy is one that comes up often — do we really want to be selling the details of our most recent colonoscopy, anonymous or not?

And of course, there’s also the potential for exploitation. What data would the poor or desperate be willing to sell, and how cheaply?

Annemarie Butler is an associate professor of philosophy at Iowa State University who specializes in the ethics of AI. She wonders if people would really understand what their data was being used for or by whom, and if they would be able to pull it back in any way once it’s out there.

She also said that there may be no meaningful way to opt out.

“Our own data are not always restricted to that one person,” she warns. “DNA is probably the clearest example of this: When one shares a DNA sample, she shares vital (and immutable) information about any of her blood relatives. And yet only she provides the consent.”

Of course, privacy is something of an illusion right now.

And, Vellozo points out, it’s not just that we are currently giving data away for free under the current system — we are all actually paying to create that data in the first place. We pay for the electricity that charges our phones. We pay the monthly service charge on our devices. We are actively putting in our time and labor to create the information.

Vellozo’s company is currently running a pilot of digital wallets with rideshare drivers in California.

He points out that these drivers spend a lot of money and energy creating information that will likely be used to train their AI replacements — their gas, the cost of the car, insurance, maintenance and time. Then all that information — who they pick up, when, how long the ride is and a million other details — is just collected and used to create profit for others.

In another milestone, Brazil — a country that has embraced a national model of digital payments much to the chagrin of many technology and banking companies, and President Trump for that matter — is on board with the idea of a digital wallet for all citizens. Vellozo was back home this week to work on that effort.

A check on AI

So why does all this matter in a politics newsletter?

Beyond money, data ownership offers another benefit: Regulation. Although California has arguably done more to regulate AI than almost any other state, the controls on the technology remain woefully slim. The federal government, after a fancy dinner redolent in flattery at the White House, has made it clear it has no interest in protecting people from this powerful technology, or the men who would wield it.

Vellozo sees the ownership of data as an important step in curbing the power of corporations to pursue ever-mightier AI models without oversight.

The coming changes induced by artificial intelligence are going to be profound for the average person. Already, we are seeing a world in which physical money, or at least the movement of it, is increasingly a relic. Financial companies are becoming tech companies, and money is digital (yes, economists, I know this is technically too simple).

Combine that with the changes in our ability to earn money through work, and the power imbalance already faced by the poor and working class becomes, well, really bad. Remember the railroad barons? This is going to make it seem like they were running ice cream trucks.

We need to rethink what a successful economy looks like. Because AI is going to give a few people not just a lot of money, but a lot of power — by scavenging the knowledge and work of the rest of us. It will take all of us to build successful AI, but the rewards will go to a handful.

So the idea of owning our data is not really about Vellozo’s company or if it accomplishes its goal.

It’s about creating a future in which individual power isn’t a thing of the past.

And where the coming changes benefit society, not just the corporate titans who would like us all to remain too confused to object.

What else you should be reading:

The must-read: Just like humans, AI can get ‘brain rot’ from low-quality text and the effects appear to linger, pre-print study says
The what happened: Trump empowers election deniers, still fixated on 2020 grievances
The L.A. Times special: Malibu residents flee as international buyers snap up burned-out lots

P.S. We’re continuing to look at the blatant (and frankly frightening) propaganda that Homeland Security is posting on its official social media. Case in point, this recruitment ad with … medieval knights? Not only is this image chock-full of Christian nationalism dog whistles, it’s aimed at the young men Immigration and Customs Enforcement is hoping to recruit with its edgelord/video game fanatasies that would turn legimate law enforcement efforts into a religious crusade against immigrants.

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