California Governor Gavin Newsom issued an order Thursday directing state agencies to study a new policy dubbed universal basic capital (U.B.C.). The proposal asks officials to examine a wealth‑fund model that would give workers a share of profits generated by artificial‑intelligence firms, alongside traditional measures such as expanded white‑collar job training. Lawmakers hope the approach can cushion AI‑driven layoffs.

The concept mirrors universal basic income but shifts focus from cash transfers to equity stakes. In April, OpenAI released a policy framework calling for a public wealth fund financed by tech companies, granting all citizens, even those without stock holdings, a proportional claim on AI‑related earnings. Critics warn the fund could lock workers into illiquid assets and amplify the market power of dominant AI players.

Supporters argue U.B.C. could democratize the economy by turning AI growth into a shared asset, reducing pressure on unemployment benefits and retraining budgets. Opponents contend the scheme may entrench incumbent firms and create a new class of shareholders with limited resale options. The debate now centers on whether policymakers can craft safeguards that protect workers without cementing the dominance of today’s AI giants.