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Senators are calling for new legislation after millions of dollars in bets were placed on prediction market sites tied to U.S. air strikes on Iran and the death of the country's supreme leader.

The ostensible goals are to make the federal government some money and boost US investment for critical technologies. Unfortunately, a US sovereign wealth fund would come with significant downsides for the federal budget, the stock market, the economy and American politics.

As more institutions work with generative AI, demands on those services will increase. AI companies will have to invest more to meet the growing demand for computing power. AI services will also lose their initial venture-capital-funded runways and be forced to make a profit. Over the long term, each use of generative AI will cost a noticeable amount of money.