This is what the AI governance buildout looks like. Spoiler alert: the largest companies in the world are actually the government. Consent levels have dropped significantly since the Covid scam. When enforcement tech gets better and cheaper, the system can afford less consent. This is why governments have put strong emphasis on improving enforcement tech, especially in recent years. Because improved enforcement tech = consent substitution. When consent is scarce, systems spend more on tech + law. You might have heard about the "round-tripping" in the tech sector. It's mostly just masked subsidies. Government and mega-platform cash/benefits leave one pocket and reappear elsewhere as "ecosystem support", "credits", or "co-investment", not as line-item subsidies. The same dollar touches multiple ledgers (cloud, ISV, integrator, buyer) and returns as growth, margins, or "productivity" instead of "aid". AI isn't a consumer story. It's a state capacity build. CapEx is converging on governable AI: identity, provenance, audit, lineage, rollback, simulation. That's a decade of insatiable, constraint-bound demand. David Sacks, the paypal mafia, deep state operative is an AI governance enjoyer. I already wrote about this in this article: https://controlplanecapital.com/p/why-we-arent-in-an-ai-bubble-top View quoted note →