The 2024 presidential election underscored a stark divide within the tech community. Some executives and investors backed Trump, believing his policies would benefit the industry. Others supported Harris, viewing her as pro-business. Sources like CNBC and Bloomberg reported on the heavy financial backing both candidates received from tech figures. Despite differing opinions, the consensus is that the election outcome will influence tech policies significantly.
- AI Policy and Regulation: A second Trump presidency could see the repeal of Biden’s AI executive order, shifting toward less restrictive AI policies that emphasize innovation and potential military applications, which may benefit companies like Palantir and Anduril.
- Social Media and Free Speech: Trump’s proposed digital bill of rights would limit tech platforms’ ability to restrict speech, aligning with his critiques of companies like Meta and Google. His policies could lead to a more relaxed regulatory approach toward content moderation.
- Cryptocurrency and Trade: Trump may roll back Biden’s crypto tax reporting requirements and halt moves toward a digital U.S. dollar, a shift that could favor the crypto industry. However, his proposed tariffs aimed at bolstering American suppliers could lead to trade constraints that impact consumer costs.
- Antitrust and TikTok: Trump’s stance on antitrust actions may soften, focusing less on breaking up major tech companies and more on countering competition from China. This approach may also affect TikTok, potentially allowing it to continue operating in the U.S. under specific conditions.
A second Trump presidency could reshape the tech landscape. One of Trump’s major plans includes repealing President Biden’s 2023 AI executive order. The order aimed to ensure responsible AI development, but Trump argues it stifles innovation. His administration supports AI development rooted in free speech and human flourishing. Analysts predict some form of AI regulation under Trump, but details remain unclear.
California lawmakers, who proposed numerous AI-related bills, may see renewed interest in state-level AI regulation. Trump’s administration could also prioritize AI innovation, especially in military applications, benefiting companies like Palantir and Anduril Industries. Palmer Luckey, founder of Anduril and a Trump supporter, emphasized the potential gains for AI under Trump.
Trump’s approach to social media regulation could also shift. His campaign suggests a digital bill of rights and legislation limiting big platforms’ ability to restrict free speech. This aligns with Trump’s criticism of companies like Meta and Google, which he accuses of censoring his speech. The tech industry, however, remains skeptical of tariffs Trump proposes to prioritize American suppliers, fearing they could slow trade and increase consumer costs.
Cryptocurrency is another area where Trump’s presidency could have a significant impact. His administration may roll back Biden’s tax reporting requirements for cryptocurrency brokers. This move could be a boon for the crypto industry, as noted by analysts at Wedbush Securities. Trump’s stance against a digital U.S. dollar also signals a shift from the previous administration’s policies.
The re-election of Trump may influence antitrust actions against tech giants like Google and Meta. While some expect regulatory scrutiny to continue, Trump has indicated caution in breaking up large companies, citing competition with China. This suggests a potential shift in how antitrust regulations are applied under his administration.
Trump’s presidency could also affect the ongoing debate over TikTok. While he once pushed for a ban, Trump might allow TikTok to operate in the U.S. under certain conditions, addressing free speech concerns while maintaining competition with other platforms.