Robinhood Markets Inc. (HOOD) CEO Vlad Tenev has a theory about why people are getting nervous about artificial intelligence, and it's not what you might think. The anxiety isn't really about the technology itself, according to Tenev. It's about who gets to profit from it.

The Economic Exclusion Problem

Responding Thursday to Sen. Bernie Sanders' concerns about the rapid expansion of AI data centers, Tenev made his case on X. "This sentiment is exactly why we need to work to give retail investors exposure to private AI companies," he wrote, pointing out that the biggest AI players like ChatGPT's parent company OpenAI and PerplexityAI remain privately held and completely off-limits to everyday investors.

"People worry AI will take their jobs and give them nothing back," Tenev explained. "If we don't act accordingly, they will push back harder and harder against AI acceleration."

His solution? Change the incentive structure. "Give them a stake in the leading AI companies, and they'll become supporters and defenders," he argued, noting that the crypto industry has done a better job of this kind of broad-based ownership.

Robinhood's Private Company Play

This isn't just talk. Last month, Robinhood announced plans to launch a new fund through its subsidiary Robinhood Ventures. The fund will give retail traders and investors access to a concentrated portfolio of what the company calls "best in class" private AI companies.

The ambition goes beyond just AI, though. Robinhood has been consistently pushing for tokenization of private company shares, aiming to give regular investors exposure to high-growth firms like SpaceX, Stripe, and Databricks. These are names that stay out of reach for most individual investors under current rules.

According to Tenev, the technology to make this happen already exists. "What's needed is comprehensive securities legislation," he said, pointing out that current accredited investor requirements "shut out north of 80% of the public currently."

Market Performance

Robinhood shares climbed 1.17% on Thursday, closing at $117.16, and gained another 2.45% in overnight trading. The stock scores high on momentum and growth metrics, with a favorable long-term price trend.