One business world concern that is already a focus for Kamala Harris: AI
It’s not yet known exactly which economic policies of the Biden/Harris administration that Kamala Harris will be focused on if she becomes the Democratic nominee or wins in November.
But there is one business world concern that has clearly piqued her interest: artificial intelligence.
The current vice president has been called Joe Biden's "AI czar" and has been at the center of the White House approach to an issue likely to be a front-and-center worry for the next president — whether it's a Democrat like Harris or a Republican like Donald Trump.
When Biden signed a sweeping AI executive order last October, Vice President Harris helped shape the approach and was onstage looking on. That order launched a government-wide effort to ensure that AI systems are safe in the years ahead.
The Harris record on technology is set to be one of many things under close scrutiny in the coming days as the vice president has quickly emerged as the Democratic frontrunner after Biden ended his campaign on Sunday afternoon.
The formal process to replace Biden atop the ticket is still being fleshed out, but the Biden campaign has already changed its name to "Harris for President" and endorsements have flooded in from party leaders and donors.
"Joe Biden's legacy of accomplishment over the last three years is unmatched in modern history," Harris said Monday as she took the reins of his campaign during an event during NCAA Sports Day at the White House.
Harris rose in San Francisco politics alongside Big Tech companies in nearby Silicon Valley and may leverage her Silicon Valley connections for further donations and support. LinkedIn co-founder Reid Hoffman quickly endorsed Harris, as did Dmitri Mehlhorn, a former Hoffman colleague who is expected to remain influential in tech circles.
"I cannot wait to help elect President Harris," he told Yahoo Finance in a note.
Other Democratic mega-donors in the tech world offered more cautious words. But the Harris campaign quickly touted a flood of grassroots donations — including nearly $50 million in the hours after Biden announced his plan to step aside and endorsed Harris.
Harris’s approach to economic policy overall is not likely to be materially different from Biden's.
"We do not see much policy impact from the Harris-for-Biden swap," wrote Tobin Marcus, the head of US Policy at Wolfe Research, in a note to clients. He added that "there is not much room for leftward movement based on Democratic Presidential preferences."
That's also true for AI, but Harris could bring a greater focus on that issue in the years ahead if she overcomes the long odds currently facing her to beat Donald Trump this fall and become the first female president in US history.
A stark contrast with Trump on AI
Harris has returned to AI often in recent years.
In a speech in London last November, she focused on "the full spectrum of AI risk" and made the case for a strong government role.
It was a speech that took on big companies, with Harris saying that "in the absence of regulation and strong government oversight, some technology companies choose to prioritize profit over the well-being of their customers, the safety of our communities, and the stability of our democracies."
But Harris has also reached out to court business leaders around AI efforts. She convened CEOs and helped shepherd a wave of business world commitments to the Biden administration’s plans. Top companies like Adobe (ADBE), IBM (IBM), and Nvidia (NVDA) signed on to take these voluntary steps.
Stifel chief Washington policy strategist Brian Gardner offered a note of caution to clients, writing Monday that "some might think tech could be a winner given her connections to Silicon Valley from her time as a Senator representing California. However, if she were to win the presidency, we doubt she would have the same relationship with the sector."
In any case, her stance on the issue also sets up a sharp contrast with Donald Trump.
AI earned a mention in the GOP platform. Republicans promised to reverse Joe Biden's approach and replace it with a new outlook focused on "human flourishing."
And a recent Washington Post report uncovered planning from Trump allies to go even further. That plan is for a sweeping executive order from Trump if he wins.
It would reportedly launch a series of "Manhattan Projects" to develop military technology using AI, as well as stripping away regulations for businesses.
Harris has been vocal in the other direction, that government agencies need to be very careful with AI.
"The American people have a right to know that when and how their government is using AI that it is being used in a responsible way," Harris told reporters in a call this March.
How AI could play in the campaign to come
The back-and-forth likely to come between the campaigns could also have immediate consequences in the 2024 money race.
Concerns that Democrats will "over-regulate" AI was a prominent reason venture capitalists Marc Andreessen and Ben Horowitz recently gave in their announcement of support for Donald Trump.
Some prominent Democratic tech givers have also withheld support for Harris, for now at least.
Netflix co-founder Reed Hastings told the New York Times that "Dem delegates need to pick a swing state winner" and didn't back Harris while also pushing for an open selection process. Vinod Khosla of Khosla Ventures quickly agreed and added that "coronations are bad for democracy."
In her AI work, Harris has also often focused on the intersection of AI and things like equity and discrimination.
"When a young father is wrongfully imprisoned because of biased AI facial recognition, is that not existential for his family?" she noted in her London speech, citing other examples where AI might lead to bias.
This area could become a hot campaign issue in the weeks ahead, with Republicans often mocking efforts to bring social issues into the AI conversation.
In a charge that will surely be repeated about Harris, the GOP platform charged that Biden's executive action "imposes Radical Leftwing ideas on the development of this technology."
Ben Werschkul is Washington correspondent for Yahoo Finance.
Click here for politics news related to business and money
Read the latest financial and business news from Yahoo Finance