I just finished an important new book by two of my favorite authors, Quinn Slobodian and Ben Tarnoff. The book, Muskism, is directly relevant to understanding the contemporary dynamics of corporate power and the military-industrial complex. The authors make the case that multi-billionaire oligarch Elon Musk has long embraced “technocracy” as an all-encompassing system of corporate power that aspires to merge private ownership of technology with a militarized techno-state underpinned by white supremacy, xenophobic border restrictions and a (futher) deregulation of capitalist accumulation facilitated by heightened surveillance and repression of labor and social movements. The influences that shaped Musk are traced extensively in the book, from his childhood in South Africa and the system of racial apartheid to his fascination with science fiction novels such as Isaac Asimov’s Foundation series, from which Musk identifies with the efforts of mathematician Hari Seldon to create a Second Empire inside the decay of the Galactic Empire.
In fact, Musk’s ambitions to secure and expand his power by destroying and recreating a government that is more accountable to himself has echoes of the science fiction characters he most admires. Musk sees himself as leading the creation of a new empire of technocracy, where capitalist power and state power will be more intertwined to facilitate the path to a technocratic society governed by the owners of big tech. As the authors explain, Musk’s pivot toward the far right and in support of the Trump presidential campaign was a direct outgrowth of his perceptions of “wokism” as a “mind virus” and a threat to the capitalist ambitions of big tech oligarchs like himself. Toward that end, in the aftermath of the pandemic, when the profits of big tech were threatened by societal protections and regulations, Musk railed against the so-called enemies of advanced civilization, embodied by government regulators, labor unions, BlackLivesMatter protestors, and transgender activists. He memed in favor of a “workerist” ethos, a society in which the “virus” of “wokism” would be eliminated in favor of a social order predicated on accelerating capitalist profit making, subsuming labor to the dictates of the technocracy, disciplining social movements by declaring war on Black Lives Matter, MeToo and civil rights.
Musk purchased Twitter as part of a larger effort to use its data and its social media infrastructure to facilitate the further development and testing of Grok AI, an “anti-woke” AI assistant built by Musk’s xAI and since incorporated into SpaceX. Grok AI intersects with Musk attempts to integrate artificial intelligence into a mind-body ecosystem dominated by far right ideology. To those on the left that somehow think that the culture wars were simply a distraction for the left, this book, Muskism, has plenty of ammunition against that notion. Musk and other big tech leaders have long seen any social movements fighting for labor rights, civil rights and human rights as a product of a kind of “woke” mind virus. The belief in natural racial and gender hierachies as a conduit to unfettered capitalist accumulation has taken root politically in the big-tech alliance with Trump in his second term.
This relates directly to the alliance between big tech and the longstanding military-industrial complex in the U.S. As recently as May 1 of this year, “the Pentagon announced an agreement with eight leading artificial intelligence companies: SpaceX, OpenAI, Google, Nvidia, Reflection, Microsoft, Oracle and Amazon Web Services. As part of this pact, the U.S. Department of Defense budgeted tens of billions of dollars for purchasing technologies from these firms related to intelligence, drone warfare, classified and unclassified information networks, and $54 billion for the development of autonomous weapons systems” (The Guardian, May 1, 2026). This is on top of the expansion of big tech militarization that was already being subsidized by the U.S. Department of Defense over the past decade, totaling at least $53 billion between 2019 and 2022 alone (Costs of War Project 2024). This level of integration of big tech with militarized capital accumulation is perceived by the tech industry as a backstop to their unsustainable stock market valuations.
The problem is that this level of government subsidization is nowhere close to the massive investments being made in the private sector by a few dominant firms whose revenues will not be able to cover their colossal cost overruns. J.P. Morgan Chase analysts anticipate $5 trillion of spending on AI infrastructure between now and 2030. “This year alone, four tech companies–Amazon, Alphabet, Meta and Microsoft–have plans to invest $670 billion on AI infrastructure. When measured by U.S. GDP, this is more than the Apollo space program, the U.S. interstate highway system, railroads, and every other major capital spending program in U.S. history, according to the Wall Street Journal. Yet OpenAI and Anthropic have annualized revenues of about $25 billion and $19 billion, respectively. Unless AI revenues grow by orders of magnitude soon, there’s a Grand Canyon-sized gap that will be hard to cross (Time, March 26, 2026).”
What makes this dramatic overleveraging especially dangerous to the public is that this investment money is coming from a wide range of sources, impacting most financial markets including 401ks that house life insurance and pension plans, alongside “the record levels of corporate bonds, leveraged private credit, junk bonds, structured financed, asset-backed securities and more” (Time, March 26, 2026). This overleveraging feeds the aggressive lobbying of the big tech sector to increase their cash flow with more aggressive military subsidies and a push for more deregulation to expedite a radical expansion of big data centers. Large segments of the public oppose these data centers and will lose from the kind of hyper-militarism being proposed by the Trump Administration in its latest discretionary budget proposal, which sets military spending at 80 percent of the budget allocation, up from between 50 and 60 percent in recent years.
The clash between an emerging economic populist current in U.S. politics and an entrenched big tech oligarchy is evident in analyzing campaign expenditures by big tech, especially the flows of wealthy dark money donations to the Super PAC “Majority Democrats” that is coming disproportionately from big tech donors (The Lever Podcast, “The Democratic Party’s New Dark Money Machine,” May 21, 2026). These tech oligarchs are attempting to use their wealth and power to defeat populist Democrats pledging to regulate AI data center expansion (even modest regulation is opposed by the tech titans). The fact that economic populists are gaining ground is epitomized by efforts of corporate Democrat groups like Third Way to fund an upcoming campaign, backed by billionaire money, to target the Democratic Socialists of America as “enemy number one.” The big tech oligarchs already are working with Trump to further deconstruct and demobilize an already gravely weakened regulatory state. Their overleveraged bets on the future profits of AI have put us on the ledge of another economic crisis. Financial investors who see this crisis coming are already preparing to leverage the crisis as an opportunity for enrichment at public expense. The political battles ahead will determine who will pay for the crisis and on what terms.
