Dr. Dan McQuillan:

There is a lot of private money involved. I read daily AI news bulletins about the various deals that have been done. I am sure the Deputy is aware of them. This is not just about the bubble but also simply about the dealmaking that happens in the AI industry. There is not really a figure under some number of billions in any of these deals. We must consider several factors about where that money is coming from. Certainly, in the UK, which I know more about than I do about Ireland, most of those companies are not being taxed at all. The money being generated is, in essence, free money that then recycles through the venture capital system. The reason venture capitalism is so important comes from the kinds of measures that were taken to allegedly deal with the financial crisis of 2008. That is what freed up a lot of the money going into venture capital for all these speculative investments. There is a lot of unpicking to do but I really do not think the fact these companies have the money and power at the moment should be a starting point for how any state or sovereign entity should deal with the issue.