It’s a superlative achieved again and again: The current election cycle is the most expensive on record, according to AdImpact, likely to be surpassed only by the next one. North of $16 billion have been raised ahead of Tuesday’s looming elections, with ad spending in House and Senate races topping $4 billion. Mega-donors this election season have overwhelmingly backed Republicans with contributions largely flowing from AI, crypto, and online gambling interests.
The Intercept tracked how super PAC spending is flowing into the midterms and how growing public skepticism of special-interest money in politics is affecting campaign strategies. Hundreds of candidates are still taking donations from the American Israel Public Affairs Committee and its super PAC, the United Democracy Project, despite public sentiment turning against the pro-Israel lobby.
“The data overall reveals that [AIPAC is] still spending a ton of money on a lot of races, and more often than not, their candidates are still winning,” Intercept managing editor Maia Hibbett told The Intercept Briefing. “It is still quite meaningful money.”
Artificial intelligence super PACs have also poured tens of millions of dollars into this election cycle, most of it on just a few races in the primaries. The two leading AI super PAC networks, affiliated with OpenAI or Anthropic, dropped a whopping $50.7 million on the primaries, but are noticeably spending much less in the lead-up to the general election, $8.5 million — likely responding to public backlash in the same way that AIPAC has.
“The polls are just so startling on the public's transformation on AI and data centers over the last year. ... The entire life cycle of these AI super PACs, which started about a year ago, has followed that evolution of the public's opinion,” said Intercept politics reporter Matt Sledge. “One of the things that's been really interesting in the general election races is ... candidates [trying] to paint themselves as the more pro-AI safety, pro-AI regulation candidate.”
This week on the podcast, host Jessica Washington speaks to Hibbett and Sledge about the spending trends in the most expensive election cycle to date and unpack the intended impact.
“No matter which party gets control of either or both houses of Congress, there will be a lot of people elected next week who got there on the backs of Big Tech and special interests,” said Hibbett.
“They’re backing a lot of people in safe seats who don't really have a tight election,” Sledge added. “The goal may just be to buy themselves a few friends in Congress, because sometimes in Congress, it's just as good to have a few people who can stop regulation as it is to have people who can shape and actually pass laws.”
Full transcript: https://interc.pt/4f0HWSB
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