"Everyone that owns a US stock index mutual fund is invested in AI."

That's really not a valid comparison though. Burgum's wealth is heavily concentrated and directly tied to private tech and venture-backed AI interests via Arthur Ventures (the investment firm he co-founded) and direct equities. Rather than a diversified, passive market tracker, his multi-million-dollar direct and co-founded venture holdings mean he stands to experience a massive, individualized financial gain from targeted federal policies that expand AI infrastructure onto public lands. A pretty clear conflict of interest.