There are two dominant ways to think about who should govern artificial intelligence.

The market frame says: the data, the models, and the compute are private goods, owned by the organisations that assembled them, exchanged through contract and property rights. Governance follows ownership. OpenAI owns GPT-4. Google owns Gemini. These are products. Markets will sort it out.

The state frame says: AI is too consequential to leave to markets, so regulators must impose rules from above. The EU’s AI Act is the most developed version of this: binding requirements, conformity assessments, registration databases, penalties for violations.