Silicon Valley is investing heavily in the governor's race and tax battle, particularly in efforts to elect a tech-friendly governor. Billionaire investor Tom Steyer and San Jose Mayor Matt Mahan are likely to have the most campaign money. These efforts are aimed at defeating efforts to regulate artificial intelligence and impose new taxes on business. The top 1% of California's taxpayers generate nearly half of the state's personal income taxes, or nearly a third of its general fund revenues. Despite Silicon Valley's prominence in the state government, it has not been closely watched by other major economic sectors. Steyer has endorsed efforts to raise taxes on corporations and the wealthy, while Mahan relies on Silicon Valley for support.