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A new report from the office of California First Partner Jennifer Siebel Newsom crunched the numbers. The state is home to 32 of the world’s 50 leading AI companies, and has taken up the responsibility of regulating this emerging technology before the federal government does—and after missing out on doing so during the rise of social media. Siebel Newsom has in the past focused on board diversity in the state. So this new report, in partnership with Crunchbase and the group Illumyn Impact (formerly Him for Her), analyzed the boards of 140 of the most well-funded AI companies with California headquarters. Its key findings: – Women make up 15% of the boards of private AI companies in California. – More than 40% of the state’s private AI company boards have zero women directors. As AI startups scale, gender board diversity improves. With between $50 million and $99 million in funding, AI companies have 9% women directors. With more than $100 million in funding, that jumps to 19%. The same pattern holds for the existence of all-male boards. Between $50 million and $99 million in funding, 62% of AI companies have all-male boards. With more than $100 million in funding, that drops to 32%. Often at that stage, AI startups are bringing in additional expertise beyond the technical—more operational and commercial knowledge, which may be when they add women directors with backgrounds in related fields. Private companies still lag behind public companies on board diversity (although recent trends show public companies falling behind again too). AI companies are overwhelmingly private, beyond the tech giants. And the same behaviors and structures that have held back board diversity elsewhere apply in AI. Women are underrepresented as investors and founders, and those groups hold the majority of board seats for private companies. And boards often fill open seats relying on their immediate networks, which can be limited. “The data reveals a significant opportunity to increase the representation of women in a sector that will redefine our world, economy, and culture at scale,” Siebel Newsom wrote. Emma Hinchliffe emma.hinchliffe@fortune.com The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Subscribe here. ALSO IN THE HEADLINES Melinda French Gates wants to find a solution for women leaving the workforce. Pivotal Ventures is running a $60 million grant competition with the Aspen Institute, she told my colleague Kristin Stoller. The number of women in the workforce has fallen by 500,000 this year, while the number of men rose by nearly 400,000, which told the philanthropist that "something is very broken." Fortune When Trump met Takaichi. The two world leaders met in Japan today. President Trump promised that the U.S. is Japan's "ally at the highest level." On Japan's new PM Sanae Takaichi? Trump said "this woman is a winner." Takaichi said she'd nominate Trump for a Nobel Peace Prize. AP Victoria's Secret is 'desperate to learn how to sell bras again.' Bras are the "emotional heartbeat" of the entire business, says CEO Hillary Super. Bloomberg UPS cut 34,000 jobs this year. Its shares soared after it revealed it surpassed profit expectations. CEO Carol Tomé is pursuing the cost-cutting strategy as UPS struggled with chaos and slowed demand as a result of tariff-induced disruption to international trade. Bloomberg ON MY RADAR Jennifer Lawrence goes dark New Yorker Inside Lindsey Vonn's unprecedented attempt at an Olympic comeback Time Olivia Dean adds love to the mix New York Times PARTING WORDS "I have to just remind myself that kids’ lives are more important than my reputation, or something that I might read that’s painful."
