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Contemporary AI policy is dominated by hegemonic ne-oliberal ideology, embedding assumptions of individualism,rationality, and market fundamentalism into its regulatoryframeworks. This is evident in major policy efforts (e.g., theEU AI Act or the OECD principles) which prioritize eco-nomic growth and innovation over justice, equity, and col-lective welfare, and in the current policy landscape that fa-vors market incentives and private sector leadership whilesidelining democratic control and structural critique. This pa-per questions these prevailing paradigms and exposes howthey reflect and reinforce capitalist power structures throughcorporate lobbying, the pursuit of specific kinds of AI mod-els motivated primarily by usefulness to capital, and the ex-ternalization of social and environmental costs. We argue thateffective AI governance must confront, rather than accommo-date, capitalist interests. Drawing on legal and political the-ory, we propose an explicitly anti-capitalist approach to AIpolicy, that centers on social well-being, redistributive justice,and democratic control over technological infrastructures. Indoing so, we outline essential counter-balancing policy ap-proaches to reclaim AI governance from capitalistic captureand advance just and sustainable technology futures.