Dark matter may be composed of ultralight axions that interact very weakly with ordinary matter. When axion dark matter encounters a static magnetic field, it sources a small effective electric current that follows the magnetic field lines and oscillates at the axion Compton frequency. I will describe a new idea for a laboratory experiment to detect this axion effective current. In the presence of axion dark matter, a toroidal magnet will act like an oscillating current ring, whose induced magnetic flux can be measured by an external pickup loop inductively coupled to a SQUID magnetometer. I will demonstrate that a meter-scale toroid could potentially probe the QCD axion with a GUT-scale decay constant, and I will describe ongoing efforts at MIT to build a small-scale prototype, with a toroid of O(10 cm).