Nearly all the wealth acquired by the world’s rich this year came from AI | World News – Business Standard
Nvidia co-founder Jensen Huang’s wealth has soared as a blistering rally in AI-related stocks pushed the chipmaker’s market value above that of Amazon.com for the first time.
The rally has created a new billionaire in Huang’s own family: his cousin Lisa Su, CEO of Nvidia rival Advanced Micro Devices, who is worth $1.2 billion after shares doubled in the past year.
Two chipmaker billionaires in one family illustrate the scale of the artificial intelligence craze, which has come to dominate the stock market and is responsible for most of the wealth acquired by the world’s richest people this year.
Of the 500 richest individuals, 30 attribute at least part of their fortunes to companies tracked by the Bloomberg Global Artificial Intelligence Index. These assets have increased their net worth by a combined $124 billion so far this year, accounting for 96 percent of the total wealth acquired on the Bloomberg Billionaires Index.
The biggest winners include Huang and Mark Zuckerberg, whose Meta Platforms is the second-best performer in the S&P 500 Index for the second year in a row, behind Nvidia. Steve Ballmer has ridden the wave of optimism that came with Microsoft’s partnership with OpenAI, while Michael Dell has seen his fortunes rise, thanks in part to AI initiatives at Dell Technologies and Broadcom.
Su isn’t the only new billionaire to emerge from the wave: Charles Liang, co-founder of Super Micro Computer, has seen his fortune triple to $6.2 billion this year, while his company’s shares easily outpace the returns of other AI -related stocks have eclipsed. . And Palantir Technologies Inc. co-founder Alex Karp’s net worth stands at $2.8 billion after shares of the AI-powered software maker jumped 31 percent in one day last week following strong quarterly results.
Other billionaires have benefited indirectly. SoftBank Group founder Masayoshi Son’s net worth has risen by $3.7 billion this year after chipmaker Arm Holdings nearly doubled in three trading sessions after earnings data showed
AI spending drives revenue.
First print: February 16, 2024 | 12:08 pm IST