Co-founder of Nvidia Jensen Huang's wealth has soared as the chipmaker's market capitalization exceeds Amazon.com and Alphabet for the first time, thanks to a ferocious rise in AI stocks.
At the same rally, a billionaire was born in Mr. Huang's own family. That's Lisa Su, his distant cousin and his CEO at NVIDIA competitor AMD. His stock price has doubled in the past year, making him worth US$1.2 billion.
The presence of two semiconductor billionaires in one family illustrates the scope of the artificial intelligence boom that has come to dominate the stock market and account for most of the wealth gained by the world's richest people this year. ing.
Of the 500 richest individuals, 30 attribute at least some of their wealth to companies tracked by the Bloomberg Global Artificial Intelligence Index. Together, these holdings have added $124 billion to their net worth so far this year, accounting for 96% of the total wealth captured in the Bloomberg Billionaires Index.
The biggest winners include Juan and Mark Zuckerberg, whose Metaplatform has ranked second in the S&P 500 index for two consecutive years, behind Nvidia. Steve Ballmer rode the wave of optimism surrounding his partnership with Microsoft and OpenAI, and Michael Dell saw his fortune soar thanks to his AI initiatives at Dell Technologies and Broadcom.
Billionaire Bull Run
Charles Liang, co-founder of Super Micro Computer, has tripled his fortune to $6.2 billion this year as the company's stock price easily surpassed the profits of other AI companies. KK. And Palantir Technologies co-founder Alex Karp's net worth rose to $2.8 billion last week as the AI-powered software maker's stock soared 31% in one day on the back of strong quarterly profits.
Other billionaires are also indirectly benefiting. SoftBank Group founder Masayoshi Son's net worth will rise this year after semiconductor maker ARM Holdings nearly doubled in three trades following financial results showing AI investments are boosting sales. Increased by $3.7 billion. ARM is 90% invested by Softbank.
Read: ARM Holdings fuels incredible rally with AI
The size of the profits raises questions about the rally's sustainability. Bank of America strategist Michael Hartnett said earlier this month that the rush into tech stocks was starting to resemble the dot-com bubble. — Vernal Galpottawela and Jack Witzig, with Jessica Manton (c) 2024 Bloomberg LP