Nvidia Corp. co-founder Jensen Huang stands tall, with his wealth surging amidst a blistering rally that has seen the chipmaker’s market value surpass even that of retail behemoth Amazon.com Inc. But Huang isn’t the only one reaping the rewards; his distant cousin, Lisa Su, CEO of rival chipmaker Advanced Micro Devices Inc. (AMD), has also joined the billionaire ranks as the AI frenzy reshapes the landscape of wealth and technology.
The AI craze, which has taken the stock market by storm, is vividly illustrated by the emergence of two billionaire cousins from the Huang family, with Jensen Huang leading the charge at Nvidia and Lisa Su making waves at AMD. The staggering growth in AI-related stocks has not only enriched individual fortunes but has also come to dominate discussions among the world’s wealthiest individuals.
According to data from the Bloomberg Global Artificial Intelligence Index, 30 of the 500 wealthiest individuals attribute at least a portion of their fortunes to companies involved in AI technology. This collective embrace of AI-driven enterprises has propelled their net worth by a staggering $124 billion this year alone, accounting for 96% of the total wealth gained on the Bloomberg Billionaires Index.
Among the standout winners in this AI revolution are Jensen Huang and Mark Zuckerberg, who are benefiting from Meta Platforms Inc.’s strong performance in the wake of Nvidia’s market dominance. Similarly, industry titans like Steve Ballmer and Michael Dell have seen substantial gains thanks to strategic AI initiatives within their respective companies.
But the AI boom isn’t confined to Silicon Valley; it’s a global phenomenon. Charles Liang, co-founder of Super Micro Computer Inc., has seen his fortune triple amid his company’s stellar performance. At the same time, Palantir Technologies Inc. co-founder Alex Karp has also ascended to billionaire status as the demand for AI-powered software continues to surge.
Even those indirectly tied to the AI surge have seen their fortunes soar. SoftBank Group Corp. founder Masayoshi Son has reaped the benefits of ARM Holdings Inc.’s meteoric rise, underscoring the interconnectedness of the tech ecosystem and the wealth it generates.
However, amidst the euphoria, concerns about the rally’s sustainability linger. Bank of America Corp. strategist Michael Hartnett has cautioned against parallels to the dot-com bubble, urging investors to tread cautiously as the tech frenzy unfolds.
