The artificial intelligence (AI) boom is minting billionaires at a record pace, with Nvidia co-founder Jensen Huang leading the pack. His wealth has skyrocketed as the chipmaker’s market value surpassed Amazon’s for the first time, fueled by a blistering rally in AI-related stocks.
This surge has also created a new billionaire within Huang’s own family: his distant cousin Lisa Su, CEO of Nvidia competitor AMD. Su’s net worth now sits at $1.2 billion, thanks to AMD’s stock doubling in the past year.
This trend extends beyond the Huang family, with 30 of the world’s 500 richest individuals seeing their fortunes rise by a staggering $124 billion this year thanks to AI holdings. This accounts for a staggering 96% of the total wealth gained on the Bloomberg Billionaires Index.
The AI boom presents both exciting opportunities and potential pitfalls. While it’s undeniable that AI holds immense potential to transform industries and improve lives, careful consideration of its long-term viability and responsible investment practices are crucial.
The biggest winners include Mark Zuckerberg (Meta Platforms), Steve Ballmer (Microsoft), Michael Dell (Dell Technologies & Broadcom), and Charles Liang (Super Micro Computer). Even Palantir’s Alex Karp saw his net worth skyrocket after strong earnings.
SoftBank founder Masayoshi Son has also indirectly benefited, with his wealth rising by $3.7 billion as chipmaker ARM Holdings, owned 90% by SoftBank, saw its stock nearly double on strong AI-driven earnings.
However, the sheer magnitude of these gains has raised concerns about the rally’s sustainability. Bank of America strategist Michael Hartnett warns that the tech stock rush resembles the dot-com bubble, raising questions about whether this AI-fueled growth can be maintained.
Also Read: Nvidia’s Market Value Overtakes Amazon With AI Chip
