Business Standard

Bulk of ’24 wealth gains by super rich comes from AI


Nvidia co-founder Jensen Huang’s wealth has surged as a blistering rally in Ai-related stocks pushed the chipmaker’s market value above ’s for the first time.

The rally has minted another billionair­e in Huang’s own family — his cousin Lisa Su, chief executive officer of Nvidia competitor Advanced Micro Devices, who’s worth $1.2 billion after the stock doubled over the past year.

Two chipmaker billionair­es in one family illustrate­s the scope of the artificial-intelligen­ce craze, which has come to dominate the stock market and accounts for most of the wealth gained by the world’s richest people this year.

Among the 500 wealthiest individual­s, 30 attribute at least some of their fortune to companies that are tracked by the Bloomberg

Global Artificial Intelligen­ce Index. Those holdings have boosted their net worth by a combined $124 billion so far this year, accounting for 96 per cent of the total wealth gained on the Bloomberg Billionair­es Index.

The biggest winners include Huang and Mark Zuckerberg, whose Meta Platforms is the second-best performer on the S&P 500 Index after Nvidia for the second year in a row. Steve Ballmer has ridden the wave of optimism that accompanie­d Microsoft’s partnershi­p with Openai, while Michael Dell has seen his fortune surge thanks in part to AI initiative­s at Dell Technologi­es and Broadcom.

Su isn’t the only new billionair­e to emerge from the surge: Charles

Liang, co-founder of Super Micro Computer, has seen his fortune triple to $6.2 billion this year as his company’s stock has easily eclipsed the returns of other Ai-related shares. And Palantir Technologi­es Inc. co-founder Alex Karp’s net worth is $2.8 billion after the maker of Ai-powered software’s shares jumped 31 per cent in a single day last week following strong quarterly earnings.

Other billionair­es have indirectly benefited. 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 following earnings that showed AI spending is bolstering sales.

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