Billionaires’ wealth doubled due to AI dominance

Nvidia co-founder Jensen Huang’s fortune soared as a surge in AI-related stocks pushed the chipmaker’s market value above Amazon’s for the first time.

That same rally has given rise to another billionaire in the Huang family, his distant cousin Lisa Su, CEO of Nvidia rival Advanced Micro Devices, which is worth $1.2 billion since the stock price has doubled over the past year.

According to Al Arabiya, it can be said that the presence of two billionaire chip makers in one family demonstrates the scope of the artificial intelligence revolution, which has come to dominate the stock market and represents most of the wealth acquired by the richest people in the world this year.

Among the 500 richest people, at least 30 of them earned part of their wealth thanks to companies tracked by the Bloomberg Global Artificial Intelligence Index. These holdings have boosted their net worth by $124 billion so far this year, representing 96% of the total wealth acquired on the Bloomberg Billionaires Index.

Huang is also among the biggest winners from artificial intelligence, along with Mark Zuckerberg, owner of Meta Platforms.

Steve Ballmer also benefited from the wave of optimism that accompanied the partnership between Microsoft and OpenAI, while Michael Dell’s wealth increased thanks to the artificial intelligence initiatives of Dell and Broadcom.