Artificial intelligence and massive cost cutting drove up tech fortunes by $280 billion. But some people did much better than others, as just four techies, including Nvidia’s Jensen Huang, rose a combined $250 billion.
Last year, America’s richest tech billionaires were reeling. They had lost a collective $315 billion in wealth as interest rates soared and markets turned bearish about the once high-flying sector.
A year later, they’ve nearly made it all back.
The tech tycoons on the 2023 Forbes 400 list of the wealthiest people in the U.S. have gained a combined $300 billion in net worth since fall 2022, largely thanks to a wave of investor enthusiasm for artificial intelligence. In all, 69 members of The Forbes 400 made their fortunes in technology, compared to 65 last year. More than three-fourths of them are richer than they were in 2022.
AI optimism has swung markets much in the same way the internet did in the 1990s and the cloud did in the 2010s. The stock prices of tech giants such as Oracle, Alphabet, Meta, Amazon, Microsoft and Dell, which are becoming increasingly reliant on AI, have reflected that enthusiasm and, in turn, inflated their leaders’ net worths. In fact, 30% of The Forbes 400’s total $500 billion gain in wealth over the past 12 months came from just four people: Oracle cofounder Larry Ellison, Meta cofounder Mark Zuckerberg, Nvidia cofounder Jensen Huang and Dell Technologies founder Michael Dell.
Nothing embodies the AI surge better than Huang’s Nvidia, the graphics chip giant that powers the majority of AI systems. The company’s shares soared 234% since last fall—pushing Nvidia past a trillion-dollar market capitalization in June and dwarfing the Dow Jones Industrial Average’s 10.4% increase, the S&P 500’s 13.6% rally and the Nasdaq’s 18.3% jump. In doing so, cofounder and CEO Huang’s net worth jumped 216%, the biggest percentage gain of anyone on The Forbes 400, landing him among America’s 20 richest people for the first time, at No. 17. Huang, who was worth $12.9 billion last year, is now worth an estimated $40.7 billion.
Read the full story on Forbes: https://www.forbes.com/sites/phoebeliu/2023/10/03/the-richest-american-tech-billionaires-in-2023/?sh=7702400651c8
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Last year, America’s richest tech billionaires were reeling. They had lost a collective $315 billion in wealth as interest rates soared and markets turned bearish about the once high-flying sector.
A year later, they’ve nearly made it all back.
The tech tycoons on the 2023 Forbes 400 list of the wealthiest people in the U.S. have gained a combined $300 billion in net worth since fall 2022, largely thanks to a wave of investor enthusiasm for artificial intelligence. In all, 69 members of The Forbes 400 made their fortunes in technology, compared to 65 last year. More than three-fourths of them are richer than they were in 2022.
AI optimism has swung markets much in the same way the internet did in the 1990s and the cloud did in the 2010s. The stock prices of tech giants such as Oracle, Alphabet, Meta, Amazon, Microsoft and Dell, which are becoming increasingly reliant on AI, have reflected that enthusiasm and, in turn, inflated their leaders’ net worths. In fact, 30% of The Forbes 400’s total $500 billion gain in wealth over the past 12 months came from just four people: Oracle cofounder Larry Ellison, Meta cofounder Mark Zuckerberg, Nvidia cofounder Jensen Huang and Dell Technologies founder Michael Dell.
Nothing embodies the AI surge better than Huang’s Nvidia, the graphics chip giant that powers the majority of AI systems. The company’s shares soared 234% since last fall—pushing Nvidia past a trillion-dollar market capitalization in June and dwarfing the Dow Jones Industrial Average’s 10.4% increase, the S&P 500’s 13.6% rally and the Nasdaq’s 18.3% jump. In doing so, cofounder and CEO Huang’s net worth jumped 216%, the biggest percentage gain of anyone on The Forbes 400, landing him among America’s 20 richest people for the first time, at No. 17. Huang, who was worth $12.9 billion last year, is now worth an estimated $40.7 billion.
Read the full story on Forbes: https://www.forbes.com/sites/phoebeliu/2023/10/03/the-richest-american-tech-billionaires-in-2023/?sh=7702400651c8
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
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