Billionaires Celebrate Spectacular Wealth Gains – AI Boom Drives Stocks Up

The rise of Artificial Intelligence (AI) has significantly increased the fortunes of ten billionaires by a total of $360 billion this year. This sum surpasses the market capitalization of major corporations such as Coca-Cola, Bank of America, and Netflix. Among the biggest winners are Nvidia CEO Jensen Huang, Meta CEO Mark Zuckerberg, and Oracle Chairman Larry Ellison. The growing enthusiasm for AI has driven up the stock prices of their companies and significantly boosted their private wealth. Warren Buffett, CEO and Chairman of Berkshire Hathaway, also experienced a significant gain. The company benefited from waning fears of inflation and recession, which drove its stock prices up by 26%. Amancio Ortega, founder of Inditex, also benefited from the rising stock price of his fashion empire, fueled by strong consumer demand. Michael Dell of Dell Technologies recorded a gain due to a stronger focus on AI-powered devices and servers, which caused the stock to rise by 49%. The Walmart heirs Rob, Alice, and Jim Walton also saw significant increases in their wealth, driven by the remarkable 52% rise in Walmart's stock prices. Amazon also benefited from the AI development, pushing its stock prices up by 24%. Larry Ellison of Oracle saw his wealth grow through a 58% rise in his company's stock price, as it established itself as a key provider of cloud data centers for AI companies. Mark Zuckerberg, CEO of Meta, saw significant improvements as enthusiasts of his AI and Metaverse strategies boosted Meta's stock by 48%. Nvidia CEO Jensen Huang recorded an incredible 140% increase in Nvidia's stock value, massively growing his personal wealth and raising the company's market capitalization to around $2.9 trillion.