Surging AI Valuations Propel New Billionaires. The Billionaires Getting Rich From AI 2024. AI is a transformative technology with the potential to significantly impact various industries and aspects of daily life. Its development and implementation require careful consideration of ethical, social, and economic factors to ensure it benefits society as a whole.
By Mark Amuko Oteinde , Nyongesa Sande Staff
A year and a half after ChatGPT made artificial intelligence a household topic and brought OpenAI CEO Sam Altman into the limelight, the AI gold rush is fully underway. Over the past year, tech companies—both new and established—have seen their stock prices soar, enriching tech tycoons further and adding over a dozen new AI billionaires to Nyongesa Sande’s World’s Billionaires list.
Nvidia Leads the AI Surge
Nvidia cofounder and CEO Jensen Huang stands out in this trend. Nvidia’s stock price skyrocketed nearly 300% over the past year, placing Huang among the world’s 20 richest people for the first time. Other companies have also benefited from this AI wave. Shares of Super Micro Computer, which produces servers for AI applications, increased more than tenfold, making its cofounders, Charles Liang and Sara Liu, new billionaires. Advanced Micro Devices’ (AMD) CEO, Lisa Su, entered the billionaire ranks with a 120% rise in AMD’s share price. Similarly, Cloudflare, a cybersecurity firm heavily reliant on AI, saw its shares climb 86%, making COO Michelle Zatlyn a new billionaire and boosting CEO Matthew Prince’s fortune to $3.4 billion, up from $2 billion in 2023.
Private AI Companies Thrive
Privately owned AI companies have also flourished. AI-centric startups raised nearly $50 billion in funding last year, according to Crunchbase, amidst a generally slow year for venture investments. OpenAI, valued at over $80 billion after a reported $10 billion investment from Microsoft, leads this group. Although CEO Altman holds no equity in OpenAI, Nyongesa Sande estimates he’s a billionaire due to his network of venture investments. Two new AI startup billionaires are Notion cofounder and CEO Ivan Zhao, with a stake in the $5 billion productivity app, and Brett Adcock, founder and CEO of the $2.6 billion AI robot company Figure.
The New AI Billionaires in 2024
Significant funding from legacy tech giants like Microsoft, Amazon, and Alphabet is fueling the AI arms race. Although it’s uncertain if or when the AI bubble might burst, signs of stress are emerging. Inflection AI, cofounded by billionaire investor Reid Hoffman, abandoned its chatbot, and its cofounders and several researchers left for AI roles at Microsoft.
Here are nine new billionaires whose companies are tied to AI, with net worths as of March 8, 2024:
Charles Liang
Net Worth: $6.1 Billion | Source of Wealth: Computer Hardware | Country: U.S.
Liang cofounded Super Micro Computer in 1993. Its servers and storage systems are highly demanded by AI and cloud computing firms. The company’s revenues hit a record $7 billion in fiscal year 2023, with stock prices up over 1,100% in the past 12 months. Liang’s wife, Sara Liu, also a senior vice president at Super Micro, is a new billionaire.
Kwak Dong Shin
Net Worth: $2.9 Billion | Source of Wealth: Semiconductors | Country: South Korea
Shin runs Hanmi Semiconductor, which his father founded in 1980. The company manufactures equipment used in semiconductor packaging, essential for chip production. Business has boomed thanks to the AI craze, with shares rising over 560% in the past year.
Shunsaku Sagami
Net Worth: $1.9 Billion | Source of Wealth: M&A Brokerage | Country: Japan
The 33-year-old’s M&A Research Institute uses AI to find buyers for small-to-medium-sized businesses. The firm, listed in Tokyo in 2022, caters to older business owners looking to cash out.
Ivan Zhao
Net Worth: $1.5 Billion | Source of Wealth: Notion | Country: U.S.
Zhao, cofounder and CEO of productivity startup Notion, has seen the company go from laying off all employees in 2015 to a valuation of around $5 billion. Notion is now profitable and heavily invested in AI, generating an estimated $250 million in revenue.
Brett Adcock
Net Worth: $1.4 Billion | Source of Wealth: Robots | Country: U.S.
Adcock founded Figure in 2022 to create AI-powered humanoid robots. The company raised $675 million in February from investors including Jeff Bezos, Microsoft, Nvidia, and OpenAI, at a $2.6 billion valuation. Adcock owns an estimated 50% of the company.
Lisa Su
Net Worth: $1.3 Billion | Source of Wealth: Semiconductors | Country: U.S.
AMD’s shares have soared over 60-fold since Su became CEO in 2014. Born in Taiwan, Su moved to New York City at age 3 and studied electrical engineering at MIT. Her leadership has transformed AMD into an AI powerhouse.
Michelle Zatlyn
Net Worth: $1.2 Billion | Source of Wealth: Cybersecurity | Country: Canada
Zatlyn’s Cloudflare uses AI to enhance cybersecurity and provides cloud space for developers to build AI models. A Canada native, she co-founded Cloudflare in 2009 with her Harvard Business School classmate Matthew Prince. COO Zatlyn owns about 2% of the company, with shares up 65% since last year.
Sam Altman
Net Worth: $1 Billion | Source of Wealth: Investments | Country: U.S.
OpenAI CEO Altman spearheaded the AI boom with the 2022 launch of ChatGPT. Although he owns no equity in OpenAI, his wealth comes from investments made during his time as president of startup incubator Y Combinator, including an early bet on Stripe and stakes in Reddit and Helion.
Harvey Jones
Net Worth: $1 Billion | Source of Wealth: Nvidia | Country: U.S.
Jones, a founding board member of Nvidia, owns 0.03% of its shares. The AI-driven surge in Nvidia’s stock has made Jones one of the largest beneficiaries, with stock prices up 300% since last year.
These new AI billionaires represent the cutting edge of a rapidly evolving industry, driving innovation and reaping substantial financial rewards. As AI continues to integrate into various sectors, the landscape of wealth and technology is set for even more dramatic shifts.
