Some of the world’s wealthiest people have made a killing from the AI stock market rally in 2023. The AI-related stocks have seen a stupendous surge in 2023, following ChatGPT’s smashing debut. There is no doubting the fact that AI has been one of the defining themes for stocks in 2023 and surely helping the rich get richer.
Meta founder Mark Zuckerberg and Oracle chief Larry Ellison have seen their personal fortunes swell by over $40 billion each.
The tremendous interest in the AI language tool ChatGPT, and its benefits have some big investors rushing to snap up shares in companies they believe could power AI’s rise to prominence.
AI stocks boom
Tech giants like Meta Platforms and Nvidia have already profited owing to the AI boom. There has been a surge even in stocks of Microsoft, Google parent Alphabet, and Oracle, all reaping benefits of AI boom. This in turn has benefited the companies’ founders who are already among the world’s richest people at the start of 2023, to become even wealthier.
The shares of Meta have rallied 134% till date owing to both the rise of AI and Zuckerberg’s so called “year of efficiency” cost cuts, which has increased his wealth by over $57 billion, per the Bloomberg Billionaires Index.
Meanwhile, Oracle founder Larry Ellison over took Bill Gates on the rich list for the first time ever, earlier this week, with his fortune up $47 billion in 2023, due to the tech stock’s 55% gain.
Gates himself has accumulated wealth of around $24 billion more this year due to his Microsoft shares, with it emerging as a preferred AI play for billionaire investors including Stanley Druckenmiller.
Nvidia founder Jensen Huang, the man at the helm of one of the stock market’s biggest success story of 2023 has also seen his personal fortune balloon by $24 billion, according to Bloomberg’s index. Owing largely to Huang’s shares in the chipmaker, which have jumped 192% in value to lift the company to a $1 trillion market capitalization.
Combined wealth of all the members on the rich list has jumped over $150 billion in 2023, by Insider’s calculations.
Big investors betting on AI
Some of the biggest investors are going all in on AI stocks, the theme that has taken over the market by storm in 2023. The AI technology caught the world’s fancy following the smashing debut of OpenAI’s language bot ChatGPT, igniting a war between tech giants from Microsoft to Alphabet and Meta to lead the AI boom. Morgan Stanley predicts the new tech has the potential to unlock $6 trillion of investment.
- Recently Bill Ackman revealed a $1 billion bet on Google parent Alphabet.
- Stanley Druckenmiller has pumped in total $430 million into Microsoft and Nvidia.
- Billionaire trader Paul Tudor Jones, Tiger Global founder Chase Coleman, and Ark Invest CIO Cathie Wood are all bullish on AI.
- Top billionaire investors including Bill Ackman, Stanley Druckenmiller and David Tepper are betting big on firms at the forefront of the AI race such as Microsoft, Alphabet and chipmaker Nvidia.
