Apr 2, 2024
A year and a half after ChatGPT revolutionized the AI conversation and made OpenAI CEO Sam Altman a widely recognized name, the AI gold rush is in full swing. Over the past year, tech companies—both emerging and established—have experienced explosive growth in their stock prices. This surge has not only enriched the world’s tech titans but also introduced over a dozen new AI billionaires to Forbes’ World’s Billionaires list.
Leading this wave is Jensen Huang, the cofounder and CEO of Nvidia. With Nvidia’s stock soaring nearly 300% in the past year, Huang has climbed into the top 20 richest people globally, securing the 20th spot. Other companies have followed suit. Super Micro Computer, which builds servers for AI-heavy applications, outperformed Nvidia’s gains with a more than tenfold increase in its stock price. This meteoric rise turned its cofounders, Charles Liang and Sara Liu, into billionaires. Similarly, AMD CEO Lisa Su joined the billionaire ranks thanks to a 120% rise in AMD shares, while Cloudflare’s COO Michelle Zatlyn became a billionaire as her company’s shares rose 86%, boosting CEO Matthew Prince’s fortune to $3.4 billion.
Privately held AI companies are thriving as well. AI-focused startups raised nearly $50 billion in funding last year, despite a general slowdown in venture investments. OpenAI leads the pack, boasting a valuation of over $80 billion after a $10 billion investment from Microsoft. While Altman holds no equity in OpenAI, his early investments in ventures like Stripe, Reddit, and Helion have secured his place among the billionaires. Other newcomers include Notion CEO Ivan Zhao, whose productivity app is leveraging AI, and Brett Adcock, founder of the humanoid robotics company Figure, valued at $2.6 billion.
The AI boom has also been fueled by investments from legacy tech giants like Microsoft, Amazon, and Alphabet, all vying for dominance in what has become an AI arms race. However, cracks are beginning to show: Inflection AI, co-founded by billionaire Reid Hoffman, has shuttered its chatbot operations, with key team members moving to Microsoft.
The New AI Billionaires
Below are nine individuals who have recently joined the billionaire ranks through their AI-driven enterprises. (Net worths are as of March 8, 2024.)
Charles Liang
Net Worth: $6.1 Billion | Source of Wealth: Computer hardware | Country: U.S.
Liang co-founded Super Micro Computer, a firm specializing in IT infrastructure. With skyrocketing demand for its servers in AI and cloud computing, the company achieved record revenues of $7 billion in 2023.
Kwak Dong Shin
Net Worth: $2.9 Billion | Source of Wealth: Semiconductors | Country: South Korea
As head of Hanmi Semiconductor, Shin oversees a company that provides crucial equipment for semiconductor packaging. The firm’s shares surged 560% this year, driven by AI advancements.
Shunsaku Sagami
Net Worth: $1.9 Billion | Source of Wealth: M&A brokerage | Country: Japan
The 33-year-old founder of M&A Research Institute leverages AI to match sellers of small and medium businesses with buyers, addressing Japan’s succession issues.
Ivan Zhao
Net Worth: $1.5 Billion | Source of Wealth: Notion | Country: U.S.
Zhao’s productivity app, Notion, has integrated AI features, achieving profitability and a valuation of $5 billion.
Brett Adcock
Net Worth: $1.4 Billion | Source of Wealth: Robots | Country: U.S.
Founder of Figure, Adcock is working on developing AI-powered humanoid robots. The company is backed by major investors like Jeff Bezos and Nvidia.
Lisa Su
Net Worth: $1.3 Billion | Source of Wealth: Semiconductors | Country: U.S.
Su transformed AMD into a leader in AI-driven semiconductors, with the company’s stock price soaring 60-fold under her leadership.
Michelle Zatlyn
Net Worth: $1.2 Billion | Source of Wealth: Cybersecurity | Country: Canada
Cloudflare’s AI-powered tools for cybersecurity have boosted Zatlyn’s fortune as the company’s shares jumped 65%.
Sam Altman
Net Worth: $1 Billion | Source of Wealth: Investments | Country: U.S.
Although Altman holds no stake in OpenAI, his early investments in top tech companies have secured his billionaire status.
Harvey Jones
Net Worth: $1 Billion | Source of Wealth: Nvidia | Country: U.S.
A founding board member of Nvidia, Jones’ small stake in the company has paid off handsomely, thanks to the AI boom.
The Road Ahead
While the AI bubble shows no signs of bursting, cracks in the landscape suggest a future filled with uncertainty. As funding continues to pour in and new innovations emerge, the AI billionaires of 2024 remain at the forefront of a technological revolution reshaping industries worldwide.