Your Evening Briefing: Artificial Intelligence Is Minting Billionaires

Nvidia co-founder Jensen Huang’s wealth has surged as a blistering rally in AI-related stocks pushed the chipmaker’s market value above Amazon’s for the first time. That same rally minted another billionaire in Huang’s own family: his distant cousin Lisa Su, chief executive of Nvidia competitor Advanced Micro Devices, who’s worth $1.2 billion since the stock doubled over the past year. Two chipmaker billionaires in one family arguably illustrates the scope of the artificial-intelligence revolution, which has come to dominate the stock market and accounts for most of the wealth gained by the world’s richest people this year. Among the 500 wealthiest individuals, 30 attribute at least some of their fortunes to firms tracked by Bloomberg’s Global Artificial Intelligence Index.

It’s tempting to dismiss Wall Street’s response to Tuesday’s sticky inflation data as an outsized reaction to a slight miss in numbers that are vulnerable to seasonal noise, Mohamed A. El-Erian writes in Bloomberg Opinion. Yet the development is also indicative of deeper issues whose influence may well be with us for the next few months and quarters.