- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
A stock market boom in artificial intelligence companies has added more than half a trillion dollars to the wealth of America’s tech barons in the past year, data shows.
The top 10 US founders and bosses of some of the world’s largest technology companies saw their finances swell to nearly $2.5tn, up from $1.9tn, in the year to Christmas Eve, according to figures from Bloomberg.
Elon Musk, already the world’s richest man, has again proved to be one of biggest winners as the AI gold-rush has pushed US stock markets to record highs.
Musk’s net worth increased by nearly 50% year-on-year to $645bn. The tycoon, whose business interests include xAI, an artificial intelligence company, became the first person to have a net-worth of more than $500bn in October this year. He could become the world’s first trillionaire if he hits targets set by Tesla, the electric car company he runs.
Musk sits ahead of Google co-founder Larry Page and Amazon founder Jeff Bezos in the overall rankings of the world’s wealthiest billionaires. Page is estimated to be worth $270bn, and Bezos $255bn.
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Who is paying for xAI anything?
Yeah on paper. I can’t tell you anyone that I know who is paying for AI. The company I work for does have a Chatgpt subscirption. So i guess thats one.
My point is that we keep hearing about the AI spending, but im not noticing anyone who is paying or even enthusiastic about AI. Its a corporate buzzword and C suites dont understand it yet.
Yet it accounts for 60-70 percent of the growth in the US markets. Does anyone want to take a guess at how this AI boom is gonna end?
This is the most predictable house of cards ever.
Because leveraged debt = “wealth”.
They are human centipede-ing the money to keep the bubble inflating.
Wealth is finite.
They didn’t “add” money, no one can.
They redistributed it.
Half a trillion dollars to a handful of billionaires, from everyone else.
Call it what it is.
Wealth is finite.
Well, no. Work increases the value of material. Someone will pay more for a calzone than for its ingredients. More value, when distributed, becomes wealth.
That’s not what’s going on here. The value is all speculative and fake. But wealth is able to be created.
Yes and to add to that, wealth is always created by labour, it is only redistributed via ownership.
All investors just give labourers access to resources, it’s needed cause they hoard the resources and keep them scarce so they can leverage them for more.
The whole theory of what constitutes value is somewhere between tautology and handwaving.
Yes, we are still trading on the same five acorns that were originally used as currency. /s
Yes, most of the wealth here is stolen, but the statement that wealth is zero-sum is absurdly inaccurate.
There is no value added, only an inflated $ value and malprovisioned funds. Everyone is worse off, but the rich who’s bank accounts go brrrrr faster than world enshittifies.
Straight up robber barons.
The debate used to be:
Should we let rich people exist if they produce great products.
Now the second part isn’t true anymore, but to be fair, those who understand capitalism knew this was always the endgame.
I’m very disappointed this cyberpunk dystopia doesn’t have the cool gadgets to match, at least let me have that.
Removed by mod
Removed by mod
Lol, pussy-mods doing their dirty work for them.
Don’t be afraid to fight back or support others fighting back.
THE PLANET OWNS ITSELF MONEY, IN THE TRILLIONS OF DOLLARS, AND YET, WE MAKE MORE? EEAT THE RICH!
boom
Yeah, that’s the sound it’s gonna make soon
Somehow I feel like they will be fine when the bottom drops out and ordinary people will be the ones who pay.
Dilligas
