The U.S. stock market is currently experiencing a sell-off triggered by artificial intelligence. Software stocks, financial technology stocks and other sectors have all fallen sharply in the past week, which has also forced investors to move to more risk-averse areas, such as consumer staples.
This rotation has also led to changes in the ranking of the world’s richest people.According to the Bloomberg Billionaires Index, chip giant Nvidia CEO Jensen Huang has fallen out of the top ten richest people in the world. His current wealth has dropped to US$151 billion. Since the beginning of the year, his wealth has shrunk by more than US$3 billion..
Except for Huang Jen-Hsun, almost all tycoons in the technology industry have experienced a decline in wealth this year. For example, the two founders of Google, Larry Page and Sergey Brin, currently ranked second and third, both saw their net worth drop by more than US$5 billion.
Among them, the one whose wealth has shrunk the most is Oracle Chairman Larry Ellison. His wealth this year has dropped by US$34.8 billion to US$213 billion, a drop of more than 45% from his peak.
Another technology tycoon who has been hit hard is Amazon founder Bezos, whose wealth has shrunk by nearly $27.8 billion this year.
At the same time, three brothers and sisters, Jim Walton, Rob Walton and Alice Walton, joined hands to break into the top ten richest people in the world, with their combined net worth reaching US$465.8 billion.
The three siblings are three founding members of Walmart Inc., whose stock price has risen more than 18% this year, in sharp contrast to the withdrawal of funds from the technology industry.
Recent digital transformation is a big reason for the company's share price,Earlier this month, Walmart's market capitalization exceeded the $1 trillion mark, setting a new record for a U.S. retailer.
