According to a McKinsey report, technology will make a comeback in 2023, with generative AI becoming one of the key drivers of the technology industry. Generative AI is the technology that powers large language models such as ChatGPT and Generative Fill, Adobe Photoshop’s new AI image filler. According to a report by Bloomberg Intelligence, the AI market is expected to be valued at $40 billion in 2022 and grow to $1.3 trillion by 2032, growing at a compound annual growth rate of 42%. New software sales are expected to increase by nearly $280 billion due to growing demand for generative AI products. Amazon.com Inc. (NASDAQ:AMZN), Alphabet Inc. (NASDAQ:GOOG), NVIDIA Corporation (NASDAQ:NVDA), and Microsoft Corporation (NASDAQ:MSFT) are four of the largest technology companies investing heavily in generative AI. According to Bloomberg Intelligence, they are benefiting from AI.
Check out the 5 richest billionaires in the tech industry.
5. Sergey Brin
Net worth: $132.4 billion
Sergey Brin co-founded Alphabet Inc. (NASDAQ: GOOG) and stepped down as president of the company in December 2019. Sergey Brin’s net worth is approximately $132.4 billion, ranking him fifth among the richest billionaires in the technology industry.
4. Larry Page
Net worth: $138 billion
Larry Page co-founded Alphabet Inc. (NASDAQ:GOOG) with Brin and stepped down as CEO of the company in 2019. Larry Page’s net worth is approximately $138 billion.
3. Larry Ellison
Net worth: $146.2 billion
Larry Ellison is the co-founder and chairman of the software company Oracle Corporation (NYSE:ORCL). Mr. Ellison owns about 40% of the company’s stock, ranking him third among the technology industry’s richest billionaires.
2. Mark Zuckerberg
Net Worth: $152 billion
Mark Zuckerberg founded Meta Platforms, Inc. (NASDAQ:META). Mark Zuckerberg’s net worth is approximately $152 billion.
1. Jeff Bezos
Net worth: $198.9 billion
Jeff Bezos has a net worth of approximately $198.9 billion and is the richest billionaire in the technology industry. Jeff Bezos founded the e-commerce giant Amazon.com, Inc. (NASDAQ:AMZN) in 1994.
