Michael Dell Joins $100 Billion Club As AI-Driven Shares Surge
(Bloomberg) -- Michael Dell's fortune crested the $100 billion mark for the first time on Friday after Dell Technologies Inc.'s fourth-quarter earnings showed a tangible boost from demand for equipment assisting artificial intelligence.
Michael DellPhotographer: Jason Alden/Bloomberg
Dell's shares jumped 32% to a record high, boosting its founder's net worth by $13.7 billion to $104.3 billion. Dell now ranks as the 12th-richest person in the world, according to the Bloomberg Billionaires Index, just ahead of India's Gautam Adani.
Roughly half of Dell's fortune comes from the Texas-based computer-maker, which he started 40 years ago when still a student at the University of Texas at Austin.
Though best known for its PC business, Dell's range of high-powered servers such as the H100 and MI300X have drawn attention for their capabilities running AI workloads. Dell, 59, is one of a handful of billionaires whose wealth has skyrocketed this year due to the blistering rally in AI-related stocks. Nvidia Corp. founder Jensen Huang's net worth has jumped by $28.4 billion while Mark Zuckerberg's fortune is up by $52.1 billion.
Dell's wealth has also received a boost from chipmaker Broadcom Inc.. He received a stake in the business after it bought VMWare in 2021. Those shares are now worth more than $31 billion.
--With assistance from Jack Witzig.
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©2024 Bloomberg L.P.
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