Finance & Economics

Google Co-Founders Gain $18 Billion as AI Boost Lifts Stock

The co-founders of Google have multiplied their material well-being against the background of mass interest in the field of artificial intelligence technologies.

Google Co-Founders Gain $18 Billion as AI Boost Lifts Stock

Source: Pixabay.com

The co-founders of the tech giant have increased their combined wealth by more than $18 billion. The growth of financial well-being indicators was recorded after the presentation of the updated search engine of the company.

Larry Page’s fortune reached $106.9 billion last week. This level of financial resources at his disposal indicates an increase in cash security by $9.4 billion during the week. Sergey Brin’s fortune increased by $8.9 billion over the same period and amounted to $ 102.1 billion. This is the biggest weekly increase in the financial resources of the co-founders of the tech giant since February 2021.

Last week, during the annual developer’s conference, it became known that Google plans to start experimenting with a search engine that is more focused on the capabilities of artificial intelligence language models and has already created its own AI-based chatbot with a high level of accessibility for users. These actions help the tech giant to maintain its position as a dominant player in the face of increasing competition.

Shares of parent company Alphabet Inc. rose nearly 1% in New York at the end of last week.

Page and Brin are among the biggest profit earners in 2023. They helped implement the strategy of promoting artificial intelligence in the technological space and are currently involved in the company’s work at a level of activity that has not been observed over the past few years.

Page and Brin currently rank eighth and ninth, respectively, among the richest people in the world.

Former Google CEO Eric Schmidt is also a beneficiary of the active development and large-scale application of artificial intelligence. He has directed investments in many startups in this industry. Schmidt also did not support public calls to limit the pace of research and development in the sphere of AI, saying that there is a risk to China’s leadership in the field of advanced technologies.

Most of Schmidt’s $23.6 billion fortune is still tied to Alphabet, where he is the third-largest individual shareholder. Last week, his net worth increased by $1.8 billion.

As we have reported earlier, Google Turns to AI Chat For Search Engine Revamp.

 

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.