Forbes Valuation
Surging Amazon shares added $25 billion to Bezos’ net worth, estimated at $271.5 billion as of Friday morning. That ranks the Amazon founder as the world’s third-richest person between Google co-founders Larry Page ($279.3 billion) and Brin ($257.6 billion).
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tangent
Apple shares plunged 9% after the firm issued weaker-than-expected guidance for its current quarter, citing “supply constraints” as it now anticipates revenue growth between 9% and 11%, below estimates of 12%. Apple CEO Tim Cook, who spoke in his last earnings call at the helm of the firm, said Apple expects to “pay even higher memory costs” amid a global memory shortage. “If you look beyond September, we see the market pricing for memory continuing to increase, which could drive an increasing impact on our business,” Cook said.
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key background
Bezos and Brin have swapped spots among the world’s wealthiest people multiple times in recent weeks, as investors weigh incoming earnings reports and any signs of weakness in the global AI market. Most of the focus has centered on AI strategy from mega-cap firms, like Amazon, as they navigate an accelerating market and a shrinking memory trade. Earlier this week, Meta shares tanked while Microsoft rallied 15%, as traders took sides on either firm’s approach to their AI products.
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further reading
ForbesSergey Brin Rises To 3rd Richest—Despite Google Stock PlungeBy Mary Whitfill Roeloffs