Alphabet CEO Sundar Pichai is now a billionaire as shares soar
With Alphabet's shares approaching an all-time high, Pichai, 53, is now worth $US1.1 billion, according to the Bloomberg Billionaires Index. That's a rare feat for a non-founding chief executive officer, especially in a tech industry where many top executives — including Meta's Mark Zuckerberg and Nvidia's Jensen Huang — owe their fortunes to founding equity stakes in their companies.
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Perth Now
2 days ago
- Perth Now
China's premier proposes global co-operation on AI
Chinese Premier Li Qiang has proposed establishing an organisation to foster global co-operation on artificial intelligence, calling on countries to coordinate on the development and security of the fast-evolving technology. Speaking at the opening of the annual World Artificial Intelligence Conference (WAIC) in Shanghai on Saturday, Li called AI a new engine for growth, but adding that governance is fragmented and emphasising the need for more coiordination between countries to form a globally recognised framework for AI. The three-day event brings together industry leaders and policymakers at a time of escalating technological competition between China and the United States - the world's two largest economies - with AI emerging as a key battleground. "Currently, overall global AI governance is still fragmented. Countries have great differences particularly in terms of areas such as regulatory concepts, institutional rules," Li said. "We should strengthen co-ordination to form a global AI governance framework that has broad consensus as soon as possible," he said. Washington has imposed export restrictions on advanced technology to China, including the most high-end AI chips made by companies such as Nvidia and chipmaking equipment, citing concerns that the technology could enhance China's military capabilities. Despite these restrictions, China has continued making AI breakthroughs that have drawn close scrutiny from US officials. Li did not name the United States in his speech, but he warned that AI could become an "exclusive game" for a few countries and companies, and said challenges included an insufficient supply of AI chips and restrictions on talent exchange. China wanted to share its development experience and products with other countries, especially those in the Global South, Li said. WAIC is an annual government-sponsored event in Shanghai that typically attracts major industry players, government officials, researchers and investors. Tesla CEO Elon Musk, who has in past years regularly appeared at the opening ceremony both in-person and via video, did not speak this year. Besides forums, the conference also features exhibitions where companies demonstrate their latest innovations. This year, more than 800 companies are participating, showcasing more than 3000 high-tech products, 40 large language models, 50 AI-powered devices and 60 intelligent robots, according to organisers. The exhibition features predominantly Chinese companies, including tech giants Huawei and Alibaba and startups such as humanoid robot maker Unitree. Western participants include Tesla, Alphabet and Amazon.
AU Financial Review
2 days ago
- AU Financial Review
Alphabet CEO Sundar Pichai is now a billionaire as shares soar
Alphabet's earnings beat Wednesday was the latest milestone in what's been an explosive run since early 2023, during which the company has added more than $US1 trillion ($2 trillion) in market value and returned about 120 per cent to investors. It's also made its CEO, Sundar Pichai, a billionaire. With Alphabet's shares approaching an all-time high, Pichai, 53, is now worth $US1.1 billion, according to the Bloomberg Billionaires Index. That's a rare feat for a non-founding chief executive officer, especially in a tech industry where many top executives — including Meta's Mark Zuckerberg and Nvidia's Jensen Huang — owe their fortunes to founding equity stakes in their companies.
Perth Now
3 days ago
- Perth Now
Australian shares fall as volatility tipped to continue
The Australian bourse has moved lower despite tech industries spurring the US market to modest overnight gains. Near noon on Friday the benchmark S&P/ASX200 index was down 44.9 points, or 0.52 per cent, to 8,665.5, while the broader All Ordinaries had dipped by 44.5 points, or 0.5 per cent, to 8,934.5. Overseas, the US market lifted after Google's parent company Alphabet spurred the technology sector, securing a $1.5 billion deal with software firm ServiceNow. Tesla shares fell 8.2 per cent after its profit report disappointed, while US President Donald Trump denied on social media that he was seeking to destroy Elon Musk's companies. In Australia, nine of the ASX's 11 sectors were down near midday, lifted only by energy climbing 1.17 per cent and with health care almost flat at 0.04 per cent. With a few hours of trading left, the ASX200 was on track to fall 1.1 per cent for the week after breaking records multiple times the previous week. Volatility in the local market looks set to persist as traders eye upcoming inflation data, and the local earnings season, Moomoo dealing manager Paco Chow said. "Macro swings and stock-specific shocks are driving sharp moves across the region," he said on Friday. "Heading into today's session, expect Asia to take its cues from Tesla's drama, US tech euphoria, and fresh energy headlines, such as China's mega dam plans." The big four banks continued losing ground with CBA dropping 1.12 per cent, NAB shedding 1.21 per cent, Westpac down 1.29 per cent and ANZ losing 0.92 per cent. For the week the financial sector was on pace to drop 4.2 per cent, which would be its worst week since a 4.6 per cent loss in early March. Miners also disappointed with BHP losing 1.71 per cent, Fortescue dropping 3.05 per cent and Rio Tinto subtracting 1.28 per cent. Goldminers slipped with the exception of producer Newmont, which rose 3.17 per cent after reporting a quarterly adjusted net income of more than $2.4 billion. Energy was in the green after Woodside rose 2.45 per cent and Santos edged 0.5 per cent higher. KMD Brands rose 6.52 per cent after Qantas executive Carla Webb-Sear was appointed the Kathmandu and Rip Curl parent company's chief financial officer. The Australian dollar was buying 65.83 US cents, from 66.16 US cents about 5pm on Thursday.
