Sundar Pichai net worth: Indian-origin Google CEO becomes a billionaire as Alphabet shares near record high
Sundar Pichai
into billionaire status. With Alphabet shares nearing a record high, the 53-year-old Pichai's net worth now stands at $1.1 billion, according to Bloomberg.
Alphabet Inc. said demand for artificial intelligence products boosted quarterly sales, and now requires an extreme increase in capital spending — heightening pressure on the company to justify the cost of keeping up in the AI race.
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Google's parent company said 2025 capital expenditures will be $85 billion, or $10 billion greater than an earlier forecast. Although Alphabet beat expectations for second-quarter revenue and profit, its stock initially sank in after-hours trading, then rebounded after Chief Executive Officer Sundar Pichai explained that the investments are necessary in order to keep up with customer needs. 'Our AI infrastructure investments are crucial to meeting the growth in demand from cloud customers,' he said on a call Wednesday following the report.
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As Microsoft Corp., startup OpenAI, Meta Platforms Inc. and others continue to pour money into AI, Alphabet has little choice but to follow suit, analysts said. The race is particularly urgent for Google: competitors are building chatbots that may eventually appeal to consumers more than its flagship search product. 'Google's hand is forced by OpenAI to spend tremendously on AI's infrastructure and applications,' said Nikhil Lai, an analyst at Forrester.
Alphabet shares rose as much as 4.1% after markets opened in New York on Thursday, their biggest intraday gain in two months.
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