AI is making the rich richer: A rally in AI-related stocks has boosted the net worth of 30 of the world’s 500 wealthiest individuals on Bloomberg’s Bn’aires Index by a combined USD 124 bn this year so far, Bloomberg reports.

By the numbers: The increased net worth of these 30 Bn’aires on the back of AI-related stocks accounts for 96% of the total wealth gained on the index of the world’s 500 richest people.

But, the gains may not be sustainable: The sheer magnitude of the stocks’ rally has raised questions over the market’s gains, with Bank of America strategist Michael Hartnett drawing parallels to the dot-com bubble of the late 1990s.

ALSO WORTH NOTING-

  • Wall Street appears to be all in on the shale industry, a sector that it had previously overlooked, reports Bloomberg. Oil companies are increasingly joining forces — including a USD 26 bn merger last week — to meet Wall Street’s demand for scale, efficiency and returns, ushering in a new era for the shale industry.

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THE CLOSING BELL-

The EGX30 rose 0.2% at Thursday’s close on turnover of EGP 6.3 bn (65.9% above the 90-day average). Foreign investors were net sellers. The index is up 16.2% YTD.

In the green: Eipico (+7.2%), Ibnsina Pharma (+6.0%), and Madinet Masr (+5.1%).

In the red: AMOC (-1.3%), CIB (-1.2%), and Sidi Kerir Petrochemicals (-1.2%).

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