{"id":706742,"date":"2026-06-01T00:00:00","date_gmt":"2026-06-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=706742"},"modified":"2026-06-01T02:55:10","modified_gmt":"2026-06-01T02:55:10","slug":"second-ai-wave-is-making-bnaires-of-some-unlikely-candidates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/01\/second-ai-wave-is-making-bnaires-of-some-unlikely-candidates\/","title":{"rendered":"Second AI wave is making b\u2019naires of some unlikely candidates"},"content":{"rendered":"

The AI boom has led to a wave of sky-high valuations for <\/strong>companies that managed to be among the first out of the gate.<\/strong> Anthropic is nearing a USD 1 tn valuation<\/a> on the back of its most recent funding round, overtaking OpenAI which was worth around USD 852 bn in March<\/a>.<\/p>\n

More recently, it\u2019s the second wave of AI firms that\u2019s increasingly garnering more investment attention<\/strong> and making b\u2019naires of their founders, Bloomberg<\/a> reports. Last year saw US AI startups yield 19 new b\u2019naires, who together have a combined net worth of USD 59.3 bn.<\/p>\n

The difference: <\/strong>While the so-called first wave of AI startups was mainly focused on products and sectors directly linked to the AI boom \u2014 think semiconductors, data centers, and LLMs \u2014 the next generation is targeting more applied uses for AI within existing industries. Newer firms are increasingly looking to automate processes in the law, med., coding, and audio-visual sectors. <\/p>\n

Who\u2019s on the list? <\/strong>Topping the list with a USD 60.2 bn valuation is Cerebras Systems, making b\u2019naires of its founders Andrew Feldman (worth USD 2.8 bn) and Sean Lie (USD 1.5 bn). (Remember: Cerebras is a credible Nvidia alternative<\/a> with wafer-scale chips, with a major UAE client base). Open-weight AI model developer Reflection\u2019s USD 27 valuation has made its founders worth USD 4 bn each, while customer service software firm Sierra\u2019s founders are worth USD 4.2 bn and USD 3.7 bn. OpenEvidence, an AI assistant for doctors, has made its founder Daniel Nadler \u2014 who\u2019s also a published poet \u2014 worth USD 7.2 bn. <\/p>\n

BUT- <\/strong>This might not remain the case for long, with longtime sector heavyweights like OpenAI and Anthropic also looking at expanding their offering to encompass tasks newer players are working on, and pulling in significant chunks of investor funds and attention through capital raises and upcoming public listings.<\/p>\n

Some see a shakeout in the cards:<\/strong> Hedgeye\u2019s Felix Wang sees the investment-intensive AI infrastructure segment as particularly likely to see a restructuring. Smaller players are likely to benefit from their more targeted scope and the room for innovation, however, protecting them from bubble territory, he says.<\/p>\n

\n

MARKETS THIS MORNING- <\/p>\n

Sout<\/strong>h Korea\u2019s<\/strong> Kospi hit a fresh high in early trading this morning<\/strong>, gaining over 3.2% as optimism over the future of AI offsets the uncertainty around the regional war and still-stalled ceasefire negotiations. Japan\u2019s Nikkei is up a more modest 1.3%. US equities are set to start off the week higher, with futures in the green.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

52,659<\/p>\n<\/td>\n

\n

-0.4% (YTD: +25.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong> <\/p>\n<\/td>\n

\n

Buy 52.22<\/p>\n<\/td>\n

\n

Sell 52.36<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>) <\/strong><\/p>\n<\/td>\n

\n

Buy 52.18<\/p>\n<\/td>\n

\n

Sell 52.28<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

19.00% deposit<\/p>\n<\/td>\n

\n

20.00% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong> <\/p>\n<\/td>\n

\n

11,078<\/p>\n<\/td>\n

\n

+0.5% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong> <\/p>\n<\/td>\n

\n

9,702<\/p>\n<\/td>\n

\n

+0.5% (YTD: -2.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong> <\/p>\n<\/td>\n

\n

5,757<\/p>\n<\/td>\n

\n

+1.1% (YTD: -4.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong> <\/p>\n<\/td>\n

\n

7,580<\/p>\n<\/td>\n

\n

+0.2% (YTD: +10.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

10,409<\/p>\n<\/td>\n

\n

-0.2% (YTD: +4.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong> <\/p>\n<\/td>\n

\n

6,051<\/p>\n<\/td>\n

\n

-0.1% (YTD: +4.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong> <\/p>\n<\/td>\n

\n

USD 92.90<\/p>\n<\/td>\n

\n

+2.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 3.29<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 4,572<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong> <\/p>\n<\/td>\n

\n

USD 73,727<\/p>\n<\/td>\n

\n

-0.3% (YTD: -15.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n

\n

1,052<\/p>\n<\/td>\n

\n

+0.2% (YTD: +5.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

152.20<\/p>\n<\/td>\n

\n

+0.2% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

15.32<\/p>\n<\/td>\n

\n

-2.7% (YTD: +2.5%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.4% at <\/strong>last Monday\u2019s<\/strong> close<\/strong> on turnover of EGP 9.9 bn (24.1% above the 90-day average). Local investors were the sole net buyers. The index is up 25.9% YTD.<\/p>\n

In the green:<\/strong> Palm Hills Developments (+5.9%), Orascom Construction (+3.5%), and GB Corp (+2.8%).<\/p>\n

In the red:<\/strong> Raya Holding (-2.2%), CIB (-2.2%), and Egypt Aluminum (-2.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

While the so-called first wave of AI startups was mainly focused on products and sectors directly linked to the AI boom, the next generation is targeting more applied uses for AI within existing industries<\/p>\n","protected":false},"author":1,"featured_media":706743,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[8540,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-706742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-artificial-intelligence","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"1fb1623e-585f-4462-a1c7-f8a1ea693b36","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/2\/1241.jpg","photo_position":"above","homepage_title":"","full_issue_title":"AI\u2019s second wave brings more b\u2019naires","related_issue":[706725],"teaser":"While the so-called first wave of AI startups was mainly focused on products and sectors directly linked to the AI boom, the next generation is targeting more applied uses for AI within existing industries"},"yoast_head":"\nSecond AI wave is making b\u2019naires of some unlikely candidates - 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