On April 2, with the stock market rising and falling in the west and the fluctuations of other capital markets, the value of the world's top billionaires ushered in a major reshuffle.In this storm, Warren Buffett, the "stock god", bucked the trend and topped the world's fifth richest man with a "defensive offensive" strategy, while Nvidia founder Huang Renxun fell out of the 100 billion club due to AI track expectations.

Buffett counterattacks fifth: The victory of the cash cow

Buffett's success is essentially a victory for Berkshire Hathaway's "cash is king" strategy and global layout.

In the first quarter, Berkshire's revenue increased 5.2% year-on-year to US$89.869 billion, net profit of US$12.7 billion far exceeded market expectations, and cash reserves soared to a record high of US$189 billion.Behind this achievement is Buffett's continued increase in the number of Japan's five major trading companies: the shareholding ratio of companies such as Mitsui & Co., Ltd. and Mitsubishi Corporation has approached 10%, and the market value corresponding to a total investment cost of US$13.8 billion has expanded to US$23.5 billion. Dividend income is expected to reach US$812 million in 2025 alone.Japan's low valuation, stable cash flow and diversified business structure similar to Berkshire's have become important "safety mats" for Buffett to withstand fluctuations in U.S. stocks.

At the same time, Berkshire Class A shares surged $100,000 in 37 trading days, breaking the $800,000 mark, and rose 18% during the year, in sharp contrast to the decline of the S & P index.This performance confirms the market's recognition of "Buffett's value": in economic uncertainty, the combination of high cash reserves, low debt ratios and stable dividend assets is both a defensive shield and an offensive weapon.InvalidParameterValue

Huang Renxun fell into the 100 Billion Club: Side effects of logical reconstruction of computing power

On the other hand, Huang Renxun's wealth has shrunk, which highlights the valuation reconstruction of the AI track from "fanaticism" to "rationality".Although Nvidia successively released Blackwell Ultra chips, open source reasoning software Dynamo and humanoid robot platform GR00T N1 at CES 2025 and GTC 2025 conferences, market doubts about its short-term profitability have not dissipated.

The financial report shows that the proportion of Nvidia's revenue in China dropped from 19% in fiscal year 2024 to 13.1%. Coupled with the domestic AI model DeepSeek impacting the market at low costs, investors are worried about the sustainability of demand for high-priced chips.A deeper contradiction is that although Huang Renxun calls the explosion of demand for AI reasoning computing power the "law of super-acceleration", cost pressures on the enterprise side have forced some customers to turn to more cost-effective alternatives, such as Tencent's decision to purchase a special version of the H20 chip., exposed the industry's re-consideration of the "efficiency ratio" of computing power.Nvidia's share price has fallen by 16% since the beginning of the year, and its market value has evaporated by more than US$200 billion, directly causing Huang Renxun's personal wealth to fall below the threshold of US$100 billion.InvalidParameterValue

Musk's ascent to the top: The linkage effect of the "triple engines" of the business empire

Tesla, as the fundamentals, will contribute 45% of its wealth weight with 18% of the global electric vehicle market share in 2024.Although competition from China's new energy vehicle companies has slowed delivery growth, mass production of 4680 batteries and iteration of the FSD (Fully Autonomous Driving) V12.5 version have pushed bicycle profit margins back to 18.6%.

More critical is SpaceX's valuation jump: the fifth test flight of the starship achieved full vehicle recovery, reducing the cost of a single launch to less than US$2 million, while the number of starchain users exceeded 5 million and achieved positive cash flow, making its valuation Soars to US$150 billion.

In the field of artificial intelligence, the merger of xAI and X platforms has created a closed loop of "data-model-commercialization". The Grok3 model surpasses GPT-4o in programming and mathematical reasoning tests, and relies on the X platform's real-time training of 500 million tweets per day. Data creates a competitive advantage that is difficult to replicate.

This cross-domain synergy has enabled Musk's companies to form a technological resonance-Tesla's autonomous driving data feeds back the AI model, SpaceX's satellite network supports global coverage of the X platform, and AI algorithms optimize satellite chain bandwidth allocation. Ecological linkage converts marginal costs into exponential benefits.InvalidParameterValue

In deep-seated structural changes, policy variables have become invisible drivers of wealth distribution.Musk is deeply tied to the Trump administration's "efficiency first" agenda, pushing for the extension of new energy tax credits until 2030, and leading the tilt of federal procurement towards SpaceX. NASA's lunar lander contract alone is worth $2.9 billion.

Bezos second: Wealth growth is "surprisingly upright"

Amazon's core business has shown resilience. AWS will contribute 58% of profits with an operating profit margin of 37% in 2024, and its cloud computing market share will remain at 32%.The advertising business has become a new growth pole. Relying on purchasing behavior data and AI recommendation algorithms, CPM (Cost per Thousand Display) increased by 14% year-on-year, driving advertising revenue to exceed US$80 billion.

However, the space layout of Blue Origin has not yet achieved a scale effect: despite the successful first flight of the New Glenn rocket, its geosynchronous orbit capacity of 14.3 tons still lags behind that of SpaceX's starship's 21 tons, and the average annual number of launches is only 1/5 of SpaceX's.More critically, Amazon faces an "innovator's dilemma"-its retail business needs to cope with the impact of Temu's subsidies, while AWS growth has slowed to 20%, which is lower than Microsoft Azure's 28%.

Bezos's strategic choice reflects a conservative tendency: selling $1 billion in Amazon stock every year to transfusion Blue Origin, but insufficient commercial launch orders has left the space business still in the investment period. This "one-legged jump" model has weakened the momentum of wealth growth.

Zuckerberg: Reevaluation of the value of "social +AI"

Meta's advertising system has been restructured from the expiration of IDFA (Advertising Identifier), and achieved a 23% increase in ROAS (Return on Advertising Spending) through Advantage+AI tools, driving advertising revenue to increase by 21% to US$134 billion in 2024.The synergy effect of the product matrix appears: Instagram Reels 'average daily views exceeded 35 billion, contributing 35% of the increase in advertising revenue; the information flow advertising test was launched after the number of Threads users reached 250 million, and it is expected to generate US$2 billion in revenue in 2025.

At the technical reserve level, the Llama 3 open source model has attracted more than 500,000 developers and built an ecological barrier to compete with OpenAI. The number of daily active users of AR glasses Ray-Ban Meta exceeded one million, verifying the implementation of "wearable devices +AI assistants". Scene.It is noteworthy that Meta will increase its capital expenditure from US$38 billion in 2024 to US$65 billion in 2025, focusing on AI computing infrastructure. This "profit-for-future" strategy has been recognized by the capital market, and the price-to-earnings ratio has been restored from 18 times to 26 times.InvalidParameterValue