John Tu, David Sun, and Kingston Technology, the company they founded in 1983, are not widely known names in the United States. Yet the ongoing artificial intelligence (AI) boom has made them some of the richest people in the world.
Jon Tu and David Sun's Net Worth Has Jumped This Year
Bloomberg data shows that the two have a similar net worth of $80.3 billion. Sun has added $49.3 billion, while Tu has added $49.2 billion to his wealth this year. They now rank as the 25th and 26th wealthiest people in the world.
The two have generated their wealth from Kingston Technology, a company operating in one of the fastest-growing areas of the tech industry. While companies like Micron (NASDAQ:MU), SanDisk (NASDAQ:SNDK), and SK Hynix are the best-known names in the memory sector, Kingston has become the largest independent name in the industry.
Kingston, which is not publicly traded, makes memory products that are used in PCs and data centers. It also makes memory cards, SSDs, and other products that have become highly popular this year.
The industry is going through a substantial shortage that has pushed prices to their all-time high. This growth is happening amid the ongoing data center spending, which has continued to accelerate.
Kingston Technology Valuation Has Jumped Amid the Memory Chip Growth
The boom in the memory sector has made the publicly traded memory companies some of the best gainers on Wall Street. Sandisk stock has jumped by 710% this year, while Micron, Seagate, and Western Digital have soared by over 200% this year. Micron and SK Hynix briefly crossed the $1 trillion mark this year.
Kingston Technology is a privately held company and does not report its earnings. According to Bloomberg, it generated $16 billion in annual revenue in 2024, compared with Micron's $25 billion. As such, its valuation is based on the assumption that its revenue and profitability have surged amid the memory boom.
Still, the memory industry faces significant risks. For one, soaring prices are likely to encourage increased supply and inventory, which could push prices lower in the coming years.
John Tu and David Sun joins other billionaires who have added billions to their net worths. Elon Musk has added $490 billion, making him the first person to become a trillionaire.
Google's Larry Page and Sergey Brin have added over $37 billion and $34 billion, while Michael Dell added $72 billion. NVIDIA's Jensen Huang has added $15 billion, while Gautam Adani and Thomas Peterffy have gained $30 billion each.
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