Nvidia CEO Jensen Huang’s net worth surges to B on demand for AI chips

Nvidia CEO Jensen Huang’s net worth surges to $90B on demand for AI chips

Nvidia CEO and co-founder Jensen Huang saw his net worth significantly increase on Thursday (May 23) as shares of his semiconductor company, a key player in the artificial intelligence sector, hit a new all-time high. This rise has placed him among the world’s top 20 wealthiest people, according to Forbes.

In 2019, Huang’s stake in Nvidia was valued at approximately $3 billion. Following Thursday’s stock rally, which set a new record, his holdings are now estimated to exceed $90 billion.

On Wednesday evening, Nvidia announced first-quarter earnings that exceeded expectations, with revenues soaring more than 200% for the third consecutive quarter, fueled by strong demand for AI processors.

Huang also provided an optimistic outlook, suggesting to investors that the demand for Nvidia’s AI graphics processing units (GPUs) remains robust. He signaled that the company’s major cloud customers are likely to see significant returns on their investments in these high-cost chips.

Huang said: “We are fundamentally changing how computing works and what computers can do.”

Most of Huang’s net worth comes from his 3.5 per cent stake in Nvidia, which he co-founded in 1993 and has continuously led as chief executive. His net worth grew by almost $8 billion to $91 billion, as Nvidia’s stock rose by 9 per cent to well over $1,000 per share.

Who is Nvidia CEO Jensen Huang?

Under Huang’s leadership, Nvidia has evolved from a GPU manufacturer into an AI leader. Its products, such as the Drive platform, have advanced autonomous driving, while its graphics cards continue to be preferred for gaming, crypto mining, and data centers.

Born in Taiwan, Huang has also improved Nvidia’s offerings in professional visualization, helping progress in architecture and scientific computing.

Huang established the semiconductor company in 1993. Over the past year, with the company’s stock surging by 226 per cent, Huang’s 1.3 million shares have significantly increased in value, tripling his net worth.

According to Forbes, as Nvidia’s largest individual shareholder, Huang has now surpassed Indian business tycoon Gautam Adani to become the world’s 17th richest person. Last week, he also moved past Walmart heirs Alice, Jim, and Rob Walton, breaking into the top 20 richest people globally.

Featured image: NVIDIA Taiwan / Canva

The post “Nvidia CEO Jensen Huang’s net worth surges to $90B on demand for AI chips” by Suswati Basu was published on 05/27/2024 by readwrite.com