Key Points
- Jensen Huang’s net worth hit $124.1 billion, putting him among the world’s top 10 richest people.
- Nvidia’s shares climbed 4.1%, reaching nearly $144, a new record.
- Huang owns 3.5% of Nvidia, valued at about $122.2 billion.
- Nvidia controls 80% of the AI accelerator market.
- Huang’s wealth has grown sixfold since 2022, thanks to the huge demand for Nvidia’s products.
Looma News
Jensen Huang, CEO of Nvidia, has reached a major milestone by breaking into the top 10 of Forbes’ real-time billionaire rankings. This is a first for Huang, who went from working as a busboy at Denny’s to becoming a key player in the generative AI boom. His net worth jumped by $3.6 billion to $124.1 billion by market close.
The boost in Huang’s wealth came as Nvidia’s shares rose by 4.1% to nearly $144. His 3.5% stake in Nvidia makes up most of his net worth, valued at around $122.2 billion within the company’s overall market cap of $3.5 trillion.
Background
Huang has been Nvidia’s CEO since it started in 1993 and is still the largest individual shareholder, even after selling $713 million in stock this summer. The company has seen huge growth due to the demand for AI technology, providing services to big companies like Amazon, Google, Meta, Microsoft, and Tesla.
Nvidia has a commanding 80% share of the growing AI accelerator market, according to Bank of America. Once known for graphics cards, Nvidia is now essential in developing large language models, like those powering ChatGPT. Huang mentioned the “insane” demand for Nvidia’s products, saying customers often get “really emotional” about their needs.
Wealth Surge
Huang’s wealth has skyrocketed from $20.6 billion in 2022 to his current amount, a sixfold increase in just two years. This surge is fueled by Nvidia’s stellar stock performance, with share prices rising over 1,000% since then. The company is expected to see a 1,400% increase in profits this fiscal year compared to last year.
Meanwhile, former Microsoft CEO Steve Ballmer is now the 11th richest person with a net worth of $122.5 billion and has invested over $100 million into his nonprofit, USAFacts, which aims to make government data more accessible.
