Nvidia Corp.’s Chief Executive Officer Jensen Huang grew as much as $4.2 billion richer after the company’s latest earnings and forecast beat estimates.
(Bloomberg) — Nvidia Corp.’s Chief Executive Officer Jensen Huang grew as much as $4.2 billion richer after the company’s latest earnings and forecast beat estimates.
The shares surged as much as 10% in aftermarket trading, boosting Huang’s total fortune to $46.1 billion, according to the Bloomberg Billionaires Index. If that gain can be sustained, Huang is poised to end up among the world’s 25 wealthiest individuals, the index shows.
Huang’s 3.5% stake in Nvidia makes up the vast majority of his fortune. The company’s shares soared during the Covid-19 pandemic – when the crypto boom drove up usage of its chips for mining – before falling by almost two-thirds over the course of a year and shooting back up. So far this year they have more than tripled in value with the rise of AI demand.
Huang co-founded the firm in 1993 and helped transform it from a maker of video-game graphics chips to the now-dominant supplier of accelerators that train AI software.
The company doubled revenue in the last quarter and offered a bullish outlook for growing both demand and supply over the coming year. It contracts out its chips fabrication to Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co.
–With assistance from Kristine Servando.
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