Jensen Huang, the CEO of Nvidia, has vaulted into the top 10 of Forbes’ real-time billionaire rankings for the first time. Once a busboy and waiter at Denny’s, Huang is now one of the most recognizable names in the generative artificial intelligence (AI) boom of the 2020s.
Key Facts:
- Huang’s Net Worth:
Huang’s fortune surged by $3.6 billion, reaching $124.1 billion by market close, surpassing former Microsoft CEO Steve Ballmer, whose net worth stands at $122.5 billion. This ascent places Huang in the 10th spot, while Ballmer slipped to 11th. - Nvidia Stock Surge:
Huang’s rise in net worth coincided with a 4.1% increase in Nvidia’s stock, which hit an all-time high of nearly $144 per share. Huang’s 3.5% stake in Nvidia, which is worth $122.2 billion, accounts for the bulk of his wealth.
Key Background:
- Nvidia’s Growth:
Huang has been Nvidia’s CEO since founding the company in 1993. He remains the largest individual shareholder, despite selling $713 million worth of stock earlier this year. Nvidia, based in Santa Clara, is a leader in AI technology, supplying companies like Amazon, Google, Meta, Microsoft, and Tesla. It currently holds an 80% share of the AI accelerator market, according to Bank of America research. - AI Demand:
Nvidia’s graphics processing units (GPUs), once popular in gaming, are now essential for AI applications such as large-language models like OpenAI’s ChatGPT. Demand for Nvidia’s AI products has been described as “insane,” with customers showing significant enthusiasm for the company’s offerings.
Surprising Fact:
Huang’s net worth has increased sixfold in just two years, rising from $20.6 billion in 2022. This growth mirrors Nvidia’s stock price, which has soared over 1,000% in the same period. Nvidia’s profits for the current fiscal year are projected to increase by an astonishing 1,400% compared to the previous year.
Tangent:
Steve Ballmer, who was overtaken by Huang in the billionaire rankings, continues his philanthropic work through USAFacts, a not-for-profit organization dedicated to providing accessible government data to the public. Ballmer has invested over $100 million into the initiative.
