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Nvidia CEO Jensen Huang just added $7 billion to his net worth after AI frenzy drives the chipmaker's stock to its biggest 1-day market value gain in history

Nvidia CEO Jensen Huang just added $7 billion to his net worth after AI frenzy drives the chipmaker's stock to its biggest 1-day market value gain in history
  • Nvidia CEO Jensen Huang added $7 billion to his net worth on Thursday after the chipmaker's stock soared.

  • Shares jumped as much as 29%, adding more than $200 billion in market cap, in their biggest one-day gain in history.

  • Huang co-founded Nvidia in 1993 and owns 3.5% of the company, according to a recent proxy filing.


Nvidia CEO Jensen Huang is a lot richer today than he was yesterday after shares of the chipmaker he co-founded in 1993 soared in their biggest one-day gain in market cap on record.

Nvidia stock soared as much as 29%, adding more than $200 billion to its valuation, after the company reported a blockbuster earnings report that showed the hype in generative artificial intelligence is translating into big revenue gains for the company.

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Huang's direct ownership of 86.9 million Nvidia shares, or about 3.5% of the company, means Thursday's massive rally added about $6.8 billion to his net worth. Huang's ownership stake was listed in Nvidia's 2023 annual report.

Huang's total net worth is set to top $34 billion, and his year-to-date gain is pegged at about $20 billion when including Thursday's surge, according to data from Bloomberg.

Nvidia, which makes a key chipset that helps drive the power-hungry technology behind OpenAI's ChatGPT and Alphabet's Bard chatbot, increased its second-quarter revenue guidance to $11 billion, which was more than 50% above Wall Street estimates of just $7 billion.

"In 22 years of covering tech stocks and large cap we have NEVER seen a guidance range of this magnitude on a large cap tech name and thus speaks to our thesis that the monetization of AI... is well underway," Wedbush analyst Dan Ives said in a Thursday note.

Huang isn't the only billionaire to see big wealth gains this year due to the ongoing AI frenzy, with Alphabet co-founders Sergey Brin and Larry Page adding $25 billion and $27 billion, respectively, to their net worth this year amid a rally in Google's stock thanks in part to its own AI plans.

Huang brought Nvidia public in 1999 at the height of the dot-com bubble at a valuation of $626 million, just as his company was launching its first graphic processor unit for use in computers and video games. Since then, Nvidia's stock price has appreciated 152,766% on a split-adjusted basis, sending its market valuation to just under $1 trillion.

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Read the original article on Business Insider