Jensen Huang, the Chief Executive Officer of Nvidia Corp (NVDA), has experienced a remarkable surge in his net worth in 2023, reaching an impressive $44 billion. This has made him one of the highest earners of the year, according to a report by Business Insider.
Huang, who co-founded Nvidia, has seen his net worth increase by $30.2 billion since the beginning of the year. As a result, he now occupies the 29th position on the Bloomberg Billionaires Index as of December 29th.
The substantial growth in Huang’s fortune can be attributed to the nearly 246% surge in Nvidia’s stock this year. The company’s shares closed at $495.22 on Friday, surpassing the wealth increment of several renowned billionaires in 2023, including Bernard Arnault, Warren Buffett, and Mukesh Ambani. The skyrocketing of Nvidia’s shares is driven by investor optimism regarding the company’s chips leading the AI revolution.
Huang holds a nearly 3.5% ownership stake in Nvidia, with his approximately 87 million shares now valued at around $43 billion. This significant increase in wealth highlights the success and growth of Nvidia under Huang’s leadership.
The strong financial performance of Nvidia further demonstrates its success in the market. In the third quarter, the company reported earnings of $4.02 per share, surpassing the consensus estimate of $3.36 per share. The revenue also increased by 206% year-over-year and 34% sequentially to $18.12 billion, exceeding the Street forecast of $16.12 billion.
Nvidia’s growth can be attributed to the industry’s transition from general-purpose to accelerated computing and generative AI. The company’s GPUs, CPUs, networking, AI foundry services, and AI Enterprise software are all contributing to its growth. CEO Jensen Huang has expressed his optimism about the future, stating that “the era of generative AI is taking off.”
Looking ahead, Nvidia is targeting a revenue of $20 billion, plus or minus 2%, for the fourth quarter. If achieved, this would solidify the company’s position as one of the leading chipmakers in the industry.
In conclusion, Jensen Huang’s remarkable increase in net worth in 2023 highlights the success of Nvidia and its position as a key player in the AI and chip industry. With the continued growth and strong financial performance, Nvidia is set to maintain its momentum and drive further innovation in the future.
