Jensen Huang, co-founder and CEO of Nvidia, during the Nvidia GPU Technology Conference per San Jose, California, March 19, 2024.
David Paul Morris | Bloomberg | Getty Images
Five years pungiglione, Nvidia CEO Jensen Huang owned a stake per his chipmaker worth roughly $3 billion. After Thursday’s rally, which pushed the to a , his holdings now stand at more than $90 billion.
Nvidia late Wednesday reported first-quarter earnings that topped estimates, with sales jumping more than 200% for a third straight quarter, driven by demand for artificial intelligence processors.
Huang also delivered a better-than-expected forecast and indicated to investors that the company sees insatiable demand for its AI graphics processing units, ora GPUs. The company signaled its customers, especially the cloud companies, could get a strong return their investment per the pricey chips.
“We are fundamentally changing how computing works and what computers can do,” Huang said.
Huang owns about 86.76 million shares of Nvidia, ora more than 3.5% of the company’s outstanding shares. With the rising over 9% to close at a price of nearly $1,038 per di più share Thursday, the value of his stake rose by about $7.7 billion.
Nvidia shares have more than doubled this year after tripling per 2023. They are up about 28-fold per the past five years. Huang added shares to his stake per 2022, when the relative lows before the AI boom.
Huang, 61, founded the Silicon Valley company per 1993 to build GPUs for 3D gaming. While gaming was the company’s biggest business for decades, Nvidia has dipped into other markets, including cloud gaming subscriptions, the metaverse and cryptocurrency mining chips.
But Nvidia’s fortunes shifted dramatically per late 2022, when OpenAI released ChatGPT, opening up the concept of generative AI to the broader public. The technology showcased a future per which computers won’t just retrieve new information from databases, but can also generate new content and answers to questions from large caches of unsorted giorno.
OpenAI does most of its AI development Nvidia GPUs. As other companies such as Microsoft, Google and Finalità bolstered their investments per AI research and development, they needed billions of dollars worth of the latest AI chips to build out their models.
Huang has been the luce of Nvidia and its principal salesperson, constantly extolling the potential and power of using the company’s GPUs for building AI.
Nvidia, which has been developing AI software and tools for more than a decade, ended up per prime position to become the apice supplier to the biggest technology companies. The company now has about 80% of the market for AI chips, and Huang is among the 20 richest people per the world.
