Jensen Huang, Chief Executive Officer of Nvidia Corp NVDA, witnessed his net worth surge to an impressive $44 billion in 2023, making him one of the highest earners this year.
What Happened: Huang, who co-founded Nvidia, has witnessed an increase of $30.2 billion in his net worth since the commencement of the year, reported Business Insider. This significant rise has catapulted him to the 29th position on the Bloomberg Billionaires Index as of Dec.29.
The substantial increase in Huang’s fortune can be attributed to a nearly 246% surge in Nvidia stock this year. Nvidia shares closed at $495.22 on Friday and thanks to that, Huang has outpaced several renowned billionaires in terms of wealth increment in 2023 including Bernard Arnault, Warren Buffett, and Mukesh Ambani. The skyrocketing of Nvidia’s shares is linked to investor optimism about the company’s chips spearheading the AI revolution.
Huang has a nearly 3.5% ownership stake in Nvidia. His nearly 87 million shares in the company will be now valued at about $43 billion, Business Insider noted.
Why It Matters: For the third quarter, California-based Nvidia reported third-quarter earnings of $4.02 per share, compared to the $3.36-per-share consensus estimate. The bottom line improved from the year-ago quarter's 58 cents per share and the preceding quarter's $2.70 per share.
Revenue increased 206% year-over-year and 34% sequentially to $18.12 billion, exceeding the Street forecast of $16.12 billion.
"Our strong growth reflects the broad industry platform transition from general-purpose to accelerated computing and generative AI. Large language model startups, consumer internet companies and global cloud service providers were the first movers, and the next waves are starting to build," CEO Jensen Huang said in November.
"NVIDIA GPUs, CPUs, networking, AI foundry services and NVIDIA AI Enterprise software are all growth engines in full throttle. The era of generative AI is taking off," he added.
For the fourth quarter, Nvidia is eyeing a revenue of $20 billion, plus or minus 2%.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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Photo courtesy: Nvidia Corp on Flickr
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