Nvidia’s CEO has seen his fortune soar 98% this year to $27.3 billion thanks to an AI boom.
Jensen Huang’s wealth has surged this year at a faster pace than for any other US billionaire.
Nvidia shares have enjoyed a sizzling rally so far in 2023, making it the best performing stock on the S&P 500.
Nvidia CEO Jensen Huang has seen his wealth balloon this year as investor excitement around artificial intelligence gave the chipmaker’s stock a huge boost.
According to Bloomberg, Huang’s fortune jumped 98% this year to $27.3 billion. That’s a faster increase that what any other US billionaire saw during the period, including Meta CEO Mark Zuckerberg whose wealth surged 94%.
Most of Huang’s riches is in Nvidia shares and options, per Bloomberg. The Santa Clara-based semiconductor manufacturer’s stock has surged 109% year-to-date to $301.78 at close on Wednesday, making it the best-performing stock of 2023 on the S&P 500 index.
Fund manager Philip Ripman told CNBC the stock has even more upside ahead, predicting shares could increase in value by five times within the next 10 years.
The chipmaker’s impressive rally comes thanks to hype around artificial intelligence stocks following the debut of OpenAI’s human-like large language tool, ChatGPT. Investors perceive Nvidia as well-positioned to take advantage of the AI boom, given its the No.1 producer of graphic chips needed for high-intensity computing.
Bank of America called the company the “leading silicon AI enabler” and the “picks and shovels leader in the AI gold rush,” while Nvidia’s boss himself, said the firm has reached “the iPhone moment of AI.”
With Nvidia soaring in popularity, it’s tempted billionaire investors like Stanley Druckenmiller to load up on the stock during the first quarter of 2023. The Duquesne Family Office CEO snapped up shares in Nvidia worth about $220 million, boosting its holding in the chipmaker.
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Source: https://finance.yahoo.com/news/nvidia-ceo-jensen-huang-sees-172030718.html