Five years ago, Nvidia CEO Jensen Huang owned a stake in his chipmaker worth roughly $3 billion. After Thursday’s rally, which pushed the stock to a record, 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, or GPUs. The company signaled its customers, especially the big cloud companies, could get a strong return on their investment in 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, or more than 3.5% of the company’s outstanding shares. With the stock rising over 9% to close at a price of nearly $1,038 per share on Thursday, the value of his stake rose by about $7.7 billion.
Source: REUTER
