Nvidia is having a good time right now.
The stock of the AI chipmaker had its worst day in months at the beginning of this week. However, it quickly recovered after reporting fourth-quarter revenue that was almost 270% higher than expected and well above what Wall Street thought it would be. With a market value of about $2 trillion, Nvidia is now the third most valuable company in the U.S., putting it behind only Apple and Google.
And Jensen Huang, co-founder, president, and CEO of the Santa Clara, Calif.-based business, maybe the person who is benefiting the most from Nvidia’s meteoric rise. The multibillionaire’s net worth is now $69.2 billion, according to the Bloomberg Billionaire Index. This is because Nvidia’s stock price went up this week, which added a cool $9.6 billion to his wealth.
For comparison, Bloomberg’s calculations show that Huang’s net worth was only $21.8 billion as of February 23, 2023. In just one year, Huang has made about $47.4 billion. Huang was worth $3.84 billion when Bloomberg first added him to its index in February 2018.
Nevertheless, some experts say Huang’s wealth or Nvidia’s success is not likely to end there.
In a note released Thursday, Bernstein analysts said, “At this point, the company is printing money.” “And the chance of more growth from here on out still looks good.” The company now wants Nvidia stock to be worth $1,000 per share.
Analysts at Goldman Sachs also raised their price target, but only to $875 per share. They said this was because of “sustained growth in Gen AI infrastructure spending” and more companies, including those in the automotive business, using AI.
Nvidia talked about its work with several hundred car companies on Wednesday. These companies include Tesla, Mercedes-Benz, and Hyundai Motor Co. Even though there have been a lot of problems with regulations, public outcry, and outright failures, the tech giant still thinks that driverless cars are the future of the business.
FAQs
While the news you might have come across might have mentioned a $10 billion increase, it’s important to clarify that this information is outdated. As of today, February 28, 2024, the most recent significant increase in Jensen Huang’s wealth occurred in November 2023.
As of today, Jensen Huang’s net worth is estimated to be around $69 billion, making him the 21st wealthiest person in the world according to Business Insider.
