Jensen Huang, CEO and co-founder of Nvidia Corp. NVDA, saw his net worth soar to $91.3 billion following another exceptional quarter for the chipmaker.
This surge has elevated him past each individual member of the Walton family, historically the wealthiest in America.
Huang’s fortune climbed as Nvidia’s stock spiked, driven by a robust sales forecast highlighting the company’s pivotal role in the artificial intelligence boom, Bloomberg reports.
Huang’s net worth now surpasses that of Jim Walton, who manages Walton Enterprises and holds $86.5 billion, and his siblings Rob Walton with $84.6 billion and Alice Walton at $83.8 billion, whose family founded Walmart Inc. WMT.
Collectively, the Walton family’s wealth is close to $300 billion, making them the second-richest family globally, after Abu Dhabi’s Al Nahyans, according to Bloomberg.
Nvidia’s market value exceeded $2.5 trillion, thanks to the high demand for its AI accelerator chips. Huang, 61, said, "This is the beginning of a new industrial revolution," emphasizing the transformative impact of AI.
Meanwhile, Walmart reported impressive first-quarter earnings, raising its annual forecasts and pushing its market value over $500 billion.
Despite a 22% increase in shares this year, Walmart’s growth still trails behind Nvidia’s, whose stock has surged by 115%, making it the third-best performer on the S&P 500 Index.
Huang, a prominent figure in the AI industry, co-founded Nvidia in 1993 with Chris Malachowsky and Curtis Priem. His 3.5% stake in the company forms the bulk of his wealth.
Nvidia initially catered to gamers with graphics cards but pivoted to AI, setting it apart from competitors.
Born in Taiwan, Huang spent part of his childhood in Thailand before moving to the U.S. He earned his electrical engineering degrees from Oregon State University and Stanford University, which laid the foundation for his illustrious career.
Price Action: NVDA shares are trading higher by 0.4% at $1,042.12 at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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