Jensen Huang, the CEO of Nvidia, has ascended to the 11th position among the wealthiest individuals worldwide, as per Forbes's real-time billionaire rankings, following a staggering increase of over $4 billion in his net worth within a single day.
Huang's remarkable wealth surge is attributed to Nvidia's elevation to the status of the world's most valuable public company, bolstered significantly by advancements in artificial intelligence.
This achievement has displaced Microsoft and Apple, the contenders for the top spot in recent times.
On Tuesday, Nvidia's stock climbed by 3.5%, propelling its market capitalization to $3.34 trillion, consequently pushing Huang's total net worth to nearly $119 billion.
Nvidia's shares have demonstrated exceptional growth, more than doubling in value this year and tripling in 2023 alone. Over the past five years, the stock has surged nearly 28-fold.
The company's shares have skyrocketed by over 170% just this year, and by an astounding 1,100% since hitting a low point in October 2022.
This meteoric rise is driven by Nvidia's dominance in AI technologies, particularly in chips that power a wide range of applications from advanced data analytics to autonomous vehicles.
In its most recent quarterly financial report, Nvidia reported a revenue increase of more than threefold to $26 billion, while net income surged by seven times to $14.9 billion.
Forbes notes that Jensen Huang, ranked 546th in global wealth in 2019, has seen his net worth surge by over $114 billion in the past five years, marking an extraordinary increase of more than 2250%.
By the end of 2023, Huang's net worth had soared to $21 billion, establishing him as the 76th wealthiest individual globally.
