Nvidia Corp. (NASDAQ: NVDA) stock is at an all-time high. And it has become the most valuable company in the world, with a market value of $3.89 trillion, slightly ahead of Microsoft’s. CEO Jensen Huang, the company’s co-founder, owns 4% of Nvidia and now has a net worth of nearly $140 billion. That figure comes from the Bloomberg Billionaire Index. That’s up $25 billion this year.
Key Points
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Jensen Huang, CEO of Nvidia, Has Become One Of The Richest People In The World
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Nvidia Is The Primary Driver Of The AI Revolution
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Nvidia stock trades near $160. In early April, shares traded at $92. Shares stumbled after Huang said, “the $50 billion China market is effectively closed to U.S. industry.” His reference was to artificial intelligence (AI) chips, a business Nvidia dominates. CNBC points out that this challenge will not hurt the company as badly as first expected. In fact, Nvidia expert Loop Capital said its market cap is headed toward $6 trillion because of its dominant position in the sector.
Another reason Nvidia faltered was concern that AI adoption had slowed. Earnings reports from tech giants like Microsoft raised that issue. However, Nvidia’s largest customers continue to put hundreds of billions of dollars into AI data centers, which are at the heart of the industry. Nvidia’s market share of add-in-board GPUs was 92% in the first quarter.
A primary reason for the rally is Nvidia’s earnings. In its report, it offered a rosy picture of its near-term future. In the most recent quarter, revenue rose 69% year over year to $44.1 billion. Per-share earnings rose 27% to $0.76. The company added, “Excluding the $4.5 billion charge and related tax impact, first quarter non-GAAP diluted earnings per share would have been $0.96.”
In the current quarter, the company expects revenue of $45 billion, plus or minus 2%. Its extraordinary revenue growth continues. According to Yahoo, the analysts’ forecast is slightly higher than that.
The AI revolution has not slowed, and Nvidia’s market cap is a sign of that. And Huang’s net worth has gone along for the ride.
The post Nvidia’s Jensen Huang Net Worth Hits $140 Billion appeared first on 24/7 Wall St..
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Author: Douglas A. McIntyre
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