Jensen Huang becomes world's 7th-richest person as NVIDIA hits record-high
What's the story
Jensen Huang, the co-founder and CEO of NVIDIA Corp. has seen his net worth surpass the $200 billion mark. This comes as shares of the artificial intelligence (AI) chipmaker hit an intraday record high. According to Forbes's real-time billionaire estimates, Huang's fortune was estimated at $203.2 billion on Friday morning, making him the seventh-richest person in the world.
Wealth growth
Huang's wealth skyrockets as NVIDIA becomes top company
Huang, who co-founded NVIDIA in 1993 and owns about 4% of the company, has seen his wealth skyrocket as NVIDIA has become the world's most valuable publicly traded company.
This is largely due to the rising demand for chips used in AI.
The company's shares hit an all-time high of over $237 on Friday morning, adding about $3.4 billion to Huang's fortune during the session.
Market strategy
Recent surge in NVIDIA's shares fueled by AI demand
The recent surge in NVIDIA's shares has been fueled by optimism that AI agents could drive increased demand for semiconductors.
The company's stock got another boost after it announced a record $150 billion increase to its buyback plan.
So far this year, NVIDIA shares have gained some 27%, on track for their fourth consecutive year of double-digit returns.
Company valuation
NVIDIA's market cap nears $6 trillion milestone
NVIDIA's market capitalization now stands at some $5.7 trillion, just under $300 billion away from becoming the first company to hit the historic $6 trillion mark.
The company recently launched a new double-layered AI security system to prevent AI agents from going rogue. This comes amid rising investor concerns over AI safety and security risks posed by the technology.