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This Tech CEO Became $4.2 Billion Richer Overnight | Entrepreneur

Jensen Huang is having a extremely good week.

On Wednesday, the CEO and co-founder of Nvidia surpassed all predictions with a Q2 revenue projection, because of the surge in demand for its A.I. chips. The company also announced a stock buyback of $25 billion, resulting in a big spike in its after-hours share prices.

Earlier today, the Bloomberg Billionaires Index announced that Huang’s fortune rocketed from $38 billion to $42 billion, making the 60-year-old Taiwanese entrepreneur certainly one of the world’s 25 richest men.

Related: NVIDIA Wants You To Talk To Side Characters In the Virtual World and Have a Customizable Experience

Exceeding all expectations

Nvidia makes a fortune by manufacturing chips that execute all kinds of intricate A.I. functions resembling image evaluation, facial and speech recognition, and generating text for chatbots like ChatGPT.

The New York Times recently called Nvidia “a one-stop shop for A.I. development” crediting their success with banking on the A.I. boom sooner than everyone else (at the least 10 years ago).

How dominant is the corporate? Research firm Omdia reported that Nvidia sold 70 percent of all A.I. chips sales in 2022, and the corporate continues to be a market leader in training generative A.I. models. Basically, Nvidia has a near-monopoly on the computing systems that power services like ChatGPT.

On Wednesday, Nvidia achieved almost legendary status after it announced its reported revenue of $13.51 billion, a 101% jump from last 12 months. Analysts had expected revenue to are available at $11.04 billion, in keeping with Yahoo.

Who is billionaire Jensen Huang?

Known for his black leather jacket, Huang is now the world’s richest semiconductor entrepreneur on the earth. His latest earnings put him only $300 million behind TikTok founder Zhang Yiming.

Huang founded NVIDIA in 1993 when it was a PC graphics company. The company eventually helped construct the gaming market into the monster it’s today with the invention of the GPU, which makes modern computer graphics possible. More recently, GPU deep learning ignited the trendy AI movement — with the GPU acting because the brain of computers, robots, and self-driving cars.

“Smart people concentrate on the precise things,” Huang told Venture Beat in an interview.

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