As CEO Jensen Huang led Nvidia Corp. (NASDAQ: NVDA | NVDA Price Prediction) to another record revenue quarter, his net worth has increased by $44 billion to $158 billion this year. That makes him the world’s ninth richest person, ahead of Warren Buffett. The data is based on Bloomberg’s measure of wealth.
Nvidia turned in another monster performance. Its stock dipped slightly because its revenue forecast for the current quarter fell short of Wall Street’s expectations. It remains the unparalleled leader in global artificial intelligence chips, a position it is unlikely to lose at any time in the foreseeable future. Its products are central to the AI revolution.
Nvidia’s revenue rose 56% in the most recent quarter, compared to the same one a year ago, to $46.7 billion. At that pace, its annual revenue will surpass that of GM, Ford, or Bank of America. With a market cap of $4.4 trillion, it is the most valuable company in the world. Net income for the quarter was $26.4 billion, up 59% year over year.
For the current quarter, its forecast was “light”: “Revenue is expected to be $54.0 billion, plus or minus 2%.” The company’s outlook does not include any H20 chip shipments to China. H20 chips are less powerful than Nvidia’s top-tier products.
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Huang’s net worth is based on his 3.5% ownership in Nvidia.
Nvidia was founded in 1993 and was a graphics chip maker for most of its history. As the company shifted its focus to AI, its stock soared. It has increased by 1,281% over the past five years. The S&P 500 has increased by 84% during the same period.
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