The estate of the co-founder of Nvidia Corp., jensenhuangincreased on Thursday by more than US$6 billion to reach an all-time highafter the manufacturer French fries forecast sales that beat expectations, sending its shares soaring.
Huang, the CEO of the company, had a fortune of nearly $34 billion at market openingwhich represents an increase of around 23% compared to the previous day and more than 140% so far this year. If the rise holds up, he would become the billionaire who has earned the most this year, according to the Bloomberg Billionaires Index.
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Nvidia has benefited from the AI frenzy, which is driving demand for processors capable of speeding up computing. The company projects sales ofe US$11 billion in the current quarter, surprising even the most bullish analysts on Wall Street. The expectation was that the figure would be around US$7.2 billion.
Shares of the Santa Clara, California-based company rose 26% at 10:30 a.m. in New York to hit an all-time high. Rally puts Nvidia one step away from reaching a $1 trillion valuationwhich would make it the ninth company to achieve that milestone.
Huang’s fortune comes almost entirely of Nvidia stock. Known for his black leather jackets and a tattoo resembling the Nvidia logo, he co-founded the company in 1993 and introduced the first graphics processing unit in 1999.
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