Investment manager James Demmert recommends having Nvidia in your ‘core’ portfolio while predicting ‘multi-years-long’ growth.
Nvidia CEO Jensen Huang’s net worth jumped by $9.6 billion on Thursday as the AI chipmaker’s stock surged after reporting stronger-than-expected quarterly results.
Huang’s overall net worth is estimated at $69.2 billion, according to Bloomberg’s Billionaires Index.
Nvidia reported Wednesday that it had generated fourth-quarter revenues of $22.1 billion, marking a 265% increase from the prior year. Its net income rose by 769% year over year.
Nvidia CEO Jensen Huang speaks during a press conference at the Computex 2023 in Taipei on May 30, 2023. (Sam Yeh/AFP via Getty Images / Getty Images)
NVIDIA’S STOCK SOARS AFTER AI BOOM LIFTS REVENUE 265%
“Accelerated computing and generative AI have hit the tipping point,” Huang said in a statement accompanying the quarterly release. “Demand is surging worldwide across companies, industries and nations.”
Nvidia CEO Jensen Huang during the Taipei Computex expo in Taipei, Taiwan, on May 29, 2023. (I-Hwa Cheng/Bloomberg via Getty Images / Getty Images)
Huang, at his current net worth, holds the No. 21 spot on Bloomberg’s ranking of the world’s wealthiest people.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | NVIDIA CORP. | 791.88 | +6.50 | +0.83% |
Nvidia reported Wednesday that it generated fourth-quarter revenues of $22.1 billion, marking a 265% increase from the prior year. ((Photo by Jakub Porzycki/NurPhoto via Getty Images) / Getty Images)
Huang has run Nvidia as its CEO since he co-founded the tech firm over three decades ago. Huang reportedly has a design resembling the company’s logo tattooed on his arm.
NVIDIA: IS THE STOCK PRICED TO PERFECTION?
The company saw its market capitalization climb above $2 trillion during Friday’s trading session.
FOX Business’ Eric Revell contributed to this report.
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