May 27, 2024 01:32 PM IST
Jensen Huang said that Nvidia has a better-than-expected forecast as he told investors that it is expecting more demand for its AI graphics processing units.
In 2019, Nvidia CEO Jensen Huang owned a $3 billion stake in his chipmaker company. As the stock pushed to a record after Nvidia reported first-quarter earnings that topped estimates, his holdings now stand at more than $90 billion. The company said that its sales jumped more than 200% for a third straight quarter owing to heavy demand for artificial intelligence processors.
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Jensen Huang also said that the company has a better-than-expected forecast, telling investors that Nvidia is expecting more demand for its AI graphics processing units, or GPUs.
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“We are fundamentally changing how computing works and what computers can do,” Jensen Huang said. Currently, Jensen Huang owns about 86.76 million shares of Nvidia- over 3.5% of the company’s outstanding shares.
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The company’s shares shares have more than doubled this year after tripling in 2023 and are now up about 28-fold in the past five years.
Jensen Huang founded the Silicon Valley company in 1993 to build GPUs for 3D gaming after which the company entered other markets including cloud gaming subscriptions, metaverse and cryptocurrency mining chips.
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Nvidia has also become the top supplier to the biggest technology companies as it has now about 80% of the market for AI chips making Jensen Huang is among the 20 richest people in the world.
Josh Gilbert, market analyst at eToro, said as per news agency Reuters, “Companies are continuing to increase their capital expenditures, particularly Big Tech, to keep up with this revolutionary technology, and Nvidia is by far the biggest beneficiary.”
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