Nvidia Corp’s co-founder, Jensen Huang, has surpassed each member of Walmart’s founding Walton family in terms of personal wealth, highlighting the growing dominance of tech giants.
Following Nvidia’s impressive performance in the latest quarter, Huang’s net worth soared to $91.3 billion, securing him the 17th spot on the Bloomberg Billionaires Index.
The bulk of Huang’s wealth, nearly $91 billion, is tied up in Nvidia stock, which surged by 9.3% thanks to an optimistic sales forecast. This ascent underscores Nvidia’s stature as a primary beneficiary of the rapidly expanding artificial intelligence sector.
Huang now outshines the three wealthiest members of America’s richest family, the Walton family, whose fortunes are deeply rooted in the retail giant Walmart Inc.
Jim Walton, co-manager of Walton Enterprises, boasts a net worth of $86.5 billion, followed by his brother Rob Walton with $84.6 billion, and their sister Alice Walton with $83.8 billion.
Despite the Waltons’ collective wealth nearing $300 billion, they rank second globally only to Abu Dhabi’s ruling family, the Al Nahyans.
Nvidia’s rise can be largely attributed to its pivotal role in the artificial intelligence sphere, particularly with its AI accelerator chips. This dominance has propelled Nvidia’s market value beyond $2.5 trillion, solidifying its position as a frontrunner in the tech industry.
Huang, renowned for his visionary outlook and leadership, has often heralded the dawn of a new industrial revolution. His foresight in recognizing Nvidia’s potential in the AI domain has been pivotal in steering the company to unprecedented heights. While Walmart has also reported robust earnings with a market value exceeding $500 billion, it trails behind Nvidia’s momentum.
Despite Walmart’s shares climbing by 23% this year, Nvidia’s stock stands out as the third-best performer in the S&P 500 Index, soaring by an impressive 110%.
Jensen Huang’s journey to tech mogul status began with the co-founding of Nvidia in 1993 alongside Chris Malachowsky and Curtis Priem. Born in Taiwan and educated in the United States, Huang received an undergraduate electrical engineering degree from Oregon State University in 1984 and a master’s degree in the same subject from Stanford University in 1992.
Nvidia Corporation, an American technology company, is renowned for its graphics processing units and artificial intelligence computing solutions. Initially focused on producing graphics cards for gaming, the company expanded its scope to include AI, data centers, autonomous vehicles, and other emerging technologies.
Nvidia’s GPUs are widely used in gaming, professional visualization, data centers, and automotive markets. The company’s AI computing platforms, such as the Nvidia Tesla GPU accelerators, are pivotal in powering AI applications across various industries, including healthcare, finance, and transportation.
