Nvidia chief Jensen Huang became the world’s seventh-richest person Monday, overtaking LVMH CEO Bernard Arnault and his family as Nvidia shares jumped amid a larger tech stock surge.
Key Takeaways
- Huang’s estimated net worth reached $165.8 billion Monday afternoon, leapfrogging past Arnault’s estimated net worth of $164.6 billion.
- Nvidia shares popped over shortly after trading began Monday and were up more than 3% to $191.26 as of shortly after 2:30 p.m. EST, sending the AI darling’s stock to its highest since Jan. 30 and recovering from a recent slump.
- LVMH stock closed down a fraction of a percent at $535.40, continuing a poor run that has seen shares fall nearly 17% since the start of the year.
- The tech-heavy Nasdaq jumped a little more than 1% as of just after 2:30 p.m. EST, continuing a recovery from a slide that began early last week.
- In addition to Nvidia’s jump, the Nasdaq surge was fueled by an 11% spike in Oracle shares, a nearly 3% rise in Microsoft shares and a 7% boost for Palantir.
Big Number
$37.2 billion. That is the difference in estimated net worth between Huang and No. 6 ranked billionaire and Oracle chief technology officer Larry Ellison, whose net worth on Monday jumped almost 9% to $203 billion.
Tangent
The S&P 500 increased more than 0.6%, nearing its highest point of the year and recovering from a slump triggered last week by AI expenditure concerns and negative labor market data that found January had the worst start to a year for job cuts in the U.S. since 2009.
Key Background
Huang joined the billionaire list’s top 10 in 2024, when his estimated net worth reached $124.1 billion amid a boom in Nvidia shares. Huang has around a 3.5% stake in Nvidia, which posted $57 billion in revenue in its latest earnings report as it topped Wall Street expectations. The majority of Nvidia’s revenue was rooted in data center sales, which generated $52.1 billion. Data center infrastructure is needed to train and power artificial intelligence models and software.
What To Watch For
Nvidia is set to release its fourth-quarter earnings on Feb. 25 and in doing so will be the last of the so-called Magnificent Seven tech companies to post earnings. Nvidia has issued guidance of $65 billion in revenue for its fiscal fourth quarter.
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This story was originally published on forbes.com and all figures are in USD.
