News: The global AI frenzy has nearly doubled Nvidia CEO's wealth

The global frenzy triggered by the launch of ChatGPT last November and the subsequent $10 billion investment from Microsoft has fueled the AI boom.

Jensen Huang, CEO of Nvidia, has emerged as a front-runner in this surge, with his fortune skyrocketing by 98% this year to reach $27.3 billion. According to the Bloomberg Billionaires Index, this is the largest wealth increase among US billionaires.

Huang, the co-founder of the California-based chip manufacturer, is now the 44th richest person globally. Meanwhile, Meta CEO Mark Zuckerberg's wealth has also climbed by 94% to $88.7 billion during the same period.

Nvidia's stock has experienced a remarkable surge, rising by 114% year-to-date to reach $316.78 on NASDAQ. This makes it the top-performing stock on the S&P 500 index in 2023.

The impressive capabilities of generative AI have created a sense of urgency for companies to rethink their products and business models, according to Huang.

In the fourth quarter ending in January this year, Nvidia reported revenue of $6.05 billion. Huang believes that AI is reaching a turning point and is poised for widespread adoption across various industries.

Investors anticipate continued growth in Nvidia's stock, as the semiconductor manufacturer is well-positioned to capitalize on the ongoing AI boom. Its chips are already powering crucial sectors of the global digital economy, including healthcare, data centers, generative AI, gaming, self-driving automation, and robotics.

With a market capitalization of nearly $783 billion, Nvidia is currently the world's leading chip maker. The global AI market is projected to expand from $515 billion in 2023 to $2 trillion by 2030.