New Delhi: Jensen Huang, the co-founder and CEO of Nvidia, has earned a whopping USD 5.54 billion (approximately Rs 48,000 crore) in just 24 hours.
This massive profit has paved the way for him to join the elite club of the world’s richest individuals. Notably, Nvidia’s stock skyrocketed on Wednesday, setting a new record. According to the Bloomberg Billionaires Index, with a gain of USD 5.54 billion in 24 hours, Jensen Huang’s total net worth has reached USD 135 billion. With this massive spike, Jensen Huang became the 11th most richest person in the world- just one step away from entering the elite top 10.
Currently, the 10th position is held by Sergey Brin, whose net worth stands at USD 146 billion.
When did the stock skyrocket?
On Wednesday, Nvidia’s stock saw a significant surge, shattering its previous record set in January. At the start of trading on Wednesday, Nvidia’s shares climbed by more than 2.6 percent. It surpassed the earlier record of USD 149.43 set in January, opening at USD 149.28 and closing at a new high of USD 154.31 – marking a gain of over 4 percent.
Why the surge?
According to the reports, the main reason behind the spike in Nvidia’s stock is Micron’s (MU) quarterly earnings report.
What is Micron- All you need to know:
Micron is a company that manufactures high-bandwidth memory (HBM) chips, which are used in Nvidia’s AI accelerators. Strong results from Micron signal robust demand for AI hardware. This boosts expectations of solid growth across the entire AI supply chain, including Nvidia.
Company sets a new record
With the spike in the share, Nvidia has now become the world’s most valuable company. The rally in its stock has pushed Nvidia’s market value to USD 3.76 trillion, allowing it to overtake Microsoft, whose market value stands at USD 3.65 trillion.