Nvidia Corp. CEO Jensen Huang recently delivered a speech at the Caltech graduation ceremony, encouraging graduates to seek out untapped markets and embrace setbacks as opportunities for growth.
What Happened: Huang addressed the Class of 2024 at Caltech's Commencement Ceremony on Friday, sharing his experiences and insights on the tech industry.
He recounted Nvidia's early struggles and emphasized the importance of identifying and investing in "zero-billion-dollar markets," which have the potential to become billion-dollar industries in the future.
"Our company is thirty days from going out of business," is Nvidia's unofficial motto, arising from the time when it was struggling.
This forced Huang to adopt a unique strategy to look for markets that don't have customers. "Because one of the things you can definitely guarantee is where there are no customers, there are also no competitors."
Huang highlighted Nvidia's shift towards accelerated computing, a niche market that was initially overlooked by industry giants like Intel Corp. and AMD. This strategic move ultimately propelled Nvidia's growth and established its leadership in the field.
He also stressed the significance of perseverance and adaptability in the face of setbacks, urging graduates to view challenges as opportunities for personal and professional growth.
Why It Matters: Huang has been a significant figure in the tech industry, not just for his role at Nvidia, but also for his unconventional management style. Recently, Tesla Inc. CEO Elon Musk agreed with Huang's approach of not scheduling one-on-one meetings unless necessary.
Huang's influence extends beyond his management style. His wealth has surged significantly, surpassing Michael Dell as Nvidia's market cap hovers around the $3 trillion mark.
Moreover, Nvidia's stock performance has been stellar. The company's shares have gained over 170% year-to-date in 2024, continuing a trend from 2023 when the stock soared more than 200%.
Huang's wealth has also seen a significant boost, with his net worth climbing due to the rising demand for Nvidia's AI chips. As of June's first week, he was on the verge of surpassing Warren Buffett to enter the world's top 10 richest individuals.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote