FX168 Financial News (North America) News Five years ago, Nvidia (Nvidia) CEO Huang Renxun held shares worth about 3 billion US dollars in the company. However, as of the close of trading on Thursday (May 23), the company's stock price reached a record high, and the value of Hwang In-hoon's holdings has now exceeded 90 billion US dollars. According to the Bloomberg Billionaires Index, Nvidia CEO Wong In-hoon is currently ranked 17th in the list of the world's richest people.
(Source: CNBC)
Nvidia reported first-quarter earnings on Wednesday evening that surpassed expectations, with sales rising more than 200% for the third consecutive quarter, driven by demand for artificial intelligence processors. #AI热潮 #
Hwang In-hoon also released better-than-expected predictions and told investors that the company believes demand for its artificial intelligence graphics processing units (GPUs) will be endless. The company hinted that its customers, particularly large cloud computing companies, could reap huge returns from their investment in these expensive chips.
“We are fundamentally changing how computing works and how computers function,” Hwang In-hoon said.
Huang Renxun holds approximately 86.76 million Nvidia shares, accounting for more than 3.5% of the company's tradable shares. On Thursday, his holding value rose by about $7.7 billion as the stock rose more than 9% to close at nearly $1,038 per share.
Nvidia shares tripled in 2023 and more than doubled this year. Over the past five years, Nvidia's stock price has increased about 28 times. Hwang In-hoon increased his holdings of the company's shares in 2022, when the company's stock price was relatively low before the boom in artificial intelligence.
Hwang In-hoon, 61, founded this Silicon Valley company in 1993 to build GPUs for 3D games. Although gaming has been the company's biggest business for decades, Nvidia has ventured into other markets, including cloud gaming subscriptions, the metaverse, and cryptocurrency mining chips.
However, at the end of 2022, Nvidia's fate changed dramatically, when OpenAI released ChatGPT, opening up the concept of generative artificial intelligence to the general public. This technology shows a future where computers can not only retrieve new information from databases, but also generate new content and answers to questions from large caches of unclassified data.
Most of OpenAI's AI development is done on Nvidia GPUs. Other companies such as Microsoft, Google, and Meta have also increased their investment in AI research and development, and they need the latest multi-billion dollar AI chips to build their models.
Hwang In-hoon has always been Nvidia's spokesperson and main sales person, constantly promoting the potential and power of using the company's GPUs to build AI.
Nvidia has been developing artificial intelligence software and tools for over a decade, eventually becoming a major supplier to big tech companies. The company currently accounts for about 80% of the AI chip market.