According to the Bloomberg billionaires Index, Jensen Huang has seen his wealth increase by 33% this year to US$18.4 billion, a greater percentage growth than any other US billionaire.
A millionaire Taiwanese immigrant famed for his black leather jackets and tattoo that resembles the insignia of Nvidia, the firm he co-founded in 1993, is one of the largest beneficiaries of the ChatGPT tool’s increasing popularity.
According to the Bloomberg billionaires Index, Jensen Huang has seen his wealth increase by 33% this year to US$18.4 billion, a greater percentage growth than any other US billionaire. The wealth decrease he experienced last year, along with Mark Zuckerberg of Meta Platforms, was one of the largest among US IT heavyweights.
His company, which at first concentrated on developing computer processors for video games’ visuals, has emerged as the leader in powering artificial intelligence (AI) applications, including those for autonomous vehicles, robotics, and cryptocurrency mining. Due of its expertise, it has become one of Wall Street’s most popular bets on how to capitalise on the Microsoft Corp.-encouraged enthusiasm for the potential of AI.
According to Christopher Rolland, senior analyst at Susquehanna Investment Group, “ChatGPT kind of triggered an arms race.” “Nvidia is clearly in the lead.”
Citigroup predicted last week that rapid development in ChatGPT usage may lead to sales for Nvidia of $3 billion to $11 billion over the course of a year. Analyst Atif Malik based his estimates on predictions for the volume of words produced by ChatGPT and Nvidia’s income per word, while admitting the challenge in modelling growth for such a young business.
Through a representative, Huang, 59, who attended Oregon State and Stanford colleges to study electrical engineering, declined to comment.
At a gathering this week in Stockholm, Huang stated that although AI has great promise, it also has “some potential damage” and that it would create difficulties to society and regulators.
What is the accepted use pattern in society? At the gathering of Nordic CEOs and scholars, Huang stated. What are the rules of law? Everything is currently changing.
Nvidia’s market value declined last year as its shares dropped 50% after a dramatic reduction in sales of its gaming processors and a broader slowdown in personal computer sales after reaching a record of more than US$800 billion in late 2021. Since 2023 began, the company’s stock has increased by more than 35%, reflecting the excitement among investors over the chatbot’s potential.
A lot of noise is being made about ChatGPT, according to Ruben Roy, managing director at Stifel Nicolaus. “The most effective method to play AI is with a semiconductor firm like Nvidia.”