Nvidia’s Huang Is Now Richer Than Every Member of Walmart’s Founding Family

(Bloomberg) -- Another blowout quarter from chipmaker Nvidia Corp. catapulted co-founder Jensen Huang’s fortune past each individual member of the Waltons, America’s richest family.

Huang’s net worth jumped to $91.3 billion Thursday, bumping him up three spots on the Bloomberg Billionaires Index to become the 17th-richest person in the world. Nearly all his wealth is in Nvidia stock, which rose 9.3% after a bullish sales forecast that reinforced the company’s status as the biggest beneficiary of artificial intelligence-related spending.

nvidia’s huang is now richer than every member of walmart’s founding family

Key Speakers At The Dell Technologies World Conference

Huang is now richer than the three wealthiest members of Walmart Inc.’s founding family, including Jim Walton, 75, who has a net worth of $86.5 billion and co-manages Walton Enterprises, which together with another family holding company controls about half of the world’s largest retailer. His brother Rob Walton, 79, has a net worth of $84.6 billion and was chairman of Walmart for 23 years following his father’s death. Their younger sister Alice Walton, 74, has a net worth of $83.8 billion.

nvidia’s huang is now richer than every member of walmart’s founding family

Huang Surpasses the Waltons | Nvidia co-founder is now 17th-richest person in the world

Combined, the Walton family’s fortune is nearly $300 billion, making them the second-richest clan in the world after the Al Nahyans, Abu Dhabi’s ruling family.

Nvidia has been the primary beneficiary of the artificial intelligence boom with its so-called AI accelerator chips, sending its sales soaring and its market value above $2.5 trillion.

Huang, 61, stoked the excitement by talking about the dawning of a new era. “This is the beginning of a new industrial revolution,” he told Bloomberg News in an interview, echoing one of his favorite themes. “This is really exciting.”

AI Celebrity

Walmart also reported stronger-than-expected first-quarter earnings earlier this month and boosted its annual sales and profit forecasts, pushing its market value over $500 billion for the first time. Shares of Walmart are up 23% this year.

But its growth lags Nvidia’s momentum. The chipmaker’s stock is the third-best performer among members of the S&P 500 Index this year, surging 110% as the company rides the waves of persistently strong AI computing spending.

nvidia’s huang is now richer than every member of walmart’s founding family

Post-Earnings Gains | Jensen Huang's wealth often jumps after quarterly reports

Huang, in his signature black leather jacket, has become a celebrity in the AI era. His company started as a provider of graphics cards for computer gamers. But he recognized that Nvidia’s chips were well-suited to developing AI software and that helped open a new market — and gave him a jump on competitors.

Huang’s fortune is derived from his 3.5% stake in Nvidia, which he co-founded in 1993 with friends Chris Malachowsky and Curtis Priem and has been leading as chief executive officer since then. The company created the first so-called graphics processing unit in 1999 and went public in the same year.

Huang was born in Taiwan and spent his early childhood there and in Thailand, where unrest prompted his parents to send him to live with relatives in Washington state. He received an undergraduate electrical engineering degree in 1984 from Oregon State University and a master’s degree in the same subject from Stanford University in 1992.

--With assistance from Devon Pendleton.

Most Read from Bloomberg

    ©2024 Bloomberg L.P.

    OTHER NEWS

    28 minutes ago

    Emma Raducanu turns down Olympics wild card – but Andy Murray in Team GB squad

    28 minutes ago

    Mathematician Reveals 'Equals' Has More Than One Meaning in Math

    28 minutes ago

    Candidates race into France's snap legislative poll but one convicted for spousal assault withdraws

    28 minutes ago

    Treasury Secretary Janet Yellen says use of Russian assets from Ukraine is not 'theft' despite Putin's claims

    29 minutes ago

    Maine police kill armed man after a night of gunfire and burned homes

    29 minutes ago

    How Apple, Microsoft and 3 other tech giants can make money with AI geared to consumers

    29 minutes ago

    Guy Haymes death: Why Jayson Brett Dal Molin didn't face court after being charged with murder of much-loved surfer on Sydney's northern beaches

    32 minutes ago

    ‘We Thank PM Modi’: Sharad Pawar’s Remark With Allies Stings BJP

    33 minutes ago

    Nick Jonas and Adrienne Warren to Star in ‘Last Five Years’ on Broadway

    34 minutes ago

    Celtics Fans Send Desperate Plea to Jayson Tatum Ahead of NBA Finals Game 5

    34 minutes ago

    Inside Finland’s first NATO mission with UK forces in show of strength to Putin

    34 minutes ago

    Las Vegas Raiders post-minicamp starting offense projection: Who's QB?

    34 minutes ago

    Six MAD Shorts heading to the Toronto Arab Film Festival

    34 minutes ago

    Kate Middleton's 'perfect' Father's Day photo of Prince William and their children sends royal fans into a frenzy as they say they're left in tears over sweet 'we love you, Papa!' message

    34 minutes ago

    Dozens of firefighters tackle raging inferno inside flat in London tower block - as four people are rushed to hospital

    34 minutes ago

    Biden slams the Supreme Court and rips into Trump at Jimmy Kimmel-hosted celebrity fundraiser attended by Obama, George Clooney and Julia Roberts

    34 minutes ago

    Eat more protein and less carbs if you want to lose weight and feel less hungry, new study suggests

    37 minutes ago

    'Dan Hurley just used and abused the Los Angeles Lakers.' — Skip on Hurley deciding to stay at UConn

    38 minutes ago

    Hamburg police shoot man with axe and ‘Molotov cocktail’ ahead of Euro 2024 game

    39 minutes ago

    Houston native making Hollywood dreams come true, and wants to bring some of it back to Space City

    39 minutes ago

    Scorching heat, rising humidity in Chicago's forecast Sunday, along with threat of storms

    40 minutes ago

    CBIC mounting multi-modal awareness against frauds in name of Customs

    40 minutes ago

    He's played 70 games for Ten Hag: Man Utd eye 42m Branthwaite rival

    40 minutes ago

    WNBA All-Star Fires Stern Message To Players Who Want Caitlin Clark To Fail

    40 minutes ago

    Jack Draper WINS his first ATP Tour title as new Brit No 1 comes from a set down to beat Matteo Berrettini in the Stuttgart Open final

    40 minutes ago

    Woman who spent 43 years in prison has conviction overturned as case takes shocking twist

    40 minutes ago

    Serbia vs England - Euro 2024: Live score, team news and updates as the Three Lions quest to 'Bring Football Home' gets underway against a Serbian team led by Mitrovic and Dusan Tadic

    45 minutes ago

    Data analyst reveals the state where gas prices are expected to increase to $10 per gallon

    45 minutes ago

    Video: Three Lions fans' booze-up kicks off ahead of England's Euros clash with Serbia TODAY - with new video showing supporters singing chorus of '10 German Bombers' in defiance of FA and police

    45 minutes ago

    Bec Judd reveals what REALLY happened to the red dress that launched her career at the 2004 Brownlow: 'It was definitely a moment'

    45 minutes ago

    Luis Diaz is caught by HORROR two-footed tackle in Colombia's friendly win against Bolivia as Liverpool fans fume over 'disgrace' as opposing defender isn't sent off

    45 minutes ago

    Levi Colwill 'is open to joining Bayern Munich' with new boss Vincent Kompany a keen admirer of the Chelsea defender

    45 minutes ago

    FBI agent and Twin Towers first responder reveal how likely another 9/11 attack is on U.S. soil...and why it will be even more deadly

    46 minutes ago

    Buck, Bajraktarevic spark Revolution to victory over Whitecaps

    46 minutes ago

    80 countries at Swiss conference agree territorial integrity of Ukraine must be basis of any peace

    47 minutes ago

    Haj 2024: 14 Jordanians dead, 17 missing in Saudi as authorities warn of high temperatures

    47 minutes ago

    BBC pundit convinced Levy will spend 60 million on Tottenham signing

    47 minutes ago

    Why bashing billionaires won’t solve the inequality crisis

    47 minutes ago

    Israel pauses military activity along southern Gaza road to facilitate aid

    47 minutes ago

    How England’s top private schools came to own 38,000 acres of land