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Nvidia CEO’s Wealth Drops Amid Market Rout. Nouveau riche boss Jensen Huang saw his fortune reduced to $89 billion after a market rout cost Nvidia $170 billion in market capitalization.
Nvidia stock (NVDA) led a broad-based technology selloff on Monday, losing 6.3% of its market cap, or $170 billion, to settle at $2.5 trillion. This downturn significantly impacted the company’s chief executive, Jensen Huang, who lost $6 billion due to his 3% stake in the chipmaker. Huang’s personal fortune now stands at $89 billion, placing him 16th on the world’s richest list. Despite the setback, Huang has added $45 billion to his net worth this year, making him the biggest nouveau riche person in 2023.
Recession worries swept the markets, with the tech sector taking the biggest hit due to its volatile nature and perceived lofty valuations. Traders sold off shares of tech giants amid fears that the Federal Reserve may have missed the opportunity to lower interest rates, raising concerns that it might now be too late. However, a powerful rebound occurred on Tuesday, with stock futures shooting higher.
Adding to Nvidia’s challenges was a weekend report indicating that one of the company’s next-generation chips, the Blackwell GPU, might be delayed due to a newly discovered design flaw. Nvidia’s massive chips are crucial for building the infrastructure layer of the artificial intelligence wave sweeping across the tech industry. These chips have also driven the substantial gains in Nvidia’s share price, which is up 108% year to date.
The recent market turbulence underscores the inherent volatility and risks associated with the tech sector, where rapid gains can be quickly offset by significant losses. Despite the setback, Nvidia remains a key player in the AI revolution, with its chips playing a pivotal role in advancing technology across various industries.
Investors and market watchers will be keenly observing how Nvidia navigates these challenges and whether it can maintain its momentum in the fast-evolving tech landscape.
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