(Bloomberg) -- Jensen Huang added nearly $12 billion to his fortune Wednesday, a record tally to match Nvidia Corp.’s record day.
It was the biggest one-day dollar gain for Nvidia’s co-founder and chief executive officer, exceeding the $9.6 billion he made on Feb. 22 when the chipmaker’s shares spiked after strong earnings, according to the Bloomberg Billionaires Index. It also pushed him back above the $100 billion mark for the first time in a week, bringing his total net worth to $102.8 billion.
Nvidia has been on a wild ride recently as investors suddenly rotated out of high-flying technology stocks ahead of an expected Federal Reserve rate cut in September. That reversed on Wednesday after competitor Advanced Micro Devices Inc. gave an upbeat revenue forecast, reflecting strong demand for artificial intelligence. Nvidia shares surged 13% and added a record $329 billion in value, bringing its year-to-date gain to 136%.
Huang, 61, is the world’s 14th-richest person, just behind Michael Dell. He has been steadily capitalizing on Nvidia’s outperformance, unloading stock as part of a 10b5-1 trading plan. He sold shares worth nearly $169 million in June, the most he’d netted in a single month, as insatiable demand for the chips used to power artificial intelligence drove the stock to fresh peaks, and is set to surpass that level in July.
He’s not the only insider selling. Company executives and directors unloaded more than $700 million of shares in the first half of this year, a dollar amount that dwarfs any other period in company history.
--With assistance from Jack Witzig.
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