San Francisco, California – Chip stocks surged in after-hours trading on Wednesday, led by Nvidia, the chipmaking giant that recently overtook Microsoft as the world’s most valuable public company. The market rally boosted CEO Jensen Huang’s net worth, further solidifying Nvidia’s position in the industry.
Nvidia shares rose by 0.6% to over $136 during after-hours trading, following a record high on Tuesday. The overall increase in chip stocks, particularly in Asia where major tech manufacturers are located, indicated a widespread market response to Nvidia’s success.
In Taipei, Taiwan Semiconductor Manufacturing Company (TSMC) saw a surge of over 4% in stock price, with other Chinese manufacturers also experiencing moderate gains. In South Korea, Samsung Electronics and SK Hynix saw their shares rise significantly during trading hours, albeit with some fluctuations by the end of the day.
The positive momentum extended to U.S. chipmaking giants like Arm Holdings, Micron Technology, and Intel, albeit with more modest gains during after-hours trading. The collaboration between Nvidia and Hon Hai Technology Group (Foxconn) also contributed to the surge in Foxconn’s stock price.
Nvidia’s rapid growth from a gaming chipmaker to an industry leader in AI technology has been remarkable. Just years ago, the company’s market capitalization was in the billions, but it has since skyrocketed to trillions with the increasing demand for AI chips. Shares in Nvidia have soared over 170% this year alone, reflecting the company’s dominance in the market.
The AI boom has not only elevated Nvidia’s financial standing but has also made CEO Jensen Huang one of the richest individuals in the world. His net worth has surged to $118.7 billion, positioning him among the top billionaires globally. This remarkable growth underscores Nvidia’s transformative journey and solidifies its place as a powerhouse in the tech industry.
The partnership between Nvidia and Foxconn to develop AI data centers and innovative applications further highlights the company’s commitment to pioneering advancements in technology. As Nvidia continues its upward trajectory, the future looks promising for both the company and its key stakeholders.