(Bloomberg) -- Nvidia Corp. Chief Executive Officer Jensen Huang said artificial intelligence has hit a “tipping point,” sending the stock to new dizzying heights.
The renewed rally has Huang on the verge of his own breakthrough: becoming one of the 20 richest people in the world.
Huang's wealth jumped $9.6 billion to $69.2 billion Thursday, a gain that leapfrogged him ahead of Charles Koch and Chinese bottled-water tycoon Zhong Shanshan to 21st place on the Bloomberg Billionaires Index. It's a remarkable rise for the co-founder of the semiconductor company, who was ranked 128th with a net worth of $13.5 billion as recently as early last year.
Nvidia surged 16% Thursday to a record high, adding about $277 billion in market value. That was the biggest single-session increase in market history, beating Meta Platforms Inc.'s $197 billion gain earlier this month. The company was able to exceed sky-high investor expectations with a revenue forecast that was more than $2 billion ahead of analyst expectations.
Read More: What Bubble? Nvidia Profits Are Rising Even More Than Its Stock
Nvidia's rally boosted the fortunes of the 30 billionaires on Bloomberg's wealth list who attribute at least some of their wealth to AI by a combined $42.8 billion. Charles Liang, CEO of Super Micro Computer Inc., was the biggest winner on a percentage basis with a 33% jump.
Read More: AI Has Fueled Nearly All Wealth Gained by World's Rich This Year
Huang is now just behind Julia Flesher Koch and Alice, Rob and Jim Walton on the wealth index.
(Updates with closing numbers throughout)
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