Topline
Nvidia CEO Jensen Huang on Thursday became the world’s seventh-richest person, as shares of the AI headliner rallied following a blowout earnings report that appeared to cool broader concerns about demand for the emerging tech.
Shares of the world’s most valuable company approached an all-time high.
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Key Facts
Shares of Nvidia were up around 8.5% to more than $227 as of 12:15 p.m. EDT on Thursday, not a far cry from its all-time high of $236.
Nvidia on Wednesday reported $96.2 billion in revenue and earnings per share of $2.22, far exceeding consensus analyst estimates of $92.2 billion and $2.09, respectively, according to FactSet data.
In an earnings call, chief financial officer Colette Kress said Nvidia expects revenue growth of 70% for fiscal year 2028—running from February 2027 to January 2028—and Huang said demand was “much greater than 70%,” but production is hampered because of supply constraints.
That projection came even as Nvidia has “never forecasted” a year ahead, Huang said, but the firm has “a lot greater visibility now.”
Raymond James bumped its price target for Nvidia’s stock to $515 from $352, the most bullish among investment firms, while Bernstein raised its price target to $400 from $315 and JPMorgan to $320 from $280.
forbes valuation
Huang had his net worth increase by $14.5 billion to $195.7 billion thanks to Nvidia’s stock rally, ranking him the seventh-richest person in the world, moving him ahead of Oracle’s Larry Ellison, whose fortune saw a modest $172 million bump to $191.4 billion.
big number
More than $400 billion. That’s how much was added to Nvidia’s market valuation amid a stock rally, rising from $5.07 trillion to $5.49 trillion. The AI bellwether ranks the world’s most valuable firm, ahead of Apple ($4.59 trillion), which briefly overtook Nvidia for the top spot last month, and Alphabet ($4.14 trillion).
what to watch for
Nvidia has agreed to buy Hugging Face, a popular open-weight AI model hosting platform, for $12.9 billion, The Information reported, citing unnamed sources. That would more than double Hugging Face’s previous valuation of $4.5 billion from a funding round in August 2023, in which Nvidia invested $235 million.
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