Topline

Shares of Nvidia rose more than 3% on Monday morning, sending the chipmaker’s stock to a record closing price as it nears an intraday high as the company is once again on the cusp of becoming the world’s most valuable company, ahead of Apple.

Important facts

Get text alerts on Forbes breaking news: We’re introducing SMS alerts to ensure you’re always on top of the most important news breaking the day’s headlines. Text “Alerts” to (201) 335-0739 or log in Here.

Forbes rating

Huang’s fortune grew by $3.8 billion on Tuesday, making him the 11th richest person in the world with a net worth of $121.5 billion, according to our latest estimates. The CEO of Nvidia – who owns about 861 million shares – has never been among the world’s 10 richest people, trailing former Microsoft boss Steve Ballmer ($123.7 billion). Huang, who has served as CEO and president of Nvidia since co-founding the company in 1993, has seen his net worth increase by about $102 billion since 2019, when he was the 546th richest person.

Important background

A sell-off in Nvidia shares in recent months was wiped out after the company overtook Microsoft and Apple in June to become the world’s most valuable company. The decline came amid a delay in the production of the company’s Blackwell chip, reportedly due to technical issues. However, analysts at Morgan Stanley said last week that orders for the chip are now “fully booked” for next year. Last month, Huang boasted that demand for Nvidia products was “so big” while suggesting that customers were “excited” to buy them. Analysts expected Nvidia to report $125 billion in revenue and $67 billion in net income for the fiscal year ending in January, according to FactSet.

Further reading

ForbesNvidia is now the most valuable company in the world – ahead of Microsoft and AppleFrom Antonio Pequeno IV