San Francisco, CA – Chip stocks experienced a surge in after-hours trading on Wednesday following Nvidia’s market rally, where it overtook Microsoft as the world’s most valuable public company. Nvidia’s CEO, Jensen Huang, also saw a boost in his net worth amidst the company’s market success.

Nvidia shares rose by 0.6% to over $136 during after-hours trading on Wednesday. The stock had reached an all-time high the day before, closing at $135.58 with a more than 3.5% increase. The rally in Nvidia’s stock also impacted other chip stocks, particularly in Asia, where many tech manufacturers are located.

Chip rivals such as Taiwan Semiconductor Manufacturing Company (TSMC), Hua Hong Semiconductor, and Semiconductor Manufacturing International Corp saw significant increases in their stock prices as well. South Korean chipmakers Samsung Electronics and SK Hynix also experienced jumps in their stocks during trading hours.

Despite the chipmaking giants in the U.S. having relatively flat performance in after-hours trading, shares for Arm Holdings, Micron Technology, and Intel showed modest movements. Foxconn, known as Hon Hai Technology Group, also saw a rise in its stock following Nvidia’s rally.

Nvidia’s transformation from a gaming chipmaker to a specialized AI giant has been remarkable. From a market capitalization of around $16 billion in 2016 to nearly $800 billion in 2021, the company’s value has experienced significant fluctuations. The boom in generative artificial intelligence has been a key factor driving Nvidia’s growth.

CEO Jensen Huang has also seen a substantial increase in his wealth, with Forbes estimating his net worth at $118.7 billion. He now ranks as the 11th richest person globally, edging closer to entering the top ten. The AI boom has not only elevated Nvidia’s status but has also propelled Huang’s wealth to new heights.

The partnership between Nvidia and Foxconn to develop specialized AI data centers using Nvidia’s chips for various applications further showcases the company’s expansion beyond its gaming roots. The future looks promising for Nvidia as it continues to dominate the emerging market for AI technologies.

In conclusion, Nvidia’s recent market success has solidified its position as a major player in the tech industry, with its focus on specialized AI chips driving significant growth for both the company and its CEO. The company’s trajectory from a gaming hardware manufacturer to an AI powerhouse reflects the evolving landscape of technology and the importance of innovation in shaping the industry’s future.