Nvidia CEO Jensen Huang received an enormous payday final 12 months due to robust demand for the corporate’s AI chips.
Huang, who can also be a cofounder of Nvidia, acquired a $34.2 million compensation package deal for the fiscal 12 months, which runs from February to January, the corporate’s annual proxy submitting reveals.
Huang’s whole compensation for the 2024 fiscal 12 months was a 60% leap from the 12 months earlier than, when he was awarded $21.4 million, in accordance with the doc filed on Tuesday.
His compensation consisted of $26.7 million in inventory awards, $4 million in money bonuses, and $2.5 million for different bills, together with residential safety, and automobile and driver.
Huang’s payday bonanza got here as Nvidia’s share value sustained a rally on the again of the AI frenzy.
Demand for Nvidia’s chips is so excessive that Huang needed to guarantee analysts in his fourth-quarter earnings name that the corporate was allocating them “pretty.”
Nvidia shouldn’t be set to report first-quarter outcomes till subsequent week, but it surely’s already dominating the earnings season with its AI chips, Enterprise Insider’s Matthew Fox reported lately.
The demand for AI chips has despatched Nvidia’s share value tripling prior to now 12 months, making the $2.3 trillion firm the third-most helpful firm on the earth after Microsoft and Apple.
Nvidia’s share value surge has additionally boosted the non-public wealth of Huang, who’s now the 18th-richest man on the earth, with a fortune of $80.5 billion, in accordance with the Bloomberg Billionaires Index. That is primarily due to Huang’s 3.8% stake within the firm.
Huang shouldn’t be the one Nvidia government seeing a serious rise in compensation.
The compensation for Colette Kress, Nvidia’s chief monetary officer, rose by about 22% to $13.3 million final 12 months.
Rank-and-file workers additionally noticed their pay rise, with the median worker taking residence $266,939 in fiscal 2024, which was 17% greater than the 12 months earlier than.
Nvidia’s share value closed 1.1% greater at $913.56 on Tuesday. The inventory is up 85% to date this 12 months and has gained over 200% over the previous 12 months.
