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Nvidia CEO Jensen Huang got a 60% pay raise, to $34 million.

Nvidia CEO Jensen Huang received a huge salary last year thanks to high demand for the company’s AI chips.

Huang, who is also a co-founder of Nvidia, received compensation of $34.2 million for the fiscal year, which runs from February to January, the company’s annual proxy filing shows.

Huang’s total compensation for fiscal 2024 represented a 60% increase from the previous year, when he received $21.4 million, according to the filing Tuesday.

His compensation included $26.7 million in stock, $4 million in cash bonuses and $2.5 million for other expenses, including home security, car and driver.

Huang’s salary windfall came as Nvidia’s stock price has seen a surge due to the AI ​​frenzy.

Demand for Nvidia chips is so high that Huang had to reassure analysts during his fourth quarter call for results that the company distributed them “fairly”.

Nvidia isn’t expected to report its first-quarter results until next week, but it’s already dominating earnings season with its AI chips, Business Insider’s Matthew Fox recently reported.

Demand for AI chips has caused Nvidia’s stock price to triple over the past year, making the $2.3 trillion company the third most valuable company in the world after Microsoft and Apple.

The surge in Nvidia’s stock price has also increased the personal wealth of Huang, who is now the 18th richest man in the world, with a fortune of $80.5 billion, according to the Bloomberg Billionaires Index. This is mainly due to Huang’s 3.8% stake in the company.

Huang is not the only Nvidia executive to see his compensation increase significantly.

Nvidia CFO Colette Kress’ compensation rose about 22% to $13.3 million last year.

Rank-and-file staff also saw pay increases, with the median employee earning $266,939 in fiscal 2024, 17% more than the previous year.

Nvidia’s stock price closed up 1.1% at $913.56 on Tuesday. The stock is up 85% year to date and has gained more than 200% in the past 12 months.

businessinsider

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