Nvidia CEO Jensen Huang's personal net worth jumped to around $120 billion on Tuesday, up from $80 billion last year, as a boom in demand for the company's artificial intelligence chips has powered a steep rally in its shares.

Nvidia’s stock surged after a major Saudi AI chip deal and boosted Jensen Huang’s net worth to around $114 billion.

Nvidia CEO Jensen Huang may well be on his way to dethroning Elon Musk as the richest man in the world as his net worth is up from last year