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

(Reuters) - 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 Corp. and Advanced Micro Devices Inc. will supply semiconductors to Saudi Arabian artificial intelligence company Humain for a massive data center project, acting under a Trump administration initiative that lifts restrictions on delivering advanced technology to the region.