NVIDIA Plunges Amid Blue Wave... Huang Jensen Falls Out of World's Top 10 Richest

NVIDIA Shares Also Plunge 9.3% Amid Semiconductor Sell-Off

After Democrats scored a landslide victory in the U.S. midterm elections, AI-related semiconductor stocks plunged, reshuffling the wealth rankings of Nvidia CEO Jensen Huang.

According to Bloomberg News on November 5 (local time), Huang's net worth fell by $15.1 billion in a single day to an estimated $150.9 billion. Huang, who had ranked ninth on the Bloomberg Billionaires Index, dropped four places to 13th.

NVIDIA CEO Jensen Huang answers questions during a meeting with Korean correspondents at The Korea Society’s annual gala in New York on September 28 (local time). Special Correspondent Hwang Yunju.

The decline in his net worth was due to a sharp drop in the value of his stock holdings. Shares of Nvidia, which Huang founded, fell 9.3% in a single day. This was the biggest drop since January 2025.

Democrats' landslide midterm victory gave them control of both the House and the Senate, prompting concerns that construction of data centers, which are critical to AI, could be restricted. As a result, technology stocks broadly, including semiconductor and AI-related stocks, took a major hit. Investor sentiment weakened further when Democrat Gina Hinojosa won in Texas, where 25% of planned U.S. data center capacity is concentrated.

In an earlier interview with CNN, Governor-elect Hinojosa had said she would suspend approvals for all new data center projects until regulations governing data centers were put in place.

The technology stock slump also dealt a major blow to the net worth of other big tech leaders. Tesla CEO Elon Musk lost $79.7 billion in asset value in a single day as SpaceX shares plunged, while Oracle co-founder Larry Ellison saw $10.1 billion in assets wiped out. Shares of SpaceX and Oracle fell 9% and 6.9%, respectively.

Oracle could be hurt by a slowdown in data center construction, as it is a cloud company that generates revenue by leasing data centers to AI companies. SpaceX, meanwhile, is a space company that is also building massive data centers, making AI infrastructure a substantial part of its business.

This content was produced with the assistance of AI translation services.