Nvidia CEO Jensen Huang’s net worth soared to near $120 billion, up from $80 billion just a year ago, driven by surging demand for the company’s artificial intelligence chips.This boost lifts him higher up the ranks of the world’s wealthiest individuals on Forbes’ real-time billionaires list, according to a Reuters report.The chipmaker’s market value hit an astonishing $3 trillion after it struck a major deal with Saudi Arabia. The agreement was signed during US President Donald Trump’s visit to the country as part of his Gulf tour, which will later take him to the UAE.As a part of the deal, the tech giant agreed to supply hundreds of thousands of AI processors to the Saudi, including a large share set aside for a startup backed by the kingdom’s sovereign wealth fund.The 62 year old Jensen Huang has been crucial in transforming Nvidia into a global leader in AI technology, positioning the company as a dominant force in the semiconductor industry.His vision and leadership have pushed Nvidia to become one of the world’s most valuable companies. Under Huang’s guidance, Nvidia’s GPUs dominated both the computer gaming and AI sectors, significantly boosting the company’s market capitalisation.Huang co-founded the chipmaking company in 1933 and has served as its CEO and president since. The Taiwan born CEO owns almost 3% of Nvidia, which he took public in 1999, as per Forbes.After the announcement, the company’s shares rose 5.6% to close at $129.93.