Silicon Valley compensation war: Nvidia CEO Jensen Huang says he made more billionaires among staff than any other tech leader

"I’ve created more billionaires on my management team than any CEO in the world," Huang said during a panel hosted by the venture capitalists behind the All-In podcast, according to Fortune. "They’re doing just fine."

Huang, the world’s seventh richest person with estimated net worth of US$152.7 billion as of July 29 according to Forbes, said he personally reviews pay for all of his employees and increases operating expenses each year to ensure staff are well paid.

"I sort through all 42,000 employees, and 100% of the time I increase the company’s spend on [operating expenses]", he said. "And the reason for that is because you take care of people, everything else takes care of itself."

Nvidia CEO Jensen Huang at the Computex trade show in Taiwan, June 2024. Photo by VnEpxress/Khuong Nha

He dismissed rumors that he holds a secret reserve of stock options as "nuts," but confirmed that he regularly raises wages to retain talent.

His remarks come amid a wave of aggressive talent poaching across Silicon Valley, particularly in artificial intelligence. OpenAI CEO Sam Altman recently revealed that Meta had offered some of his employees bonuses of up to $100 million to lure them away.

As tech executives reap billion-dollar gains from soaring stock valuations amid the AI boom, Huang said his team is also benefitting. "Don't feel sad for anybody at my layer," he said. "My layer is doing just fine."

Nvidia's rapid rise as a dominant player in the AI chip market has created a wave of millionaires among its workforce. The company's employee stock purchase program, which offers shares at a 15% discount, has been a key driver of that wealth. According to Forbes, Nvidia stock has surged 3,776% since early 2019, fueling this financial windfall.

However, the rewards come at a cost. A recent Bloomberg report described Nvidia's work environment as a "pressure cooker," marked by long hours, intense meetings, high expectations, and alleged micromanagement. Some employees referred to their pay as "golden handcuffs," saying it makes leaving difficult despite the stress.

Even so, Nvidia maintains a turnover rate of just 2.7%, far below the semiconductor industry average of 17.7%.