Stock markets cheered as Nvidia, a leader in AI computing, reported strong financial results. The company posted revenue for the third quarter ended October 27, 2024, at $35.1 billion, up 17 percent from the previous quarter and up 94 percent from a year ago.
The company also projected higher revenue of $37.5 billion, plus or minus 2 percent, for the fourth quarter of its fiscal year.
This sent the company’s stock price soaring initially, following which the gains tapered. Analysts were quick to raise the company’s price target from $150 to $190, citing lack of demand slowdown.
Read | Nvidia reports record-breaking earnings: How the chip maker is revolutionizing the AI market
Following the results, Nvidia has comfortable extended its lead over Apple as the largest tech company by market cap.
Economy Middle East compiled a list of the tech companies with the highest market cap, as well as the last reported salaries of their CEOs. It’s interesting to note that of the top 10 companies, nine are based in the US, with TSMC being the exception, being based in Taiwan.
| Company | Market cap (Nov 22, 2024) |
|---|---|
| NVIDIA | $3.591 trillion |
| Apple | $3.454 trillion |
| Microsoft | $3.069 trillion |
| Amazon | $2.085 trillion |
| Alphabet (Google) | $2.060 trillion |
| Meta Platforms (Facebook) | $1.421 trillion |
| Tesla | $1.090 trillion |
| TSMC | $991.87 billion |
| Broadcom | $765.69 billion |
| Oracle | $533.23 billion |
Now let’s look at the salaries. Jensen Huang, the co-founder and CEO of Nvidia, has a total calculated compensation of $34,167,902 for FY2024. Of this, $7,491,487 is cash compensation, while $26,676,415 is non-cash. However, his total received compensation, according to data from S&P’s CapitalIQ is $288,832,071.
Tim Cook, the CEO and director of Apple, is next on the list. He received a total calculated cash compensation of $16,239,562 in FY 2023, and non-cash compensation of $46,970,283, taking the total calculated compensation to $63,209,845. However, his earned compensation in the financial year was $34,843,751.
Microsoft chairman and CEO Satya Nadella had a total cash compensation of $7,869,791 in FY24, along with a non-cash compensation of $71,236,392, taking the total calculated compensation to $79,106,183. However, his total salary received stood at $51,881,567.
Amazon’s president, CEO and director Andrew Jassy drew a total calculated compensation of $1,722,764 in FY23, which was entirely in cash. No non-cash compensation was listed. However, his total salary received stood at $29,553,069.
Sundar Pichai, CEO of Alphabet, Google’s parent company, had a total cash compensation of $8,802,824 in FY23. CapitalIQ did not list any non-cash compensation for Pichai. Total salary received in the financial year stood at $164,227,551.
Mark Zuckerberg, founder, chairman and CEO of Meta Platforms, is known for his $1 annual salary. However, his total salary for FY23 stood at $24,399,968.
Elon Musk, the cofounder, CEO and director of Tesla, drew a total compensation of $1,861,335 in FY23. Earlier this year, Tesla shareholders approved a $56 billion pay package for Musk. According to data, Musk had earned a total salary of $23.45 billion in FY21.
C.C. Wei, chairman and CEO of Taiwan-based TSMC, had a total calculated cash compensation of TWD 459,800,000 ($14.12 million) in FY2023, and a non-cash compensation of TWD 88,000,000, taking the total calculated compensation to TWD 547,800,000. Total salary received for the year stood at TWD 459,800,000.
Hock E. Tan, president, CEO and executive director of Broadcom, had a total calculated compensation of $161,826,161 in FY23, of which cash compensation was $1,286,161 while the non-cash component was $160,540,000. He received a total salary of $161,499,015 during the financial year.
Oracle co-founder, chairman and CTO Larry Ellison also drew an annual salary of $1 in FY24. However, his total annual compensation stood at $8,305,939. More importantly, he received a total salary of $645,822,014 during the financial year.
Meanwhile, Safra A. Catz, CEO and director of Oracle, had a total calculated compensation of $6,464,234 for FY24, and received a salary of $242,731,808 during the period.
