Jensen Huang faces USD 8 billion California tax amid AMD market surge

Nvidia CEO Jensen Huang has expressed readiness to face a potential personal tax bill of USD 8 billion from California. This comes as the state prepares for a vote on November 3, 2026, regarding Initiative Number 25-0024. If approved, the measure would impose a one-time 5 percent tax on wealth exceeding USD 1 billion, with residency determined as of January 1, 2026.

Several high-profile billionaires, including Larry Page, Sergey Brin, and Peter Thiel, have reportedly severed residency ties with California ahead of the deadline to avoid the tax. In contrast, Huang has indicated his willingness to pay the levy.

Simultaneously, the semiconductor market is seeing intense competition between Nvidia and AMD. AMD, led by CEO Lisa Su, recently reached a historic market capitalization of USD 1 trillion. Under Su's leadership, AMD has seen significant growth, with its stock rising 185% in 2026 and its data center division reporting substantial revenue increases driven by demand for AI server chips.