NVIDIA's founder and CEO Huang Renxun fell out of the $100 billion fortune club on Tuesday.

The sharp decline in the stock price of the chip giant led to a reduction of about $10 billion in Huang Renxun's personal wealth, falling below $95 billion.

Nonetheless, Huang Renxun's wealth has still increased by about $51 billion this year, thanks to the surge in demand for NVIDIA chips from AI companies.

NVIDIA CEO Huang Renxun experienced the largest single-day shrinkage of his personal wealth on Tuesday, with his assets dropping from close to $105 billion to $94.9 billion, according to Bloomberg Billionaires Index data. This means he no longer belongs to the exclusive club of a dozen or so individuals worldwide with $100 billion in assets, which includes Elon Musk, Jeff Bezos, and Warren Buffett.

The decline in wealth has caused Huang Renxun's ranking on the global rich list to slip from 14th to 18th, falling behind Indian industrialist Gautam Adani (with assets of $102 billion) and the three children of Walmart founder Sam Walton: Jim (with assets of $99.9 billion), Rob (with assets of $97.6 billion), and Alice (with assets of $96.9 billion).

NVIDIA's share price fell 9.5% on Tuesday, resulting in a reduction of $279 billion in the chip giant's market value, close to Netflix's total market value of $290 billion, and setting a record for the largest single-day market value decline in US corporate history.

NVIDIA's share price decline occurred amidst a general decline in the entire chip industry, and also following a Bloomberg News report that the company had received a subpoena from the Department of Justice for alleged antitrust violations.

NVIDIA has become a major supplier of microchips in the AI boom, with customers including Elon Musk's Tesla and Mark Zuckerberg's Meta, the parent company of Facebook.

Even after Tuesday's losses, Huang Renxun's wealth has still increased by about $51 billion this year. This growth is attributed to the 118% increase in NVIDIA's share price since the beginning of the year, pushing the company's market value to $2.65 trillion. Only Apple ($3.4 trillion market value) and Microsoft ($3 trillion market value) have higher market values.

Huang Renxun founded NVIDIA in 1993, but the company's market value really soared at the end of 2022, when the release of ChatGPT sparked the AI boom. Since then, NVIDIA's adjusted share price has soared from less than $15 to $108 at Tuesday's close.