Tesla's "iron powder" invests hundreds of millions of dollars to increase its position in NVIDIA, saying the AI wave is not a bubble.

Billionaire Leo KoGuan, who emerged as one of Tesla's largest individual shareholders a few years ago, announced Tuesday that he had bought 1 million shares of Nvidia stock. Leo posted on X platform on Wednesday, saying, "I firmly believe AI is not a bubble, this is just the beginning." He then added, "I plan to buy another 1 million shares of Nvidia soon. This is to show support to the nervous market." Nvidia closed at $180.05 in New York on Tuesday, meaning the 71-year-old billionaire paid approximately $180 million. According to the Billionaire Index, his net worth is $12.8 billion.