A proposed wealth tax in California has renewed questions about whether billionaires might reconsider where they live and companies choose to build.
In a recent Bloomberg interview, Nvidia (NASDAQ:NVDA) CEO Jensen Huang said he has not given the proposal any thought, even though the tax could cost him nearly $8 billion if it becomes law.
“I haven’t thought about it even once,” Huang said. “We work in Silicon Valley because that’s where the talent pool is.”
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The comments came during a Bloomberg interview featuring Siemens CEO Roland Busch, where both executives discussed how artificial intelligence is moving from experimentation into factory operations.
The “2026 Billionaire Tax Act” would impose a one-time 5% tax on California residents with net worths above $1 billion. Proponents say the tax measure would affect about 200 billionaires in the state and could generate significant revenue if approved.
Venture capitalist Peter Thiel has explored spending more time outside California and opening an office elsewhere for his personal investment firm, The New York Times reported. The newspaper also reported that Google co-founder Larry Page has considered leaving the state by the end of the year, citing people familiar with the matter.
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The report drew a response from Rep. Ro Khanna (D-CA), who represents part of Silicon Valley. Sharing the article on X, Khanna echoed a line attributed to President Franklin Roosevelt, who used the remark to respond to wealthy critics of New Deal-era tax policies: “I will miss them very much.”
If the proposal becomes law, Huang would not be the only Nvidia executive affected. According to the Bloomberg Billionaires Index, Nvidia Chief Financial Officer Colette Kress and Executive Vice President of Worldwide Field Operations Jay Puri crossed the $1 billion net worth mark in July, largely due to their equity holdings benefiting from Nvidia’s stock rally during the first half of 2025.
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Busch told Bloomberg that AI is already being used on factory floors, with manufacturers applying digital twins and simulation tools to design and test systems before building them physically. “This technology is already in place and it’s working,” Busch said.
