California College of the Arts has received a package of donations worth $45 million, half of which came from the world’s 11th-richest man, Nvidia co-founder and CEO Jensen Huang.
Battered by budget shortfalls and declining enrollment, the San Francisco college announced Friday that it had raised $22.5 million in donations from the board, former trustees, alumni, and Bay Area arts, culture, and tech donors. The Jen-Hsun & Lori Huang Foundation, a philanthropic nonprofit created in 2007, matched that number.
Huang’s contribution, his first for CCA, is the largest donation in the school’s history by $5 million.
The funds arrived at a crucial moment for the school. Since the pandemic, CCA has faced declining enrollment and financial setbacks, even as a $123 million campus expansion, funded entirely by donors, opened in the fall.
CCA President David Howse announced in August that the school was facing a $20 million budget gap. In September, it laid off 23 staffers, 10% of its workforce. There were 1,848 students in 2019, versus 1,295 this school year. Howse said applications for next year are slightly down.
“I think we tried to make clear that our financial situation was very serious, so the gift came at the perfect time,” Howse said.
Nvidia was founded in 1992 as a chip manufacturer that boosted the quality of video-game graphics. In the last decade, thanks to its ultra-powerful processing capabilities, the chips have proved mission-critical to artificial intelligence.
As AI poses a significant threat to artists and their ability to work, Huang’s foundation has become an unlikely hero for CCA.
Established in 2007, the Jen-Hsun & Lori Huang Foundation has stockpiled some 69 million shares of Nvidia stock valued at more than $8 billion, according to Bloomberg.
“Our investment in CCA reflects our commitment to supporting institutions that cultivate the creative leaders of tomorrow,” Eric Jensen, the foundation’s COO, said in a statement.