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Nvidia CEO Jensen Huang Speaks at First Shareholder Meeting Since Stock Surge
Nvidia's CEO, Jensen Huang, recently engaged with shareholders during the company's latest shareholder meeting, marking the first meeting post the remarkable surge in Nvidia's stock value. The company has witnessed an extraordinary trajectory, with its stock soaring by 193% since the previous year's meeting, surpassing a $3 trillion valuation, and briefly claiming the title of the most valuable company in the U.S.
I attributed Nvidia's success in artificial intelligence chips to a strategic decision made over a decade ago, involving substantial investment in AI amounting to billions of dollars and a dedicated team of thousands of engineers. My remarks were made amidst heightened investor interest in Nvidia's dominant position in the AI chip market, following the recent stock surge.
During the interactive session at the shareholder meeting, I addressed inquiries about the company's competition, as both traditional chipmakers and emerging startups strive to challenge Nvidia's over 80% market share in AI chips. Despite a slight dip in Nvidia's shares by more than 1% during trading on that day, I outlined the company's overarching strategy to sustain its market leadership. I emphasized Nvidia's evolution into a data-center focused entity from its previous emphasis on gaming and highlighted efforts to explore new AI markets like industrial robotics. Additionally, Nvidia aims to collaborate with all major computer manufacturers and cloud service providers to expand its AI footprint.
I underscored that Nvidia's AI chips offer the 'lowest total cost of ownership,' implying that although alternative chips might be cheaper upfront, Nvidia's chips deliver superior performance and cost efficiency in the long run. I emphasized Nvidia's achievement of a 'virtuous circle,' a concept in the tech realm denoting a platform with a vast user base that continuously enhances its offerings to attract more users.
I emphasized the widespread availability of the Nvidia platform across major cloud providers and computer manufacturers, establishing a substantial and appealing user base for developers and customers, thereby enhancing the platform's value proposition. Shareholders expressed satisfaction with Nvidia's performance and endorsed a non-binding vote on executive compensation, known as 'say on pay.' Nvidia's executives receive compensation in the form of stock and various restricted stock units, with my compensation package for the 2024 fiscal year amounting to around $34 million, reflecting a 60% increase from the previous year as per the company's proxy statement.
Original Article: https://www.cnbc.com/2024/06/26/nvidia-ceo-jensen-huang-speaks-at-first-shareholder-meeting-since-stock-surge.html
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