🔴WATCH LIVE: NVIDIA 2024 Annual Meeting of Stockholders

e e e e e e e e [Music] good day and welcome to the Nvidia 2024 annual meeting of stockholders I would now like to turn the conference over to Simona Janowski please go ahead good morning and welcome to nvidia's 2024 annual meeting of of stockholders I'm simono Janowski vice president of investor relations we're hosting a fully virtual annual meeting again this year as a reminder the rules of conduct for the meeting are posted on our virtual meeting website we ask that you follow them to help the meeting run smothly other members of Nvidia management who are on the line with me today are Jensen hang President Chief Executive Officer and director kette Crest Executive Vice President and Chief Financial Officer and Timothy terer Executive Vice President general counsel and secretary I would also like to introduce the outside members of our board who are in attendance Rob Burgess Hench Cox John deiri PES Dr Don Hudson Harvey Jones Melissa Laura Steve Neil Brook Sul Ary Shan and Mark Stevens finally I would like to introduce Sarah beelard from Price waterhous Coopers our independent registered public accounting firm after the formal portion of the meeting and Jensen's business update we will set aside some con of questions I will now turn the meeting over to Tim thanks Simona good morning and Welcome to our 2024 annual meeting which will now officially come to order Jensen will serve as chairman and I will serve as the secretary and conduct the procedural portion of the meeting first a few housekeeping items we have opened the online portal for stockholders to vote their shares and I'll make an announcement when the polls are about to be closed stockholders may ask questions during the meeting if you have a question please enter it into the portal as stated in our rules of conduct the meeting is not to be used as a form to present General economic political or other views that are not directly related to our business the business of the meeting or for matters of individual concern In fairness to all attendees we will limit each stockholder to one question we may provide a single response to multiple questions generally asking the same or similar things after the conclusion of the meeting we will publish the questions if pertinent to nvidia's business or the business of the meeting along with our responses on our investor relations website during this meeting we may make forward-looking statements based on current expectations these forward-looking statements are subject to a number of significant risks and uncertainties and are actual results May differ materially for discussion of factors that could affect our future Financial results and business please refer to the reports we may file from time to time with the Securities and Exchange Commission including our annual report on form 10K and our quarterly report on form 10q all of our statements are made as of June 26 2024 based on information available to us as of today and accept as required by law we assume no obligation to update them we will address the matters described in our proxy statement dated May 14 20124 following Jensen's business update the polls will be closed we'll announce preliminary voting results and then the official portion of the meeting will be adjourned I have a complete list of the stockholders of record of nvidia's common stock on the April 29 2024 record date for this meeting I also have an affidavit from broadridge certifi certifying that they commen the mailing of proxy materials on May 14 2024 I'm appointing Chris Woods of American election Services LLC to act as the inspector of Elections at this meeting he will tally the final votes when balloting on all matters is completed Chris has taken the customary oath of office and we will file this oath with the records of the meetings the presence in person or by proxy of a majority of the shares entitled to vote at the meeting will constitute a quum there were approximately 2.5 billion shares outstanding on a pre-stock split basis on the record date and Chris has informed me that proxies have been received for approximately 1.9 billion shares or approximately 79% of the shares outstanding which constitutes a quorum for today's meeting each share of common stock is entitled to one vote if you are eligible to vote and have not submitted your proxy or if you want to change your vote please vote online now you do not need to vote if you have already sent in your signed proxy or voted online or by telephone your votes will be counted automatically the time is 9:05 a.m. and the polls are currently open for voting there are four items of business for this meeting first the election of Rob Burgess Hench Cox John deiri versus Dr Jensen Ju Don Hudson Harvey Jones Melissa Laura Steve Neil Brook Su Ry Shaw and Mark Stevens to serve as directors until our 2025 annual meeting second the approval of the compensation of our named executive officers for fiscal 2024 as disclosed in our proxy statement third the ratification of PWC as our independent registered public accounting firm for fiscal 2025 and fourth the approval of a stockholder proposal to replace the super majority voting Provisions in our Charter and bylaws with a simple majority voting standard at this time we would like to introduce John Chetan to present his proposal Mr shedon you have three minutes please begin hello this is John Chetan proposal for simple majority vote cars request to the board of directors take the necessary steps so that each voting requirement the charter bylaws the calls for a greater than civil majority vote be replaced by a requirement for majority of the sheriff voted for and against such proposals or a simple majority this includes making the necessary changes in plain English jist are willing to pay a premium for shares of companies that have excellent corporate governance super majority voting requirements have been found to be one of six entrenching mechanisms that are negatively related to company performance according to what matters in corporate governance by Lucian be of the Harvard Law School super majority requirements can be used to block initiative supported by most shers but opposed by a status quo management this proposal topic went from 74% to 88% support at warehouser Alcoa Waste Management Goldman Sachs First Energy and Macy's these votes would have been higher than 74% to 88% if small sherad had access to Independent proxy voting advice this proposal also received overwhelming 98% support at the 2023 annual meeting of American Airlines and the Carla group the board of directors is not opposed to this proposal which should open the floodgates for shers to vote in favor the board of directors has no good reason to have any reservation about supporting this proposal according to the board of director statement next to this proposal the only reason to maintain the present seven prong 67% shareholder approval requirements used to avoid a situation as highly unlikely to incur that is a large number of individ shers feeling Dev voted the annual meeting plus the board of directors is already in a powerful position to make sure that such a highly unlikely situation a large number of the video trilers feeling to vote at the end of meeting will never occur should there be the slightest hint that it might occur please vote Yes simple simple majority vote proposal for thank you Mr shetan as the company has not received notice from any of its stockholders of any other matter to be considered at today's meeting no other proposals will be addressed if you have not voted and intend to vote or if you want to change your vote please do so online now proxies votes or any changes or revocations submitted after the closing of the polls will not be accepted I'll turn it over to Jensen for a business update following which we will announce the preliminary results of the meeting and then answer stockholder questions thanks Tim accelerated Computing and AI are the most consequential Technologies of our time modern Computing started 60 years ago with the IBM system 360 the basic principles of its general purpose Computing architecture still govern today's computer industry for nearly a decade as the performance scaling of general purpose processing has slowed while Computing demand continued an exponentially growing performance to demand deficit has built up if unchecked this Computing energy and costum inflation will stifle every industry nvidia's accelerated Computing has stepped in to the breach to meet the exponentially growing Computing deficit after two decades of work to reinvent the entire Computing stack Nvidia accelerated Computing has created a path forward at just the right time Nvidia accelerated Computing has been described as a time machine for scientists to see the future an instrument of discover recovery for the da Vinci and Einstein of our time from accelerated from Nvidia accelerated Computing emerged generative AI the result of over a decade and billions of dollars of investment Nvidia has made possible for the first time the production of our most valuable resource intelligence like the AC generation plans invented by Nicola Tesla envidia supercomputers are AI generation plants or AI factories we've started a new Industrial Revolution to mass-produce digital intelligence to seize this generational opportunity companies and countries around the world are building Nvidia powered AI factories to process refine and manufacture intelligence from data intelligence in the form of digital tokens is a new kind of commodity a new product and it will create new Revenue opportunities for the world's 100 trillion dollars of Industries for the computer industry generative AI represents a fundamental shift every layer of the Computing stack is being reinvented where we once wrote software programs to execute explicit instructions now we prompt large language models with our intentions computers are now intention driven rather than instruction driven tell a computer what you want and it will figure out how to accomplish this goal a complete reinvention of our industry from how computers are designed to how software is developed to how to what software can do will expand the horizons of every industry a new industrial revolution has begun soon every industry will be transformed the historic nature of this moment is evident in our numbers for FY 24 Revenue was up 126% to a record 60.9 billion Gap diluted earnings per share pre-split was $1.93 of 586 from a year ago demand for Hopper architecture products remains strong and Blackwell its successor has been broadly adopted by the industry by customer demand ecosystem adoption and bookings the Blackwell architecture platform will likely be the most successful product in our history and even for the Entire Computer IND even of the Entire Computer History full year Gaming revenue Rose 15% to $ 10.4 billion on strong demand for our GeForce RTX GPU will your revenue for professional visualization Rose 1% to 1.6 billion and Automotive full year Revenue Rose 21% to 1.1 billion Nvidia accelerated Computing has reached a Tipping Point and achieved a virtual cycle the significant Cuda installed Bas attracts developers and applications which attract resellers reaching customers which expands the install base to attract more developers Cuda our parallel Computing model sits at the heart it offers developers an unparalleled toolkit with over 300 libraries 600 AI models numerous sdks and supports 30 700 GPU accelerated applications this has resulted in a rich ecosystem that spans more than 5 million developers and 40,000 companies and thousands of generative AI companies building on invis accelerated Computing is incredibly fast but not quick to adopt it has taken Nvidia over 20 years to re to reach the Cuda Tipping Point applications must be Rewritten to suit the new architecture and complex algorithms embedded in our Cula libraries here are some examples of the hundreds of Cuda libraries CNN our renowned deep learning library provides optimized kernels that accelerates neural network Compu computations Ariel our Cuda engine for 5G radio access networks is Paving the way for a software defined an aid driven Telecom industry H litho addresses the computational challenges in lithography the critical stage of Chip manufacturing accelerated Computing is sweeping across Healthcare as digital biology and generative AI revolutionize drug Discovery surgery medical imaging webu devices to Patient Care our partners include mgen jentech Johnson and Johnson mettech metronic and hundreds of startups transforming Healthcare into one of the world's largest Tech Industries just one example our parabricks Cuda Library streamlines Chan sequencing alignment and variant calling offering the highest throughput in gene sequencing in climate science Nvidia CM Powers Earth 2 a digital twin that emulates Earth's weather and mment systems CIS is nvidia's generative AI model that predicts whe weather patterns 12 times higher in resolution from 25 kilm to 2 kilm and 3,000 times more energy efficiently than traditional physical simulation methods accelerated Computing is sustainable Computing every application that can be accelerated should be going forward Cuda libraries activate Nvidia accelerated Computing for new application domains and open new markets and growth opportunities for our partner ecosystem the world's trillion dollars of data centers should be modernized with accelerated Computing this year we launched some of the most important products in our history this is Blackwell it starts with the most advanced GPU designed for trillion parameter scale generative Ai and our fourth and our fifth generation MV link which connects up to 576 Blackwell gpus into one super GPU up from just eight Hopper gpus and compared to previous generation previous generation Hopper Blackwell can train large language models with only a quarter of the gpus and a quarter of the energy showcasing a 25 times reduction in cost of ownership and energy consumption when inferencing Frontier large language models nvidia's offering starts with the most advanced GPU but an AI Factory is much more combining Blackwell gpus mvlink Grace CPUs Quantum and Spectrum X switches and a rich ecosystem of software systems and Data Center Partners the Blackwell platform will be adopted by every major cloud service provider server maker and leading AI companies including Amazon Google meta Microsoft open AI Tesla and xai PC users have always been able to get the software they needed quickly and easily now we're introducing a new way to distribute AI models we call this new capability Nvidia inference microservices or Nims Nims deliver Enterprise grade optimized generative AI that runs on Cuda everywhere from the cloud to on-prem Data Centers to RTX AIP PCS through our expansive network of ecosystem Partners Nims integrate Cuda libraries optimize inference engines industry standard apis and AI model support into containers for straightforward deployment these comp these containerized pre-trained AI in a box microservices enable Enterprises across all Industries to evolve into AI driven companies Adobe Cadence crout strike Getty Images sap service now Shutterstock and others were among the first access Nims more than 250 technology and platform providers are embedding Nims into their services and in healthcare Nims are already powering Foundation models in drug Discovery Medical Imaging and genomics the next wave of a is set to automate the $50 trillion in heavy Industries soon robotics factories will orchestrate robots that build robot that build products that are robotic we developed Omniverse a revolutionary virtual world simulation platform where the physical and digital world converge for developers to create robotic systems within Om industrial companies design integrate simulate and operate digital twins of robotic systems like factories robots and products Omniverse is pioneering an open standard open Universal scene description format to seamlessly integrate industry-leading tools from design to manufacturing allowing companies to create comprehensive digital twins that optim optimize the entire production lifestock life life cycle self driving cars are kind of a robot the autom automotive industry has been an early adopter of Nvidia Omniverse as it seeks to digitalize its entire workflow from design to build simulation and operation and even experience its factories and cars virtually the new era of manufacturing is coming thousands of new and established companies are building robots and robotic systems these companies will have two factories one to build a physical robots and another an AI Factory to manufacture the intelligence that drives them generative Ai and Robotics are opening new growth opportunities as well as drive a level of new level of productivity for the 50 trillion manufacturing Industries the next industrial revolution has begun AI factories are producing a revolutionary commodity tokens of digital intelligence these AI factories are setting the stage for generative AI to become a multi-trillion dollar industry and transform every industry and the rise of sovereign AI in countries like Japan Canada and France among many others is a testament to the universal recognition of the importance of developing one's own AI capabilities adapted for each nation's language and culture just 12 years after alexnet which was trained on two NVIDIA GTX 580 gpus stunned the Computing world and ignited the Big Bang of modern AI we are now beginning to realize the immense transformative potential before us no one knew how far deep learning would take us no one knew how far it would scale I want to take this opportunity to thank the many researchers and scientists and developers ecosystem Partners customers and employees who dedicated themselves to explore what was a z billion Doll Market with us we've reinvented and video the computer industry and very likely the world thanks Jensen the time is 9:23 a.m. and the polls are now closed the preliminary report of the inspector of Elections covering the proposals presented at this meeting is as follows first each of the 12 director nominees on the ballot has been elected to serve until our 2025 annual meeting and until his or her successor is elected or appointed proposal two to approve the fiscal 20124 compensation of our named executive officers as disclosed in our proxy statement has been approved proposal three to ratify PWC is nvidia's independent registered public accounting firm for fiscal 2025 has been approved proposal four to approve a stockholder proposal to replace the super majority voting Provisions in our Charter and bylaws with a simple majority voting standard has been approved a full tally of the votes will be published in a Form 8K which we expect to file with the SEC within four business days that concludes the formal portion of today's annual meeting and I now declare the official portion of the meeting adjourned I'll turn it over to Simona for stockholder questions thanks Tim we'll now move to Q&A we group together duplicative questions that we Reed to streamline the discussion for first question Jensen can you discuss Nvidia strategy for maintaining its Competitive Edge what are your thoughts on the threat of other players in the industry developing competitive products over a decade ago we envisioned a new opportunity and dove into deep learning systematically Reinventing everything the gpus interconnects the systems the networking and of course the software we invested billions pushing into the unknown extending the frontier of computing technology thousands of Engineers have worked for a decade on deep learning advancing and scaling without knowing how far we could take the technology we transformed our company end to end to become a full stack data center scale AI systems and platform company today we continue to push the frontiers of accelerated Computing in AI our competitive Advantage is our expertise scale and velocity to create the most advanced and endtoend optimized AI Computing systems create new markets for them and attract the world's developers while delivering extraordinary value to our customers NBA offers customers the lowest total cost of ownership to through ex exceptional performance delivered by Innovations at every layer of the stack from chips to systems to software and algorithms and the Nvidia platform is broadly available through every major cloud provider and computer maker creating a large and attractive install base for developers and customers which makes our platform more valuable to our customers Nvidia has achieved a virtual cycle so our next question question what are invidious plans for Quantum Computing development practical Quantum Computing is still a couple of decades away and when it arrives Computing algorithms will be a combination of accelerated and Quantum approaches Nvidia Cuda Quantum is a platform for Quantum Computing and algorithm researchers to solve challenges on the road to useful useful Quantum computing we're partnering with the entire ecosystem from the development of quantum algorithms the design of higher Fidelity cubits the development of Novel error correction techniques to the calibration and optimal control of quantum device nvidia's Cuda Quantum is an essential platform for the quantum Computing Community though no one knows which Cubit technology will end up in useful quantum computers nvidia's role empowering them is certain Nvidia is not building a quantum computer we're building the platform essential for all quantum computers thank you our next question is what is the company's diversification strategy particularly particularly into the pharmaceutical industry Nvidia is an accelerated Computing platform company we address multiple industries from Healthcare to Automotive manufa facturing Financial Services energy retail gaming and many others to a combination of our hardware systems and domain specific software stacks and a rich ecosystem of Partners and developers AI has sparked the next Industrial Revolution it will transform every industry innovation in healthcare drug Discovery in particular will be super charged by generative AI for the first time we can represent and understand the meaning of the two things that Des describe drugs biology and chemistry in a computer this is Paving the way for Rise of computer aided drug Discovery we should help the pharmaceutical industry become more efficient and effective in finding drugs for specific diseases and even specific people someday we have built many enabling components including our biion Nemo generative AI platform for drug Discovery and our parab software for genomics to make computer AA drug Discovery possible and we're working with leaders in the field from Amgen to Genentech to recursion all of whom are already making rapid progress on the Nvidia platform Healthcare automotive and digital manufacturing are among the the largest vertical Industries we serve with the highest potential for the impact that we make and the size of the opportunity but the Nvidia Computing platform can support all hundred trillion dollars worth of vertical Industries worldwide and we expect that to lead to increased diversification in the types of workloads and customers we serve next could you talk about our strategy to address the current semiconductor supply chain challenges how does Nvidia ensure a stable Supply of semiconductors for its customers Nvidia has the expertise and scale to develop a resilient supply chain we will continue pursuing flexibility and redundancy in our supply chain evaluating and quantifying multiple suppliers for components and processes that we use to build our products in addition we have strong relationships with our suppliers and we may and we may enter into long-term agreements to ensure Supply and prepay for manufacturing or other key capacities what is Nidia doing to ensure that artificial intelligence has proper guard rails Nvidia is actively shaping AI safety and ethics we are members of safety initiatives in the US EU and UK we are at the Forefront of standard setting bodies like the i e and a Content authenticity initiative crafting guidelines that will govern the AI landscape for generations to come our Partnerships with state and federal agencies ensure that we together are thoughtfully and collaboratively addressing challenges like content safety model risk mitigation and data privacy protection we have also developed and releas trustworthy AI Technologies including Nemo guardrails an open source tool for language models that allow developers and companies to control or prohibit prompts and outputs we lead the industry in research and development of active safety Computing systems and digital twin simulation platforms to ensure the safe functioning of robotic systems thank you can you talk about the company's approach to corporate sustainability matters including diversity and climate change diversity inclusion enhan innovation and Empower our Workforce we want to attract people want to do their life's work at Nvidia and tackle the world's toughest challenges and are committed to enhancing diversity in our company attracting and developing employees with diverse backgrounds and experiences is key to unlocking our full potential in creating groundbreaking products Nvidia is at the Forefront of energy efficient accelerated Computing general purpose Computing performance scaling has slowed customers are turning to Nvidia pioneered accelerated Computing as the path to sustainable and cost effective Innovation Nvidia is modernizing the world's trillion dollar data center industry and enabling applications to create remarkable new efficiencies and save incredible amounts of energy in every industry accelerated Computing is sustainable Computing thank you Jensen we have now reached the time limit for the 2024 annual meeting and our program has now concluded a copy of this webcast will be available online on our website through June 25th 2025 we look forward to another great year at Nvidia thank you for attending and for your continued support of Nvidia our 2024 annual meeting is now closed the conference is now concluded thank you for attending today's presentation you may now disconnect all right what is going on chat hopefully you guys enjoy uh the conversation there with the Nvidia annual earnings I wanted to kind of quickly just come on uh and talk trades that we're take if you guys are interested and also a webinar that we have coming up tomorrow as well here's Amazon I feel like everyone and their mother had been waiting for Amazon to kind of blast through this level of 19145 and it finally went ahead and did it tested it right back on the 15 minute as well and it continued making new highs so this is a nice little breakout that you're seeing on Amazon FedEx is another one that we traded during our live trading show this one was actually called out by Sammy when it kind of bounced back held strong and it went all the way up to the targets of 293 and then touched uh 295 as well so the main reason I wanted to come on is say we've got a great webinar coming up tomorrow with earning season that's happening in July what is it I think like second half of July is when we kind of officially kick off you want to learn how to trade earning Seasons you want to go ahead and join us for the webinar I'll go ahead and put the link in the chat as well you've got Sammy who has such a great track record over 5,000 trades taken and you know tracked and publicly disclosed as well that's going to be happening tomorrow 10 o'clock here on benzinga's YouTube you don't want to miss it and if you do think you're going to miss it you can sign up and put your email address there and we can go ahead and share the recording with you um as well and of course if you want you can already go ahead and get a discounted promo code with T3 on the top that you're seeing there what are my thoughts on Nvidia well let me just go to Nvidia real quick I think I've got some time before my next meeting let's go let's go to Nvidia and check it out let's see what we've got going on there so here's the thing kind of you know if this cracks this 29434 again if this 15minute candle I'm actually going to go Ahad and set an alert right there if this goes ahead and cracks to the downside I will go ahead and you know short Nvidia and have my stop loss be the prior bar high is what I'm going to be looking to do but it's got to go ahead and crack below I made a low of day obviously but it's made higher high since then I need it to go ahead and break and if it kind of breaks this and retest it I'd be interested in that as well at the moment it's below vwap which is a yellow line on mine but taking a look at a little bit of a back picture this might just be AI well if it is just AI then guess what it is a damn good AI because I can just click on your link have it pop up you can also hear my voice and all that good stuff matter of fact if you want knock knock jokes I've got those for you as well uh but taking a look at the daily you made nice new highs and now you know I if it goes goes ahead and breaks this level that I talked but I would be interested in going short and seeing if we can maybe go ahead and come back to test see the 116s 115s or so but when it comes back and if it does ever come back to test this $100 level oh yeah that's when I think you can go ahead and try to buy some in there and of course you've got plenty of gaps to fill including this one here at 9612 you know so there I think there's a lot of room for a pullback when will we get it who knows doesn't really matter see Walter I appreciate it see Walter you always so kind to me I appreciate it pal um but yeah if there are any other tickers y'all want me to take a look at let me know and I can put them up but I can't stress enough how awesome tomorrow's webinar is going to be if you've ever wanted to know how can you trade earnings without going yoloing on options and do it in a safe and riskmanagement type of way you don't want to miss the webinar tomorrow um you can sign up for it right there we will send you the special offer as well why is everyone trying to short Nvidia this will rip well that's the beautiful part the more people that short it the higher it will Rip because they got to cover their shorts no and speaking of which now it's kind of coming down just a little bit to the downside mu mu has had such a great run that I feel like sometimes people just don't talk about it enough but of course look they've got earnings coming up tomorrow so matter of fact speaking of how to learn earnings uh you can sign up for the webinar you can go ahead and buy the package that we've got up there if you want to get an idea because we will send out some insights on or I guess T3 will on uh mu for as a report today after the close I don't have any thoughts on it I don't have any calls I don't have any positions on it whatsoever going into the print um but just man when Nvidia pulled back obviously this did as well no real options for me I'm going to see what the earnings look like then I'm going to go ahead and base it off of the levels because that's what we did with uh you know FedEx we said look when you look back at FedEx and let me actually go to what is it the 4 Hour they reported earnings last time here around March 21st you saw 300 bucks then it got knocked all the way down the reported earnings yesterday 300 bucks got knocked down now obviously it's holding up a lot better right than it did last time so to me it's kind of inevitable for it to crack 300 but I'm not looking to just take a guess I'm waiting for the crack of 300 then we can go ahead and find a way to kind of take advantage of it so that's the play that I've got at the moment when it comes to that um all right let's see what other rivan rivan is another one you know I'm not going to lie to you though I did lose money on rivan and I'll tell you why I lost money and what I would do different so here's what I charted rivan again earlier today on the live trading show that we have you have the crack of 1993 is what I was looking for that was a pre-market after hours yesterday and you also had the 1580s that was holding on a support here in the pre-market we cracked it as soon as we popped above here I was going to hold and see is the call done yes the call is done um then I went ahead and took some calls it broke down and I did go ahead and lose money on it as well but um awesome so that's kind of pretty much it appreciate you guys for hanging out again cannot stress enough it's going to be an awesome webinar tomorrow so make sure you go ahead and check it out um you you know just sign up for it we will send you the recording in case you miss it you will get the special offering as well it's less than 60 bucks a month if you do like what you hear in the webinar tomorrow and earning season's coming up July that that's going to be a lot of opportunities to go and make some money and uh again the webinar is absolutely free you don't have to pay a single dime just come check it out see what you like to hear sami's great we had him on live trading earlier but that's it for me we'll see you guys tomorrow hopefully uh Stay Green bye