Nvidia shareholders have approved all proposals, including the compensation packages for CEO Jensen Huang and other executives, as well as the re-election of 12 directors. Huang reportedly earned $34 million in fiscal 2024.
During the Annual General Meeting held on Wednesday, June 26, Nvidia stockholders approved all agenda items. These included the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2025 and a stockholder proposal for a Simple Majority Vote.
Highlights from the AGM
- CEO Jensen Huang’s Compensation: Approved, with Huang earning $34 million in fiscal 2024.
- Re-election of Directors: 12 directors re-elected.
- Independent Public Accounting Firm: PricewaterhouseCoopers LLP selected for fiscal year 2025.
- Stockholder Proposal: Simple Majority Vote approved.
Speaking at the AGM, Nvidia CEO Huang highlighted the potential of AI to automate $50 trillion worth of heavy industries.
Nvidia Share Performance
Nvidia’s share price closed 0.25% higher at $126.40 on Wednesday, recovering just before the closing bell to erase earlier losses. This came after three consecutive sessions of heavy losses that wiped out $430 billion in market value. Nvidia shares rebounded on Tuesday and extended gains on Wednesday.
Market Highlights
- Share Performance: Nvidia shares have rallied over 160% this year, driven by strong financial performance and a 10-for-1 stock split effective June 10.
- Market Value: Last week, Nvidia briefly became the world’s most valuable company, surpassing Microsoft.
- AI Dominance: Nvidia has become a leading provider of chips for AI applications, symbolizing this year’s tech-driven boom in US stocks.
Financial Performance
Nvidia posted stellar first-quarter earnings, driven by surging demand for its AI chips.
- Profit Growth: Profits jumped 628% year-over-year.
- Revenue Growth: Revenues increased by 268% compared to the same period in 2023.
- Net Income: Surged to $14.88 billion in Q1 ending April 28, up from $2.04 billion a year earlier.
- Revenue: Tripled to $26.04 billion from $7.19 billion in the previous year’s quarter.
