Nvidia shareholders have approved all proposals including the compensation packages of its CEO Jensen Huang and other executives along with the re-election of 12 directors. Huang reportedly earned $34 million in the fiscal 2024.
At its Annual General Meeting held on Wednesday, June 26, Nvidia stockholders reportedly approved all the proposals listed on the agenda. These proposals also included the selection of PricewaterhouseCoopers LLP as independent registered public accounting firm for fiscal year 2025 and a stockholder proposal for Simple Majority Vote.
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Nvidia’s shareholders have voted in favour of all these proposals, a report said.
Speaking at the AGM, Nvidia CEO Huang said the next wave of AI is set to automate $50 trillion heavy industries.
Nvidia share price ended 0.25% higher at $126.40 on Wednesday, surging just before the closing bell to erase losses. After witnessing heavy losses for three consecutive sessions that wiped out $430 billion in its market value, Nvidia shares bounced back on Tuesday and extended gains on Wednesday.
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The shares of artificial intelligence chipmaker have rallied over 160% this year. The rally in Nvidia shares came amid strong financial performance and the subsequent 10-for-1 stock split that took effect on June 10.
Last week, Nvidia briefly became the world’s most valuable company as it surpassed the market value of tech giant Microsoft. Nvidia has become a dominant provider of chips to support AI applications and have made it emblematic of this year’s tech-driven boom in US stocks.
Nvidia posted blockbuster first quarter earnings led by surging demand for the company’s chips for AI applications.
The company’s profits jumped by 628% and revenues increased 268% respectively, compared to the corresponding period in 2023. Nvidia’s net income surged to $14.88 billion in Q1 ending April 28, and it is up more than sevenfold from $2.04 billion a year earlier. Revenue tripled to $26.04 billion from $7.19 billion in the previous year’s quarter.
(With inputs from Agencies)
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Published: 27 Jun 2024, 08:46 AM IST