Source: Tencent News "Qian Wang" Author: Ji Zhenyu On June 26th, Chip giant NVIDIA held its 2024 fiscal year shareholders' meeting. One of the important agendas was to vote on the executive compensation incentive plan for that year, which was unanimously approved. Under this plan, the total compensation paid to Jensen Huang in 2024 reached $34 million, which is moderate when compared horizontally with the CEOs of all major US companies. If compared with the sky-high compensation of nearly $60 billion awarded to Musk, which was once again approved by the shareholders' meeting of Tesla, Huang's compensation seems like "a bargain". It is well known that over the past two years, NVIDIA's performance has skyrocketed under the generative AI wave, and its market cap has also soared, once standing at $3 trillion, making it the company with the highest market value worldwide. Huang Renxun, who has been the helmsman of the company since its inception, naturally deserves credit for this. However, Huang's compensation at NVIDIA does not entirely match the miraculous performance the company has achieved in this round. If we simply compare the achievements of Huang Renxun in the past two years with those of Musk in Tesla in the past few years, they are no different, or even better. If Huang Renxun were to be given a special CEO incentive plan by NVIDIA's compensation committee, similar to Musk's "sky-high compensation" plan, and according to NVIDIA's current market value of $3 trillion, getting 10% of the stock incentive would be an astonishing $300 billion, which would undoubtedly propel Huang Renxun to the throne of the world's richest. But Huang Renxun is not Musk, and he is not as dominant in the board of directors as Musk, who currently holds more than 20% of Tesla's shares. Musk can, despite much controversy, push through a "sky-high salary" plan at the cost of sacrificing short-term shareholder interests, based on his absolute control and influence over the board of directors, which is also one of the main reasons why the plan was previously ruled invalid by a judge. Moreover, a compensation plan formulated for the executives of a publicly listed company will not be changed frequently. Although Huang Renxun's total annual compensation for 2024 has increased by nearly 60% compared to 2023, it still cannot completely match the growth of NVIDIA's performance and market value this round. 1. Huang Renxun's total annual compensation in 2024 increased by nearly 60% 2. Huang Renxun's compensation at NVIDIA mainly consists of cash, short-term performance-related stock units (SY PSUs), and long-term performance-related stock units (MY PSUs), among which the stock incentive accounts for 88% of the total compensation for the year, and cash compensation accounts for only 12%. It is well known that NVIDIA has achieved amazing performance wonders in the past year, with revenue increasing by 126% YoY to $60.9 billion, gross margin increasing from 56.9% to 72.7%, and EPS increasing by 586% to $11.93 per share. This has made Huang Renxun and the executive team of NVIDIA's performance-linked compensation receive the full amount according to the targets set by the compensation committee. For example, Huang Renxun's total compensation for the 2024 fiscal year is $34.167 million, of which $4 million is cash prize, $26.676 million is annual stock incentive and multi-year target stock incentive, and $2.49 million is other benefits, including security, retirement plan, life insurance, etc. In addition to Huang Renxun, other executives at NVIDIA, such as Colette M. Kress, Senior Vice President and Chief Financial Officer, and Ajay K. Puri, responsible for global operations, also receive annual total compensation at the level of tens of millions of dollars. Compared with the 2023 fiscal year, Huang Renxun's total compensation in 2024 at NVIDIA increased by nearly 60% YoY. 2. There is still a gap compared to Musk's sky-high salary.
In this article, Ji Zhenyu reports about the NVIDIA's shareholder meeting held on June 26, 2024. One of the major topics discussed was the voting on the executive compensation plan incentive for the year. The plan was approved unanimously. It is noted that the total compensation paid to Jensen Huang in 2024 reached $34 million, which is moderate when compared to the CEOs of all major US companies. The article goes on to compare and contrast Huang's compensation with the highly controversial sky-high compensation awarded to Musk in Tesla, which was once again approved by the shareholders' meeting of Tesla.

Please use your Futubull account to access the feature.$NVIDIA (NVDA.US)$On June 26, 2024, NVIDIA held its shareholder meeting for the 2024 fiscal year. One of the important items on the agenda was to vote on the executive compensation incentive plan for the year. The plan was approved unanimously.

Under the approved executive compensation plan, Jensen Huang's total compensation in 2024 reached $34 million, which is moderate when compared to the CEOs of all major US companies. The article then compares and contrasts Huang's compensation with the highly controversial sky-high compensation awarded to Musk in Tesla, which was once again approved by the shareholders' meeting of Tesla.

It is reported in the article that NVIDIA has achieved amazing performance wonders in generating AI and its market cap has soared, once standing at $3 trillion, making it the company with the highest market value worldwide. The article also comments on the fact that the compensation Huang Renxun receives for his leading role in NVIDIA does not entirely match the miraculous performance the company has achieved in this round, especially when compared to Musk's sky-high compensation plan approved by the shareholders of Tesla.

If NVIDIA's compensation committee were to give Huang a special CEO incentive plan similar to Musk's sky-high compensation plan, which accounted for 10% of the stock incentive based on NVIDIA's current market value of $3 trillion, Huang's compensation would undoubtedly propel him to the throne of the world's richest. However, Huang Renxun's power and influence within NVIDIA's board of directors is not comparable to Musk, who holds more than 20% of Tesla's shares, and has absolute control over the board of directors.

The article points out that Huang Renxun is not as dominant in NVIDIA's board of directors as Musk is in Tesla's board of directors, and he holds less than 4% of NVIDIA's shares. This is also one of the reasons why Musk's sky-high compensation plan for Tesla was able to be pushed through despite controversy, and previously ruled invalid by a judge.

The compensation plan formulated for executives of listed companies will not be changed frequently. Although Huang Renxun's total annual compensation for 2024 has increased by nearly 60% compared to 2023, it still cannot completely match the growth of NVIDIA's performance and market value this round.

The article reports that Huang Renxun's total annual compensation in 2024 increased by nearly 60%. This is consistent with earlier statements regarding his compensation under the company's compensation incentive plan.

Huang Renxun's compensation at NVIDIA mainly consists of cash, short-term performance-related stock units (SY PSUs), and long-term performance-related stock units (MY PSUs), among which the stock incentive accounts for 88% of the total compensation for the year, and cash compensation accounts for only 12%.

It is noted that NVIDIA had an amazing performance over the past year, with revenue increasing by 126% YoY to $60.9 billion, gross margin increasing from 56.9% to 72.7%, and EPS increasing by 586% to $11.93 per share.

Under the NVIDIA's compensation incentive plan, Huang Renxun's total annual compensation in 2024 is $34.167 million, which includes cash prize, annual and multi-year target stock incentive, as well as other benefits. Additionally, other NVIDIA executives also receive total annual compensation at the level of tens of millions of dollars.

The article mentions other high-level executives at NVIDIA, such as Colette M. Kress, Senior Vice President and Chief Financial Officer, and Ajay K. Puri, responsible for global operations, who also receive annual total compensation at the level of tens of millions of dollars.

As noted in the article, Huang Renxun's total compensation in 2024 at NVIDIA increased by nearly 60% compared to 2023.

The article points out that Huang Renxun's compensation at NVIDIA is moderate when compared to the CEOs of all major US companies, and not in line with his significant contributions to NVIDIA's success, especially when compared to Musk's sky-high compensation plan approved by the shareholders of Tesla.

Huang Renxun's compensation at NVIDIA does not entirely match the miraculous performance the company has achieved this round, especially when compared to Musk's sky-high compensation plan approved by the shareholders of Tesla.

Undoubtedly, Huang Renxun, who has been the CEO since the founding of the company, deserves credit for the impressive performance of Nvidia. Under his leadership, Nvidia seized the new round of generative AI boom starting from ChatGPT, becoming the technology company that gained the most from this trend. Nvidia's market cap soared, breaking through $1 trillion, $2 trillion and $3 trillion within a little over a year, making it one of the largest market cap companies globally.

However, due to the strict upper limit on executive compensation rewards for each financial year set by the Nvidia Compensation Committee, there was a certain degree of conflict between the company's performance and CEO compensation. This situation was not fully reflected in the compensation package for CEOs.

Here, we have to mention another "big-shot" in the technology industry - Tesla's CEO, Musk. In 2018, the Board of Directors of Tesla proposed a CEO special incentive plan, specially designed for him. According to this plan, Musk could receive 12% of all Tesla's outstanding shares at that time as a reward if he achieved the predetermined goals, equivalent to 20.3 million shares. Due to the subsequent stock split of Tesla twice, the actual reward number reached 300 million shares.

If we calculate the incentive plan's total value based on Tesla's current stock price of $195 per share, the total amount would reach $58.5 billion, accounting for nearly 10% of Tesla's entire market cap.

To put things in perspective, judging solely from the company's performance, as Nvidia's CEO, Huang Renxun's achievement in recent years is no less than what Musk has accomplished at Tesla, or even better.

Just imagine if there was a CEO special incentive plan for Huang Renxun at Nvidia, with a scale comparable to Musk's plan. According to Nvidia's current $3 trillion market cap, Huang Renxun's incentive would reach an astonishing $300 billion, which would undoubtedly push him to the top of the world's richest people list.

Unfortunately, Huang Renxun is not Musk, and the board of directors of Nvidia is not as strong as Tesla's. This is also one of the critical reasons why Musk's sky-high compensation plan was ruled invalid by a judge when it was challenged in court. Musk controlled almost the entire board's will. However, on the other hand, perhaps Huang Renxun did not expect Nvidia to experience a period of explosive growth himself earlier, so the board did not propose a special incentive plan accordingly, but continued to use the previous compensation package. This resulted in a missed opportunity to use the company's performance growth to gain more benefits for himself.

Attachment: Summary of Nvidia's Shareholders' Meeting.

01 Voting Session

Agenda one: Voting on nominated candidates for the board of directors.

Nvidia's board of director candidates for this shareholders' meeting include Huang Renxun and 12 other people.

Agenda two: Approval of executive compensation for the 2024 financial year.

Details of Nvidia's executive compensation have been disclosed in their proxy statement.

Agenda three: Approval of PwC as independent registered public accounting firm for Nvidia in the 2025 financial year.

Agenda four: Discuss and vote on a shareholder proposal that proposes to replace the Supermajority Voting Provision in Nvidia's Articles of Incorporation and Bylaws with a Majority Voting Standard.

Voting Results: First, all 12 board of director candidates have been elected for the current shareholders' meeting, with a tenure ending in the 2025 financial year, or until their successors are elected or appointed.

Second, approval of executive compensation proposal for the 2024 financial year.

Third, approval of PwC as independent registered public accounting firm for Nvidia in the 2025 financial year.

Fourth, approval of the proposal to replace the Supermajority Voting Provision in Nvidia's Articles of Incorporation and Bylaws with a Majority Voting Standard. Nvidia will submit complete voting results in the form of an 8-K filing to the U.S. Securities and Exchange Commission (SEC) within four business days.

02 Huang Renxun Comments

Accelerated computing and AI are the most influential technologies of our time. Modern computing began with the birth of the IBM 360 system 60 years ago. Its basic principles of general computing architecture still dominate the computer industry today. In the past decade, the growth of general-purpose performance has slowed down, while computing demands continue to grow. This gap between performance and demand is expanding.

Without control, the expansion of computing power, energy, and costs will hinder the development of every industry. Nvidia's accelerated computing has filled this gap and met the growing demand for computing. After 20 years of hard work, Nvidia has rebuilt the entire computing stack, creating a path to progress for accelerated computing at the right time. Nvidia's accelerated computing is described as a "time machine" for scientists, enabling them to foresee the future and become the discovery tool of our era's "Da Vinci" and "Einstein".

Generative AI was born out of Nvidia's accelerated computing, the result of more than a decade of investment totaling billions of dollars. Nvidia has made possible the production of our most precious resource - intelligence. Like Nikola Tesla's AC generator and various supercomputers, our AI factories have launched a new industrial revolution - large-scale production of digital intelligence.

To seize this opportunity of the era, companies and countries around the world are building AI factories driven by Nvidia to process, refine, and manufacture intelligence - intelligence represented as digital tokens, creating new revenue opportunities for the global $100 trillion industry.

For the computing industry, generative AI represents a fundamental change. Every layer of the computing stack is being reinvented. We used to write software programs to carry out explicit instructions; now we prompt large language models with our intent. Computers are now intent-driven, rather than instruction-driven. Tell the computer what you want, and it will figure out how to achieve that goal. This is a fundamental redesign of our industry, from computer design to software development to what software can do. We will expand the vision of every industry, and a new industrial revolution has begun. Soon, every industry will be transformed.

The historic moment of this era is evident in our financial data. In fiscal year 2024, Nvidia's revenue grew 126% to a record $60.9 billion. Diluted earnings per share calculated under U.S. Generally Accepted Accounting Principles (US GAAP) increased 586% year-over-year to $11.93.

Demand for Hopper architecture products remains strong, and Blackwell and its successor products have been widely adopted by the industry. Based on customer demand, ecosystem adoption, and booking status, the Blackwell architecture platform is likely to become our most successful product in history, and possibly the most successful product in the history of the entire computer industry.

Thanks to strong demand for GeForce RTX GPUs, gaming revenue for the full year grew 15% to $10.4 billion; professional visualization revenue increased 1% year-over-year to $1.6 billion; and automotive revenue increased 21% year-over-year to $1.1 billion.

Nvidia's accelerated computing has reached a critical point and achieved a virtual cycle. Our parallel computing model provides developers with an unparalleled toolkit, with more than 300 libraries, more than 600 AI models, numerous SDKs, and support for 3,700 GPU-accelerated applications. This has created a rich ecosystem, encompassing more than 5 million developers and 40,000 companies, as well as thousands of generative AI companies built on Nvidia.

Accelerated computing is very fast, but it is not achieved in one step. Applications must be rewritten to adapt to new architectures, and complex algorithms are embedded in our libraries. Here are some examples from hundreds of our libraries. cuDNN, our famous deep learning library, provides the optimized core that accelerates neural network calculations. AI-on-5G, our AI engine for 5G wireless access networks, has paved the way for software-defined and AI-driven telecommunications industries. Leto technology provides effective solutions for computing challenges in photolithography processes. Photolithography is a critical step in chip manufacturing and its importance goes without saying.

Accelerated computing technology is rapidly expanding into the healthcare industry, and digital biology and generative AI are leading the revolutionary changes in drug discovery. In key areas such as surgery, medical imaging, and patient care, we have established partnerships with giants in the industry such as Johnson & Johnson, Medtronic, and Royal Philips, as well as many innovative start-ups committed to making the healthcare industry the world's largest technology industry. Take our Parbrics library as an example, it achieves the industry's leading gene sequencing efficiency by optimizing the gene sequencing, sequence alignment, and variation detection processes.

In the field of climate science, Nvidia's DEB technology has for the first time realized digital twin technology, simulating the weather and climate system of the Earth. Nvidia's generative AI models provide 12 times the resolution and 3000 times the power efficiency of traditional physical simulation methods in predicting weather patterns, refining accuracy from 25 kilometers to 2 kilometers.

Accelerated computing is also a sustainable computing approach. All applications that can be accelerated should adopt this technology. The CUDA library activates the potential of Nvidia's accelerated computing in new application areas and opens up new markets and growth opportunities for our partner ecosystem. Data centers worth trillions of dollars worldwide should be modernized with accelerated computing technology. This year, we launched some of the most important products in our history.

Blackwell, a groundbreaking technology designed specifically for processing trillion-parameter scale generative AI, is centered around the most advanced GPU. It is deployed with our fifth-generation NVLink technology, which can integrate 576 Blackwell GPUs into a single super-GPU, far exceeding the eight GPU connections of the previous generation Hopper architecture. Compared with Hopper, Blackwell only requires a quarter of the GPU resources and energy consumption when training large language models, achieving a 25-fold reduction in cost and energy consumption.

Nvidia's solutions are not limited to high-end GPUs. Combined with Blackwell GPUs, NVLinks, Grace CPUs, Quantum and Spectrum switches, and a rich ecosystem of software and data center partners, the Blackwell platform will become the choice of global cloud service providers, server manufacturers, and top AI companies, including Amazon, Google, Meta, Microsoft, OpenAI, Tesla, and X AI.

PC users have always been able to quickly and easily acquire the software they need. Now, we introduce an innovative AI model distribution method — Nvidia NIMS, which provides optimized generative AI for enterprise users, supporting running in the cloud, local data centers, and RTX AI PCs, and easily deploying them through our ecosystem partner network. These pretrained AI services, provided in containerized form, help various industries to transform into AI-driven companies quickly.

Industry leaders such as Adobe, Cadence, Getty Images, and SAP have already adopted NIMS. More than 250 technology and platform providers are integrating NIMS into their services. In the healthcare field, NIMS has played an important role in the foundational models of drug discovery, medical imaging, and genomics.

The new wave of AI is expected to automated the heavy industry worth $50 trillion. In the near future, robot factories will autonomously coordinate production to manufacture more robots and products. Our developed Omniverse is a groundbreaking virtual world simulation platform that integrates the physical world with the digital world, allowing developers to design and create robot systems. Anise is pioneering an open standard that seamlessly integrates industry-leading design-to-manufacturing tools through an open universal scene description format, helping enterprises create comprehensive digital twins to optimize the entire production cycle.

Autonomous driving cars are essentially highly complex robots. The automotive industry is the precursor of the Omniverse, seeking to digitize its entire workflow from design to construction, simulation, and operation. A new era of manufacturing is coming, and countless emerging and mature companies are developing robots and robot systems.

These companies will have two factories: one for manufacturing physical robots and the other for producing their intelligent drivers. The fusion of generative AI and robot technology not only opens up new growth opportunities but also brings unprecedented productivity improvements to the manufacturing industry worth $50 trillion.

A new Industrial Revolution has begun. AI factories are producing a revolutionary commodity: digital intelligent tokens. These AI factories lay the foundation for AI to become an industry worth tens of trillions of dollars, and herald transformations in every industry. The importance that Japan, Canada, France, and other countries placed on sovereign AI proves the global recognition of the importance of developing local AI capabilities. These AI technologies will be adapted to the language and culture of each country.

12 years after AlexNet trained using NVIDIA GTX 580 GPUs shook the computing world and ignited the spark of modern AI, we began to realize the immense potential for change it brought. Nobody could have predicted how far deep learning would lead us, or what scale it would expand to.

I would like to take this opportunity to thank the researchers, scientists, developers, ecosystem partners, customers, and employees who have explored this initial zero-billion-dollar market with us. Together with Nvidia, we have redefined the computing industry and may even reshape the world.

03 Q&A Section

Q: Can you talk about Nvidia's ability to maintain its competitive advantage and your view on the challenges posed by other industry participants developing competitive products? A: Looking back, we saw new opportunities in deep learning more than a decade ago and threw ourselves into the mix. We took a systematic approach, reinventing all the key technologies, including GPUs, Interconnect technologies, the whole system architecture, network infrastructure, and the crucial software part. We bravely invested billions of dollars and marched into unknown territory, constantly pushing the boundaries of computing technology. Countless engineers have been quietly working in the field of deep learning for ten years, tirelessly promoting technological development and innovation, even though we couldn't predict how high we would reach when we started. Through this series of efforts, we have successfully transformed the company into a full-stack provider that serves the AI system and platform enterprise at the scale of data centers. To this day, we continue to accelerate breakthroughs in computing and AI.

Jensen: Looking back, we saw new opportunities in deep learning more than a decade ago and threw ourselves into the mix. We took a systematic approach, reinventing all the key technologies, including GPUs, Interconnect technologies, the whole system architecture, network infrastructure, and the crucial software part. We bravely invested billions of dollars and marched into unknown territory, constantly pushing the boundaries of computing technology. Countless engineers have quietly worked in the field of deep learning for ten years, tirelessly promoting technological development and innovation, even though we couldn't predict how high we could reach when we started. Through this series of efforts, we have successfully transformed the company into a full-stack provider that serves the AI system and platform enterprise at the scale of data centers. To this day, we continue to accelerate breakthroughs in computing and AI.

Our competitive advantages stem from our expertise, scale, and ability to innovate quickly, which enable us to create the most cutting-edge, end-to-end optimized artificial intelligence computing systems in the industry. Not only have we opened up new markets for these systems, but we have also successfully attracted the attention of global developers, bringing immense value to our customers. NVIDIA is dedicated to providing customers with exceptional performance, which is achieved through our innovation at every layer of the technology stack, ensuring customers have the lowest total cost of ownership.

From chips to systems, software and algorithms, NVIDIA's platform has been widely offered to users through all major cloud service providers and computer manufacturers, creating a large and attractive installed base for developers and customers. This not only enhances the appeal of our platform to customers, but also indicates that NVIDIA has formed a self-reinforcing virtuous cycle.

Q: What are NVIDIA's development plans in the field of quantum computing? A: Although practical quantum computers still need decades of development, once realized, their computing algorithms will integrate the essence of both accelerated and quantum computing. Our NVIDIA Quantum Direct platform is designed to provide tools for quantum computing and algorithm researchers to access the road to practical quantum computing. We are working closely with partners throughout the ecosystem.

From the development of quantum algorithms, the construction of higher-precision quantum bits, innovative quantum error correction technologies, to calibration and optimization control of quantum devices, NVIDIA CUDA Quantum platform has become an important platform for researchers in the field of quantum computing. Although it is not yet clear which quantum bit technology will eventually emerge as a practical quantum computer, NVIDIA is committed to giving them the mission of powerful computing capabilities. Our goal is not only to build quantum computers, but also to create a foundational platform that is critical to all quantum computers.

Q: What are NVIDIA's diversification strategies, especially in the pharmaceutical industry? A: As a leading accelerator computing platform company, NVIDIA's influence spans multiple industries, including healthcare, autos, manufacturing, financial services, energy, retail, games, and more. We aim to serve the goals of all industries by relying on powerful hardware systems, specialized software stacks for different fields, and a prosperous ecosystem of partners and developers.

Artificial intelligence is sparking a new industrial revolution, heralding dramatic changes in all industries. In the healthcare sector, particularly in the sub-market of drug research and development, the application of artificial intelligence is injecting unprecedented powerful impetus. We have made a breakthrough in the representation and understanding of biology and chemistry, the key elements of drug development, which marks the breakthrough of computer-aided drug development technology. We are committed to assisting the pharmaceutical industry to search for drugs targeting specific diseases and even individualized treatment with higher efficiency and effectiveness.

To this end, we have developed a series of innovative tools, including the Biomolecular Generative AI platform, designed for drug discovery, and our Pararay software. The combination of these tools makes computer-aided drug development feasible. Currently, we are cooperating with industry pioneers, including genetic technology company Genetic and AI pharmaceutical company Recursion, who have made significant progress on our platform.

Healthcare, autos, and digital manufacturing are the key vertical industries we serve, which exhibit enormous potential. However, the application of individual computing platforms goes far beyond these industries and can cover all vertical industries worth trillions of dollars. We look forward to bringing more diverse types of workloads and a wider customer base to the company as the platform continues to evolve, further promoting the company's diversification.

Q: How does NVIDIA deal with the challenges of the current semiconductor supply chain and ensure stable semiconductor supply for customers? A: Regarding this issue, we have the following strategies. NVIDIA has the expertise and scale to build a strong supply chain. We will continue to seek flexibility and redundancy in our supply chain, assess and quantify components and processes from multiple suppliers we use to build our products. In addition, we have established a solid relationship with suppliers and may sign long-term agreements to secure supply, or even pre-pay for key capabilities such as manufacturing.

Next is about how to ensure appropriate regulatory measures for artificial intelligence. NVIDIA is actively shaping the safety and ethics of artificial intelligence. We are members of AI security initiatives in the United States, Europe, and the United Kingdom, at the forefront of standard-setting institutions such as IEEE and content authenticity initiatives. We are formulating guidelines that will affect the field of artificial intelligence for generations to come. We are cooperating with national and federal agencies to ensure that we jointly address challenges such as content security, model risk mitigation, and data privacy protection diligently and collaboratively.

We have also developed and released trustworthy artificial intelligence technology, including Nemo Guardrails and open-source language model tools. We lead the industry in the development of active safety computing systems and digital twin simulation platforms to ensure the safe operation of robotic systems.

Q: What are NVIDIA's practices in enterprise sustainability, including key issues such as diversity and climate change? A:

Huang Renxun: Regarding this issue, we have the following strategy. Nvidia has expertise and scale to build a strong supply chain. We will continue to seek flexibility and redundancy in our supply chain, assess and quantify components and processes of multiple suppliers we use to build products. In addition, we have established strong relationships with suppliers and may sign long-term agreements to ensure supply, and even prepay for manufacturing or other key capabilities.

Answers: NVIDIA has expertise and scale to build a strong supply chain; we will continue to seek flexibility and redundancy in our supply chain, assess and quantify components and processes from multiple suppliers we use to build our products. In addition, we have established a solid relationship with suppliers and may sign long-term agreements to secure supply, or even pre-pay for key capabilities such as manufacturing. NVIDIA is actively shaping the safety and ethics of artificial intelligence, formulating guidelines that will affect the field of artificial intelligence for generations to come. We are cooperating with national and federal agencies to jointly address challenges such as content security, model risk mitigation, and data privacy protection diligently and collaboratively. We have also developed and released trustworthy artificial intelligence technology, including Nemo Guardrails and open-source language model tools. We lead the industry in the development of active safety computing systems and digital twin simulation platforms to ensure the safe operation of robotic systems.

We also develop and release trusted artificial intelligence technologies, including Nemo Guardrails and open source language model tools. We lead the industry in the development of active safety computing systems and digital twin simulation platforms to ensure the safe operation of robotic systems.

From chips to systems, software and algorithms, NVIDIA's platform has been widely offered to users through all major cloud service providers and computer manufacturers, creating a large and attractive installed base for developers and customers. This not only enhances the appeal of our platform to customers, but also indicates that NVIDIA has formed a self-reinforcing virtuous cycle.

Huang Renxun: We firmly believe that diversity and inclusiveness can greatly stimulate innovation and inject vitality into our team. Nvidia is eager to attract talents who are willing to devote themselves to the company and jointly face global challenges. We are committed to promoting diversity within the company, which is not only a commitment, but also an important way for us to inspire innovation and develop breakthrough products. We realize that only by gathering talents with different backgrounds and experiences can we fully tap our potential.

Nvidia is at the forefront of the energy-efficient acceleration computing industry. As the growth of general computing performance slows down, customers are turning to Nvidia's acceleration computing solutions as an innovative way to achieve sustainability and cost-effectiveness. We are modernizing the datacenter industry, which is worth trillions of dollars globally, to achieve unprecedented efficiency improvements for all types of applications and save a lot of energy in industries across the board. Acceleration computing is the way we are moving towards a sustainable future in computing.

Editor / jayden