Focus on CHK and US stocks

Will the next AI wave focus on these two fields? What did Huang Renxun say at the Nvidia shareholder meeting?

美东时间周三，$英伟达 (NVDA.US)$举办了股东大会。作为全球人工智能芯片市场的领军企业，英伟达在最近一度成为市值最高的上市公司后，股价持续回落，这令首席执行官黄仁勋的讲话受到了市场的广泛关注。不过，整场大会似乎并没有提供太多投资者期待的新消息，周三美股盘后，该股股价也下跌了约2%。

英伟达年度股东大会上，投资者批准了该公司提出的全部四项提案，黄仁勋强调了这家芯片制造商的新Blackwell平台，以及随着人工智能技术的发展，公司将获得的机遇。

批准高管薪酬和其他提案

投资者批准了高管薪酬，重新选举董事会，批准了一份会计表格，并投票支持一份来自投资者的咨询提案。

英伟达股东对公司的表现感到满意，并批准了一项名为“薪酬话语权”的非约束性投票。英伟达高管的薪酬由工资和各种限制性股票组成。根据该公司的年度文件，黄仁勋在公司2024财年获得了价值约3400万美元的薪酬，自2023年以来增长了60%。

股东们还投票重新选举了12名现任董事进入公司董事会，并批准普华永道为公司2025财年的独立注册会计师事务所。

投资者还批准了投资者John Chevedden提出的建议，要求董事会用简单多数投票标准取代超级多数投票规定。

竞争日益激烈

黄仁勋对公司取得的成就评论道，该公司在人工智能芯片方面的优势是由于10多年前的一次押注，主要集中在数十亿美元的人工智能投资和数千名工程师的团队上。

英伟达股价在过去一年里飙升了200%以上。华尔街一直被该公司在人工智能芯片市场的主导地位所吸引。英伟达最近以1:10拆股，估值超过3万亿美元，并一度成为市值最高的上市公司。

周三，黄仁勋回答的第一个问题是关于公司的竞争，传统芯片制造商和初创公司都在发布产品，试图挑战英伟达在人工智能芯片领域超过80%的市场份额。

在没有点名竞争对手的情况下，黄仁勋阐述了公司保持其地位的总体战略，他认为英伟达已经从之前的游戏业务“转型”为一家专注于数据中心的公司。该公司还在寻求为其人工智能创造新的市场，比如工业机器人，它的目标是与每一家电脑制造商和云提供商合作。

黄仁勋表示，其人工智能芯片提供了“最低的总拥有成本”，这表明虽然其他芯片可能更便宜，但考虑到它们的性能和运行成本，英伟达的芯片更经济。

黄仁勋表示，最终，英伟达已经实现了一个“良性循环”，这是科技行业的一个术语，指的是当一个平台拥有最多的用户时，这使它能够做出所需的改进，以吸引更多的用户。

黄仁勋表示：“NVIDIA平台在所有主要的云提供商和计算机制造商中都可以广泛使用，为开发者和客户创造了一个庞大而有吸引力的安装基础，这使我们的平台对我们的客户更有价值。”

Blackwell可能成为“最成功的产品”

“Blackwell架构平台可能是我们历史上最成功的产品，”黄仁勋在活动上表示，并补充道，它可能是计算机历史上最成功的产品。不过，黄仁勋并没有提到该公司的Blackwell何时上市，

分析人士称，英伟达于今年3月推出的Blackwell系统是“硅谷最雄心勃勃的项目”。

黄仁勋强调，Blackwell将被“所有主要的云服务提供商服务器制造商和领先的人工智能公司”所采用，包括$亚马逊 (AMZN.US)$、$谷歌-A (GOOGL.US)$、$Meta Platforms (META.US)$、$微软 (MSFT.US)$、ChatGPT制造商OpenAI、$特斯拉 (TSLA.US)$和马斯克的xAI。

英伟达在人工智能“下一波浪潮”中的角色

这位首席执行官还强调了英伟达在人工智能热潮中发展的机会，包括在机器人和主权人工智能领域。

“下一波人工智能浪潮将使价值50万亿美元的重工业实现自动化，”黄仁勋表示。

黄仁勋还指出，随着技术的进步，对主权人工智能的需求也在增加，该公司的地位也在上升。主权人工智能是一个国家利用自己的基础设施和数据生产人工智能的能力。

编辑/new

On Wednesday, Eastern Time,$NVIDIA (NVDA.US)$A shareholder meeting was held. As a leading company in the global AI chip market, Nvidia's stock price has continued to fall after becoming the highest market cap listed company in recent times, which has led CEO Huang Renxun's speech to receive widespread attention from the market. However, the entire meeting did not seem to provide much new information that investors were expecting, and the stock price fell by about 2% in post-market trading on Wednesday.

At NVIDIA's annual shareholders meeting, investors approved all four proposals put forward by the company, and Huang Renxun emphasized the company's new Blackwell platform, as well as the opportunities the company will gain with the development of artificial intelligence technology.

Approve executive compensation and other proposals.

Investors approved executive compensation, re-election of the board of directors, approved an accounting form, and voted in favor of a shareholder proposal.

The NVIDIA shareholders are satisfied with the company's performance and approved a non-binding vote called "Say on Pay". The executives' compensation at NVIDIA is composed of salary and various restricted stocks. According to the company's annual filing, Huang Renxun received about $34 million in compensation for the 2024 fiscal year, a 60% increase since 2023.

Shareholders also voted to re-elect 12 current board members to the company's board of directors and approved PwC as the independent registered public accounting firm for the company's 2025 fiscal year.

Investors also approved a proposal from investor John Chevedden, requiring the board of directors to use a simple majority voting standard instead of a supermajority voting requirement.

Competition is increasingly fierce.

Huang Renxun commented on the company's achievements, saying that the company's advantages in artificial intelligence chips were due to a bet more than 10 years ago, mainly focusing on billions of dollars in artificial intelligence investment and a team of thousands of engineers.

NVIDIA's stock price has soared by more than 200% in the past year. Wall Street has been attracted by the company's dominant position in the artificial intelligence chip market. NVIDIA recently split its stock 1:10, with a valuation of more than $3 trillion, and once became the company with the highest market value.

On Wednesday, Huang Renxun's first question was about the company's competition. Traditional chip makers and startups are launching products trying to challenge NVIDIA's dominance in the artificial intelligence chip field, with over 80% market share.

Without naming any competitors, Huang Renxun outlined the overall strategy for maintaining the company's position, stating that NVIDIA has "transformed" from its previous gaming business to a company focused on data centers. The company is also looking to create new markets for its artificial intelligence, such as industrial robots, and aims to collaborate with every computer maker and cloud provider.

Huang Renxun said that its artificial intelligence chips provide the "lowest total ownership cost," which means that although other chips may be cheaper, considering their performance and operating costs, NVIDIA's chips are more economical.

Huang Renxun said that NVIDIA has ultimately achieved a "virtuous cycle," an industry term that means when a platform has the most users, it allows it to make the necessary improvements to attract more users.

"The NVIDIA platform is widely used in all major cloud providers and computer manufacturers, creating a huge and attractive installed base for developers and customers, making our platform more valuable to our customers," said Huang Renxun.

"The Blackwell architecture platform may be the most successful product in our history," said Huang Renxun at the event, adding that it may be the most successful product in computer history. However, Huang Renxun didn't mention when the company's Blackwell will launch.

Analysts said the Blackwell system, launched by NVIDIA in March this year, was Silicon Valley's most ambitious project.

Huang Renxun emphasized that Blackwell would be adopted by "all major cloud service providers, server manufacturers, and leading artificial intelligence companies," including Amazon (AMZN. US), Google (GOOGL.US), Meta (META.US), Microsoft (MSFT.US), ChatGPT maker OpenAI, Tesla (TSLA.US), and Musk's xAI.

Huang Renxun emphasized that Blackwell will be adopted by "all major cloud computing service providers, leading server manufacturers and AI companies", including$Amazon (AMZN.US)$, $Alphabet-A (GOOGL.US)$, $Meta Platforms (META.US)$, $Microsoft (MSFT.US)$ChatGPT manufacturer OpenAI, and$Tesla (TSLA.US)$xAI, owned by Musk.

The role of Nvidia in the next wave of AI.

The CEO also emphasized Nvidia's opportunities in the AI boom, including in the field of robots and sovereign AI.

'The next wave of AI will automate heavy industries worth $50 trillion,' said Huang Renxun.

Huang Renxun also noted that as technology advances, the demand for sovereign AI is also increasing, and the company's position is rising. Sovereign AI is a country's ability to produce AI using its own infrastructure and data.

Editor/new

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