Nvidia's Blackwell Could Be 'Most Successful Product' in History, CEO Jensen Huang Says (2024)

Nvidia (NVDA) held its annual shareholder meeting on Wednesday, with investors approving all four proposals presented and CEO Jensen Huang highlighting the chipmaker's new Blackwell platform, as well as opportunities for the company to gain as artificial intelligence (AI) tech evolves.

Nvidia Shareholders Approve Executive Pay and Other Proposals

Investors approved executive pay, re-elected the board, ratified an accounting form, and voted in favor of an advisory proposal from an investor.

Nvidia reported CEO Jensen Huang earned $34.2 million in total compensation for fiscal year 2024, up nearly 60% from his pay in fiscal 2023. Since Nvidia's executive compensation structure is largely tied to performance, the stock's meteoric rise has boosted his compensation.

The stockholders also voted to re-elect 12 existing directors to the company's board and ratified PwC as the company's independent registered public accounting firm for fiscal 2025.

Investors approved an advisory proposal brought up by investor John Chevedden as well that requested the board replace super majority voting provisions with simple majority voting standards.

Blackwell Could Be 'Most Successful Product'

"The Blackwell architecture platform will likely be the most successful product in our history,” Huang said at the event, adding it may be the most successful product in the history of the computer.

Analysts have called Nvidia's upcoming Blackwell system, which was unveiled in March, the "most ambitious project in Silicon Valley."

Huang highlighted that Blackwell is set to be adopted by "every major cloud service provider server maker and leading AI companies," including Amazon (AMZN), Alphabet's (GOOGL) Google, Meta (META), Microsoft (MSFT), ChatGPT maker OpenAI, Tesla (TSLA), and Elon Musk's xAI.

Nvidia's Role in the 'Next Wave' of AI

The CEO used the gathering of Nvidia investors to highlight opportunities for the company to grow amid the AI boom, including in robotics and sovereign AI.

"The next wave of AI is set to automate the $50 trillion in heavy industries," Huang said, with robotics factories that "will orchestrate robots that build robots that build products that are robotic," and Nvidia set to benefit.

Huang also noted the company's position to gain as demand for sovereign AI, which is a nation's capability to produce AI using its own infrastructure and data, increases as the tech advances.

Nvidia shares were down 1.9% at $123.66around 3:15 p.m. ET Wednesday following the event, as Tuesday's rally lost steam.