Nvidia AGM: Shareholders approve CEO Jensen Huang's $34 million pay package, re-election of 12 board directors

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Also Read: Salesforce challenger Creatio achieves $1.2 bln 'unicorn' status with fundraisingNvidia’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.Read here: Nvidia share price jumps 7%, bounces back after $430 billion market dipThe 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.Read here: Nvidia profit soars over 600%, shares top $1,000: From 10:1 stock split to dividend – key highlights from resultsNvidia 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.