Nvidia Corp (NVDA) June 24, 2026 Annual General Meeting Transcript

Good morning, and welcome to NVIDIA's 2026 annual meeting with stockholders. I'm Toshiya Hari, Vice President of Investor Relations and Strategic Finance. We are hosting a fully virtual annual meeting again this year. To help the meeting run smoothly, please follow the rules of conduct for the meeting posted on our virtual meeting website. Other members of NVIDIA's management who are on the line with me today are Jensen Wong, President, Chief Executive Officer, and Director, Colette Kress, Executive Vice President and Chief Financial Officer, and Timothy Teeter, Executive Vice President. Jenna would also like to introduce the outside members of our board who are in attendance.

Penj Cox, John Dabiri, Don Hudson, Harvey Jones, Melissa Laura, Steve Neal, Brooke Sewell, Artie Shaw, and Mark Stevens.

Finally, I would like to introduce Sarah Millard from PricewaterhouseCoopers, LLP, our independent registered public accounting firm. After the formal portion of the meeting and Jensen's business update, we will set aside some time for questions. I will now turn the meeting over to Tim.

Thanks, Tashia. Good morning and welcome to our 2026 annual meeting, which will now officially come to order. Jensen will serve as chairman, and I will serve as secretary and conduct the procedural portion of the meeting. First, a few housekeeping items. We have opened the online portal for stockholders to vote their shares, and I will make an announcement when the polls are about to be closed. Stockholders may ask questions during the meeting by entering them into the portal. As stated in our rules of conduct, the meeting is not to be used as a form to present views that are not directly related to our business, the business of the meeting, or for matters of individual concern. In fairness to all attendees, we will limit each stockholder to one question and may combine similar questions into a single response. After the conclusion of the meeting, we will publish the pertinent questions and our responses on our Investor Relations website. During this meeting, we may make forward-looking statements based on current expectations. These statements are subject to significant risks and uncertainties, and our actual results may differ materially. For a discussion of factors that could affect our future financial results in business, please refer to the reports we file with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. All of our statements are made as of June 24, 2026, based on information available to us as of today, and except as required by law, we assume no obligation to update them. We will address the matters described in our proxy statement dated May 12, 2026. Following Jensen's business update, the polls will be closed, will announce preliminary voting results, and then the official portion of the meeting will be adjourned. I have a complete list of the stockholders of record of NVIDIA's common stock on the April 27, 2026 record date for this meeting. I also have an affidavit from Broadridge certifying that they commenced the mailing of proxy materials on May 12, 2026. I am appointing Chris Woods of American Election Services, LLC, to act as the inspector of elections at this meeting. He will tally the final votes when balloting on all matters is completed. Chris has taken the customary oath of office, and we will file this oath with the records of the meeting. The presence, in person or by proxy, of a majority of the shares entitled to vote at the meeting will constitute a quorum. Chris has informed me that a quorum of stockholders is present to conduct today's meeting based on proxies received. If you are eligible to vote and have not submitted your proxy, or if you want to change your vote, please vote online now. You do not need to vote if you have already sent in your signed proxy or voted online or by telephone. Your votes will be counted automatically. The time is 9.04 a.m. Pacific Time, and the polls are currently open for voting. There are seven items of business for this meeting, three management proposals and four stockholder proposals. The management proposals are as follows. Proposal 1, the election of 10 nominees to serve as directors until our 2027 annual meeting. Proposal 2, the approval of the compensation of our named executive officers for fiscal 2026 as disclosed in our proxy statement. And Proposal 3, the ratification of PwC as our independent registered public accounting firm for fiscal 2027. The stockholder proposals are as follows. Proposal 4, a proposal to replace supermajority voting provisions in our charter and bylaws with a simple majority standard. Proposal 5, a proposal to evaluate and report on faith-based community resource groups. Proposal 6, a proposal to evaluate and report on civil rights and non-discrimination relating to DEI. And Proposal 7, a proposal to report and disclose greenhouse gas emissions from the use of the company's sold products. The Board recommends a vote for each of the three management proposals and against the four stockholder proposals. The proxy statement provides the company's responses to the stockholder proposals and explains why the Board recommends a vote against each stockholder proposal. We'll now ask each stockholder proponent to introduce their proposal. Each proponent will have three minutes to present. At this time, we would like to introduce John Chiveden to present Proposal 4.

Mr. Chiveden, you have three minutes. Please begin.

John Chiveden, Proposal 4, Majority Vote Standard, the proposal that won 99% NVIDIA shareholder support at the 2025 NVIDIA Annual Shareholder Meeting. Shows request that the Board of Directors take each step necessary so that each voting requirement in our targeting bylaws is explicit or implicit due to default to state law that calls for a greater than a simple majority vote be replaced by a requirement for a majority of the votes cast for and against proposals, or a simple majority. Shows are willing to pay a premium for shares of companies that have excellent corporate governance. The supermajority voting requirements, like those in NVIDIA, have been found to be one of six entrenching mechanisms that are negatively related to company performance according to what matters in corporate governance by Lucian Bebchek of the Harvard Law School. Supermajority requirements can be used to block proposals supported by most shareholders but opposed by management. The NVIDIA Board of Directors deserves to be harshly criticized for not supporting this proposal, and the chair of the NVIDIA Governance Committee, Mr. Stephen Neal, serves against votes for his lack of support for this proposal that won 99% shareholder support. This proposal first received outstanding 91% support at the 2024 NVIDIA annual shareholder meeting as a non-binding shareholder proposal. In response to the overwhelming 91% vote, NVIDIA put this proposal on the 2025 NVIDIA annual meeting ballot as a binding NVIDIA proposal. NVIDIA shareholders then gave 99% support to the NVIDIA proposal. However, this 99% support translated into 65% based on all NVIDIA shares outstanding, since so many NVIDIA shares did not vote, and this proposal needed 67% support based on all shares outstanding, whether or not NVIDIA shares voted. The first mistake by the NVIDIA Corporate Governance Committee, chaired by Mr. Neal, was not to make a slight extra effort to get more NVIDIA shares to vote in 2025 since the incoming votes were 99% in favor. In 2025, NVIDIA was apparently the company that did not care whether it's shareholders voted or not in order for NVIDIA to defeat its own proposal that was getting 99% shareholders' support. Now the absurd NVIDIA position is to not support this proposal, which received 99% support at the 2025 Annual Meeting. NVIDIA is throwing water in the face of its shoulders but not supporting a proposal that received 99% support at the 2025 NVIDIA Annual Meeting, and Mr. Neal does not deserve to be the NVIDIA Lead Director. Please vote for the proposal that received 99% support at the 2025 NVIDIA Annual Meeting. Majority vote standard proposal for it.

Thank you. At this time, we would like to introduce William Cunningham, who has provided a pre-recorded statement presenting Proposal 5, presented by Inspire Investing, an authorized representative of the proponent operator. Please begin the statement.

Hello, my name is Tim Schwarzenberger. I'm a portfolio manager and the director of corporate engagement at Inspire Investing. Inspire is the largest provider of Christian ETFs and represents William Cunningham, the filer of Proposal 5. Companies from American Express to Apple allow religious employees to form employee resource groups or community resource groups. Why? Because employees of faith are entitled to the same respect that other employees enjoy. They should be able to bring their whole selves to the company they work for. NVIDIA, one of the most innovative and ambitious companies in the world today, is no exception. nvidia ceo jensen wong has said that nvidia aims to quote be empathetic to the experience of all and act to make nvidia a place of opportunities end quote that commitment to equality and opportunity is an excellent goal but if everyone truly belongs then religious belief should be part of that vision nvidia has community resource groups for employees based on gender race, veteran status, but not faith. In its opposition statement to this proposal, NVIDIA notes that the company does not tolerate harassment or discrimination based on an employee's religion. But this response, essentially restating the basic standards set forth for workplaces under Title VII of the Civil Rights Act, is strange for a company that refers to other types of diversity as crucial to NVIDIA's mission of opportunity. The company has seen fit to extend resources to groups organized around race and gender. But when it comes to people of faith who make up the vast majority of American employees, they have to be content with baseline projections against harassment and discrimination. This is not about promoting any particular viewpoint. It is about neutrality. When companies allow some forms of identity-based organization, but not others, they risk creating the appearance of ideological favoritism. That is not a sound position for any company, either culturally or from a governance perspective. If NVIDIA aspires to be a place of opportunities, religious employees shouldn't be excluded from opportunities to organize in the workplace simply because they're religious. NVIDIA needs to ensure that its policies aren't biased against employees of faith, and allowing faith-based community resource groups is a great place to start.

Thank you.

Thank you.

At this time, we would like to introduce American Conservative Values ETF, who has provided a pre-recorded statement presenting Proposal 6, presented by Ridgeline Research, an authorized representative of the proponent.

Operator, please begin the statement.

Good morning, shareholders and board members. My name is William Flake, founder and CEO of Ridgeline Research, the investment advisor to the American Conservative Values ETF, ticker symbol ACVF, speaking on behalf of its shareholders. I'm here to present proposal number six, requesting a report on how Navidad's hiring and training policies affect employees and applicants across protected classes, particularly religious and political views and the risks they may create for the company this proposal is fundamentally about protecting shareholder value the video's workforce policies directly shape how employees are hired trained and promoted and whether the company is fostering a high performance culture grounded in meritocracy or unintentionally introducing internal division and undermining the cohesion cohesion and performance those policies are intended to support as well as creating legal and reputational risk today many companies the video includes have adopted hiring and training frameworks that emphasize identity based metrics commonly referred to DEI diversity equity and inclusion these approaches divide employees into categories that carry consequences research has found these frameworks can increase bias hostility and discrimination rather than reduce them. And at the same time, surveys show a majority of employees fear reprisal for expressing their religious or political views. These are not abstract concerns. They affect who applies to NVIDIA, who stays, and whether employees feel comfortable contributing fully, creating clear operational, reputational, and legal risk. And the risk is increasing. Changes in federal enforcement priorities under the Trump administration, including executive of action and agency guidance targeting potentially unlawful DEI policies have heightened scrutiny of the employment policies tied to protected characteristics, increasing the likelihood of investigation, litigation, and regulatory exposure. Management argues this report is unnecessary because NVIDIA complies with the law and maintains strong oversight, but their response misses the point, which is not why the policies exist, effective oversight of misguided policies does not eliminate risk. It may actually create risk. Because risks that are not fully understood cannot be effectively managed, and risks that are not managed can have real consequences for shareholders. And shareholders currently have no visibility into the impact of those policies. This proposal asks the board to conduct a focused evaluation and provide a report on how NVIDIA's hiring and training policies function in practice and to assess the operational and legal risks that may arise. It is a request for transparency. For these reasons, I urge your support for Proposal No. 6. Thank you.

At this time, we would like to introduce Green Century Capital Management and Mercy Investment Services, who have provided a prerecorded statement presenting Proposal 7.

Operator, please begin the statement.

My name is Giovanna Eichner. On behalf of Green Century Capital Management and Mercy Investment Services, I am presenting Proposal No. 7, asking NVIDIA to disclose greenhouse gas emissions from the use of its sold products. A warming climate has direct financial consequences for the broader economy and individual semiconductor companies. U.S. emissions have caused over $10 trillion in global economic damages since 1990. One-third of global semiconductor production will be reliant on materials threatened by climate disruption by 2035. At the same time, data centers' energy consumption is projected to grow nearly 15% per year from 2024 to 2030 and could emit up to an additional 44 million metric tons of carbon dioxide. NVIDIA recognizes the need to reduce emissions in its 2030 target to decrease the emissions intensity from use of its sold products. Nevertheless, NVIDIA does not report data on its use of sold products' emissions. Investors are thus unable to assess if NVIDIA has plans in place to progress towards its 2030 target and adequately respond to climate-related risks. By continuing to lag peer performance and investor expectations, the company exposes itself to competitive and reputational risks. NVIDIA faces competitive risk by failing to keep pace with peers' disclosures. Advanced Micro Devices, Intel, and Hawaii have long disclosed emissions from the use of sold products. NVIDIA's major customers, including Amazon, Google, Meta, and Oracle, have climate commitments, yet report increasing emissions. A 2025 survey from the Massachusetts Institute of Technology found that 70% of companies include sustainability criteria in supplier selection, and over half request emissions data. Without data on a significant emissions source, NVIDIA cannot demonstrate progress and may lose market share to competitors that better report and address their greenhouse gas emissions. Even more, NVIDIA's lack of action may push customers to develop proprietary technology that gives greater control and visibility into a company's energy use and emissions, a risk NVIDIA acknowledges by citing Alphabet, Amazon, and Microsoft as competitors in its 10K. NVIDIA's failure to report a substantial portion of its emissions also heightens reputational risk. In 2026, Pew Research Center reported that more Americans say data centers have a negative effect on the environment than a positive one. and local pushback canceled $41.7 billion in data center projects in the first three months of 2026. As scrutiny intensifies and projects are interrupted, comprehensive emissions disclosures would demonstrate accountability and help investors assess and manage risks to NVIDIA's profitability. Projected long-term efficiency gains from AI neglect the consequences of rapidly increasing emissions on NVIDIA's business and reputation in the near term and its current contribution to long-term systemic risk. By continuing to delay disclosure of material emissions, the company cannot demonstrate progress toward managing the financial risks of climate change and thus fall short of investor expectations. We therefore urge a four-vote on proposal number seven. Thank you.

As the company has not received notice from any of its stockholders of any other matter to be considered at today's meeting, no other proposals will be addressed. If you have not voted and intend to vote, or if you want to change your vote, please do so online now. Proxies, votes, or any changes or revocations submitted after the closing of the polls will not be accepted. I'll turn it over to Jensen for a business update, following which we will announce the preliminary results of the meeting, if available, and then answer stockholder questions.

This has been an extraordinary year for NVIDIA and for computing. Every 10 to 15 years, the computer industry resets. Mainframe to PC, PC to Internet, Internet to cloud, cloud to mobile cloud. This reset is bigger.

For 60 years, humans wrote software and computers executed instructions. That paradigm has changed. With AI, computers can understand, reason, plan, use tools, and do useful work.

A computer is no longer just a tool. In the age of AI, it is an assistant that uses tools. And by extension, the data center is no longer a tool shed.

It is an AI factory of digital assistants and infrastructure for producing digital intelligence. NVIDIA is building the computing infrastructure for this new era. Two years ago, generative AI captured the world's attention. ChatGPT could write, draw, summarize, and answer questions. Then reasoning AI learned to think through problems. Agentic AI has now arrived. Agents can use tools, access memory, write code, call other agents, test results, and keep working until the job is done. Software coding is the first major enterprise breakout use case.

This is important. AI is now useful. When AI does useful work, tokens become valuable, and when tokens become profitable, demand for compute accelerates.

Look at the evidence. GitHub developers merged 300 million pull requests in 2023. $400 million in 2024, and $500 million in 2025. A clear steady climb.

But in the first few months of 2026, the pace nearly tripled.

Clearly, what that means, clearly, clearly, 30 million software developers earn roughly $3 trillion in salary each year, and their work underpins $100 trillion of global economic activity. With agents, that same workforce is now generating nearly $9 trillion of output, $6 trillion more. Coding is only one of the demand drivers. Useful AI has arrived.

The ROI question of AI has been answered, and every industry is racing to adopt agentic AI. NVIDIA revenue grew 65% to $216 billion.

Operating income rose 60% to $130 billion. Diluted EPS increased 67% to $4.90. We generated $103 billion in operating cash flow and returned $41 billion to shareholders. Data center revenue of $194 billion increased 68%. Blackwell has significantly broadened NVIDIA's infrastructure footprint across a diverse set of hyperscalers, cloud, AI lab, industrial enterprise, and sovereign customers. Model builders and hyperscalers have each cumulatively deployed hundreds of thousands of Blackwell GPUs. AI factory build-outs continue to rapidly expand across major industries. Companies like Capital One, Hyundai Motor Group, Jane Street, and Lilly are scaling NVIDIA infrastructure to deploy AI. International revenue more than tripled to over $30 billion. Nearly 40 countries representing $50 trillion in GDP are building AI factories powered by NVIDIA infrastructure.

AI infrastructure is no longer experimental. It is in production. AI is more than a model. It's a new industry.

You can think of it as a five-layer cake. Energy, chips and systems, infrastructure, models and applications. Traditional data centers store and serve files. AI factories manufacture tokens. Tokens become code, answers, designs, actions and services. Useful AI is profitable. Every token is a unit of profit, and that is why demand for compute is extraordinary. Customers are not buying computers. They're building revenue-generating AI factories. The architecture of the factory matters. The question is how much revenue the factory can produce and at what cost. Inference is the process of generating tokens, and NVIDIA Blackwell sets the standard. In Semi-Analysis Inference X benchmark, Blackwell is recognized as the inference king, delivering the lowest cost per token and 30 times higher token throughput than the next best platform. This is why architecture is critical. NVIDIA systems may not be the cheapest to produce, to purchase, but NVIDIA generates the lowest cost tokens, the highest token throughput, and the most revenues.

Vera Rubin is the next step. Hopper was built for pre-training. Blackwell brought inference to RackScale.

Vera Rubin is built for agents. Agentic AI changes the computing pattern. Agents think, use tools, access databases, retrieve memory, execute code, and call applications repeatedly until the task is done. Large language models on GPUs drive the thinking, and the CPUs must keep up. If the CPU becomes a bottleneck, the GPUs sit idle. And in an AI factory, idle GPUs are lost revenue. That is why Vera matters. Vera is the CPU for agents. Rubin is the GPU for thinking. NVLink, Spectrum X, storage, and security on Bluefield, and software brings the systems together. NVIDIA, in fact, is the only company with three networking businesses. NVLink's scale-up connects the GPUs in a rack into one giant computer. Spectrum X is the Ethernet built for AI. It scales out and across AI factories, and it is now larger than all other Ethernet networking peers combined. InfiniBand provides the lowest latency network for the world's largest AI and scientific systems. Together, they enable optimization of the AI factory from the GPU to the rack, across the data center, and across data centers. Verirubin is not a chip. It is an AI factory platform, and the ecosystem is already moving. Verirubin is in full production, and every major model builder, public cloud, AI cloud, and hyperscaler is preparing to build on it.

Vera opens an entire new market. Until now, every CPU was built for people.

We live in a world measured in seconds. Agents live in a world measured in nanoseconds. Every moment a CPU keeps an agent waiting is a moment the most expensive thing in the building, the GPUs, sits idle. So we built a brand new CPU from the ground up for agents. This is a new market. CPUs for humans were sliced and rented per core. Agents don't rent cores, but demand ultra-fast responses. There will be billions of agents, and they will need a CPU built for them. We believe Vero will be one of the most significant product launches in our company's history, and the orders are already coming in.

CUDA is one of the most important investments we have ever made.

For 20 years, we've been dedicated to one architecture for accelerated computing. The install base attracts developers. Developers create breakthrough applications. Applications create new markets. New markets expand the install base. That flywheel is accelerating. CUDAX is the library stack built on top of CUDA. These libraries are the crown jewels of NVIDIA. They solve some of the hardest problems in science and industry, computational lithography, optimization, genomics, physics, data processing, robotics, AI, radio networks, and more.

Now these libraries are becoming tools for agents.

This week, we announced Bionema, a suite of digital biology and drug discovery tools for agents. NVIDIA is vertically integrated and horizontally open We build the full stack so that we can optimize the system end to end Then we open it so the whole industry can build on it Our business is broad and becoming more diverse To make it easier to understand our business We now describe NVIDIA through two market platforms Data Center and Edge Computing In data center, we serve two markets, hyperscale and what we call AC or AI cloud, industrial and enterprise, two markets. Our customer base is diverse and growing. Edge computing includes PCs, workstations, gaming, AI-based stations, robotics, and automotive. The reason we can serve all these markets is because we have one architecture, one software stack, and a rich ecosystem.

Physical AI is the next wave of growth for NVIDIA.

Physical AI is agentic AI in the real world. Robots, cars, and factories will perceive, reason, plan, and operate in dynamic environments. NVIDIA pioneers this field and builds the full loop. AI factories train models. Omniverse simulates them in virtual worlds. NVIDIA, Jetson computers, operate in the robot. And Cosmos is the world foundation model that powers it all. Robots and robotic systems are being built across industries from transportation, manufacturing, surgical robotics, to hospitality service. The last several months have seen tremendous acceleration in AI. Let me leave you with this.

Useful AI has arrived, and it is profitable. And so, compute is revenue. Vera Rubin is in full production.

Vera is opening a brand-new CPU market built for agents. And every enterprise is becoming an agent company. and they run on NVIDIA. The age of AI is moving at full steam, and NVIDIA is building the infrastructure to power. As we grow, we will continue to scale R&D, invest in our ecosystem, and return capital to shareholders. We recently announced a significant increase in our dividend and stock buyback program.

We plan to return 50% or more of our free cash flow to shareholders this year, next year, and beyond. Thank you.

Thanks, Jensen. The time is 9.33 a.m. Pacific time, and the polls are now closed. Based on preliminary voting results, the Inspector of elections has confirmed that all 10 nominees have received the requisite number of votes to be re-elected as directors of the company, and proposals 2 and 3 have been approved. Proposal 4 to replace supermajority voting provisions in our charter and bylaws with a simple majority standard has been approved. Proposals 5, 6, and 7 have not been approved. The final vote results are not yet available to us, but will be published in a Form 8K, which we expect to file with the SEC within four business days. That concludes the formal portion of today's annual meeting, and I now declare the official portion of the meeting adjourned. I'll turn it over to Shia for stockholder questions.

Thanks, Tim. We'll now move to Q&A. We grouped together duplicative questions that we received to streamline the discussion. Question one, how sustainable is the current AI infrastructure build-out? At what point did the principal drivers of your business mature and grow slow?

As I mentioned during my presentation, AI is more than a model. It represents a fundamental shift in computing. For the first time in 60 years, computing is being reinvented from largely retrieving, storing, and sending information to generating intelligence with AI. Tokens are the fundamental unit of intelligence. They're manufactured in a new type of data center called an AI factory and monetized to generate revenue. The more compute, the more tokens, the more revenue. This build-out will be measured in decades, similar to other essential infrastructure initiatives, including the electric grid, transportation systems, and the internet. We believe this will become the largest infrastructure build-out in human history. Agentec AI is accelerating infrastructure investments, as for the first time, AI is doing real work and creating real economic value. As organizations seek to manufacture intelligence at scale, demand for AI factories will extend far beyond today's clouds. to enterprises, sovereign nations, and regional AI clouds. NVIDIA has uniquely enabled and uniquely enables AI factory build-outs with our full-stack end-to-end co-designed infrastructure and a large ecosystem of partners supporting these initiatives. The next major leg of growth is physical AI, which is only beginning. Over time, AI will move beyond the digital world into robo-taxis, humanoid robots, and industrial systems, enabling these machines to perceive, reason, and act with agency in the physical world.

Powering physical AI will require a new wave of infrastructure investment.

Here, NVIDIA provides AI infrastructure, omniverse simulation, and digital twin platforms, open models, Jetson-Thor embedded compute, and software stacks to develop and deploy physical AI at scale. We have a long runway of growth ahead of us.

As GPUs now power the majority of training, how confident is NVIDIA that the GPU architecture remains the preferred platform for inference at scale?

NVIDIA is indeed excellent at training. With Blackwell, we also established leadership for inference. Inference is monetizing AI. Because data centers are power limited, their token throughput and revenue potential are defined by the AI infrastructure's performance per watt. In semi-analysis inference X benchmarks, Blackwell was declared the inference king, delivering the best performance per watt, the lowest cost token, and 30 times higher token throughput. In the latest round of MLPerf inference benchmarks, we delivered our seventh consecutive win. And for AI agents, artificial analysis new agent perf results showed Grace Blackwell 300, MVLink 72 systems, run up to 20 times more agents per megawatt compared to Hopper. Its superior performance is the culmination of NVIDIA's extreme co-design across chips, systems, algorithms, and software. NVIDIA AI infrastructure delivers the best performance and, therefore, the best inference economics. But our advantage extends beyond our leading performance. Our large install base enables developers to reach the greatest number of AI users. NVIDIA's programmable GPU architecture runs over 7,000 applications, giving cloud customers the greatest revenue opportunity and potential for financing an offtake. For enterprises and sovereigns, NVIDIA offer unmatched deployment flexibility, the broadest set of leaderboard open models for custom AI, and the industry's deepest IT ecosystem support. Today, the vast majority of NVIDIA's compute footprint is used for inference, And we are favorably positioned to expand our share, as we demonstrate with our recent announcements with Anthropic and Apple.

Is supporting frontier systems worth the national security and reputational risk?

NVIDIA has long been a leading American innovator for over three decades and is a core part of the United States' AI and semiconductor industrial base. For over a decade, NVIDIA designed, built, and delivered the first AI supercomputer to American AI researchers, and since that time has remained dedicated to keeping American researchers, academics, startups, and businesses at the frontier of AI. America's safety, security, and prosperity depend on leadership across all five layers of the AI stack, from energy, chips, infrastructure, models, to applications. Supporting frontier systems strengthen that leadership, creates high-skilled American jobs, helps re-industrialize our nation, and reinforces both economic and national security. America's technology leadership is one of our national treasures. NVIDIA is proud to be one of its core pillars. We are an American company building American technology, investing in American workers, and supporting a broader industrial base that helps ensure that the United States, not strategic competitors, shapes the future of AI. AI is a once-in-a-generation opportunity to re-industrialize America with chips and systems manufacturing, bring back advanced manufacturing jobs, upgrade our aging power grid, and invest in sustainable energy. Because of AI, we have the profits and scale to invest in partners such as Intel, Micron, TSMC, Wishtron, Foxconn, Amcor, Marvell, Corning, Coherent, and Lumentum, all of which are hiring and building factories in the United States to support NVIDIA's business and the broader AI ecosystem. This deep, U.S.-anchored ecosystem enhances supply chain resilience and supports long-term value creation for our shareholders. In the energy sector, companies such as Caterpillar, GE Vernova, and Vertiv, along with partners in nuclear and renewable energy, we're working with them to enhance America's power generation and grid capabilities. This build-out of resilient, modern infrastructure is essential to enable America to lead this next industrial revolution and to ensure that our AI infrastructure is secure, reliable, and domestically anchored.

Is NVIDIA concerned that its products reach restricted or adversary end users through diversion?

National security is first and foremost. Where commercial opportunities conflict with U.S. national security, national security comes first. NVIDIA complies with U.S. export controls and is prepared to accept commercial restrictions where required by law or policy. We are committed to compliance with all U.S. laws and work in collaboration with the entire AI ecosystem and the U.S. government. The company sells data center GPUs to well-known, large-scale customers such as original equipment manufacturers, hyperscalers, and cloud service providers. We work with our partners' legal and compliance teams and coordinate with law enforcement to ensure compliance with all regulations. Our compliance efforts have repeatedly stopped would-be smugglers who risk prosecution on both sides of the globe. Moreover, advanced AI data centers are massive, integrated systems that require trusted hardware, software, networking, and continuing support. Trying to cobble together data centers with smuggled products is a dead end. Building them out of contraband would be extremely difficult, and we do not provide any support or repairs for restricted products.

Why have NVIDIA offered opinions to the U.S. government regarding export controls? Is there a formal plan in place for selling data center compute to the China market?

As an American company, NVIDIA has an obligation to help our government promote national security, economic security, and sustained leadership of America's technology industry. We believe these goals can be achieved together through strong, balanced policies that both protect sensitive information and technologies and preserve U.S. leadership. National security is foremost. Our government counts on America's innovators and private corporations to deliver prosperity, create high-paying jobs, and provide tax revenue that supports the national defense and supports essential government services. The United States will only maintain its edge in AI if government, industry, and researchers work together. Our role is to contribute our expertise so that policymakers can design strong, effective rules that keep the U.S. ahead of strategic competitors. Real-time information regarding advanced technologies, the AI ecosystem, and emerging competition is essential to policymakers. As a leading provider of AI platforms. We assist the U.S. government wherever we can. For shareholders, constructive engagement with policymakers is a way to reduce regulatory uncertainty, support stable long-term investments in AI infrastructure, and position NVIDIA as a trusted long-term partner to the U.S. government. While the U.S. government has approved licenses of H-200s to be shipped to China-based customers, We have yet to generate any revenue, and we are uncertain whether any imports will be allowed into the country.

Can you provide an update on your capital return policy? What should we expect in terms of dividends and share of purchases?

NVIDIA offers investors a unique combination of exceptional growth, strong margin and free cash flow execution, and rising capital returns. On our recent earnings call, we announced a 25x increase in our quarterly dividend and authorized an additional $80 billion in share repurchases. Supported by our conviction in sustainable market growth and free cash flow generation, we plan to return 50% or more of our free cash flow this year, next year, and beyond, growing both our share repurchases and dividend over time.

Our program has now concluded.

A copy of this webcast will be available online on our website through June 24, 2027. We look forward to another great year at NVIDIA. Thank you for attending and for your continued support. Our 2026 annual meeting is now closed.

The meeting has now concluded. Thank you for joining and have a pleasant day.