NVIDIA Shareholders' Meeting

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NVIDIA Annual General Meeting

At 00:00 Beijing time on June 25, NVIDIA will officially hold its 2026 Annual Shareholders' Meeting.Live coverage will be simultaneously broadcast on Niu Niu Circle!

Looking back at last year’s shareholder meeting, market focus centered onHopper chip supply and demandandBlackwell capacity planning. Jensen Huang emphasized during the meetingindustrial AIprospects, effectively alleviating institutional concerns about demand peaking, and successfully securing approval for the executive compensation proposal and board re-election, thereby stabilizing the stock's fundamental outlook thereafter.

Recently, NVIDIA’s biggest highlight has undoubtedly been its newly launched Vera architecture AI server processor.

This in-house CPU, specifically designed for 'Agentic AI' and hyperscale AI cluster orchestration, is not just a 'standalone CPU,' but also serves as the central orchestration hub of NVIDIA’s 'Vera Rubin' AI supercomputing platform.The platform is jointly composed of the Vera CPU and Rubin GPU,The supply chain expects it to begin official shipments in the second half of 2026. The market is closely watching its mass production progress and whether it can become a new growth driver following Blackwell.

Blackwell chip ramp-up and supply chain bottlenecks

Currently, the market’s most immediate focus remains on the production ramp-up progress of NVIDIA’s current flagship Blackwell architecture (and Blackwell Ultra) chips, as well as the development and mass production timeline for the next-generation Rubin architecture.

Investors urgently need confirmation on whether mass production of the B200 and GB200 server clusters is proceeding smoothly, as this will directly determine the company’s revenue elasticity and delivery capability in the second half of the year.

Supply chain recovery progress is a key technical focus of this conference. The market is highly attentive to Taiwan Semiconductor’s allocation of CoWoS advanced packaging capacity and whether supply chain bottlenecks related to the new liquid-cooling thermal components have been effectively resolved—factors critical to enabling smooth, large-scale Blackwell deliveries.

Moreover, hyperscalers’ continued orders for Blackwell are central. Shareholders hope management’s guidance will validate the return on AI capital expenditures from the big four North American cloud providers, thereby assessing how long the demand boom for computing infrastructure can last.

Commercialization Path for AI Agents and Vera Processors

In terms of long-term valuation logic, the newly launched Vera architecture processor has become key to breaking through the 'compute ceiling.'

This processor, serving as the central hub of the 'Vera Rubin' platform, is seen as NVIDIA’s strategic leap from a pure GPU supplier to a full-stack computing powerhouse, significantly highlighting its strategic position within a full-stack AI factory.

Investors are closely tracking the commercialization timeline for the Vera processor. With the shipment window in the second half of 2026 approaching, customer commitments and shipment guidance regarding this chip at the shareholder meeting will directly shape long-term investors’ sentiment.

Beyond hardware, software monetization in the era of AI agents is equally important. Investors are focused on the ecosystem progress of NVIDIA’s NIM (inference microservices) and Omniverse platforms. Whether an integrated hardware-software closed ecosystem can create a deeper moat is central to justifying its high valuation multiples.

Capital Return Plans for Massive Cash Flows

With the large-scale global deployment of Hopper and Blackwell chips, NVIDIA’s gross margin and free cash flow have reached historic highs.

How efficiently to deploy this enormous cash reserve on its balance sheet has become the most pragmatic expectation from capital markets at this shareholder meeting.

Given that NVIDIA has previously obtainedSubstantialThe share repurchase authorization and a significant dividend increase have drawn intense attention from both institutional and retail investors to whether the board will further expand its share buyback program under the existing authorization. At this sensitive time when the stock price is relatively high, a stronger buyback commitment is typically viewed by the marketasmanagement's confidence in future growtha potential signal of。

Meanwhile, whether the quarterly dividend policy will see a meaningful increase is also a key indicator of balanced shareholder returns. Investors hope the company can convey a strong signal of exceptional financial stability through a more aggressive dividend policy, even as it ramps up R&D investment and maintains its technological leadership.

What kind of order and demand signals Jensen Huang will release at the upcoming shareholder meeting will be a key focus for Wall Street.Be sure to tune in to our live coverage.

Fellow investors, don’t miss it—reserve your spot now to watch NVIDIA’s pivotal moment!

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