Dear Reader,
Nvidia is holding its annual stockholder meeting today.
For anyone who owns Nvidia shares or is looking to invest, this is a critical conference that will define the company's stock performance for the rest of 2024.
The meeting will be held virtually, allowing both stockholders and non-stockholders to participate. Key agenda items include voting on various company matters, and key presentations and discussions are expected to focus on Nvidia's recent innovations and strategic initiatives.
This includes advancements in AI, data centers, gaming, and professional visualization. The event will likely highlight Nvidia's growth areas such as AI computing, graphics processing, and cloud technologies.
Importantly, Nvidia will provide financial updates and future outlooks, including its strategic direction and business performance. This is a crucial opportunity for investors to gain insights into the company's future plans and ongoing projects.
Ahead of the meeting, Nvidia CEO Jensen Huang published a lengthy letter outlining the history of the company, chips, AI, and what the future holds for an AI-enabled world.
Here are some of the key highlights from the letter...
First, Huang makes a point to show just how much of the world's economy is reliant on Nvidia's computer chips. He writes, "Forty thousand companies have worked with Nvidia. There are now more than 3,300 GPU-accelerated applications. More than 18,000 startups are building on Nvidia."
Nvidia partners with nearly every single industry in the economy, including gaming, automotive, health care, shipping, manufacturing, and robotics.
And what's crazy is this is only the beginning...
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As AI and generative AI ramp up, Nvidia's business will only continue to drive revenue. Each industry the company touches represents billions of dollars. Huang writes, "Automotive has joined gaming as a multi-billion-dollar run rate business. Health care and robotics are additional multi-billion-dollar opportunities."
Huang talks at length about how generative AI, ChatGPT, and robotics will positively transform our economy.
It's a bit creepy how fast we're moving toward a world with integrated AI robots that use generative AI to learn human interaction.
Huang says, "Generative AI is the most transformative and consequential technology of our generation. Computers will understand people and the world and perform tasks that previously required human intelligence." I'm not so sure this always a good thing, so we must be careful not to let computers perform tasks that are good for humans to perform, like reading a writing. But, alas, he continues, "With generative AI, computers can augment and amplify humans to perform tasks with greater ease and speed, help us be more productive, and solve problems previously unimaginable."
Huang believes we are at the precipice of a new industrial revolution. He explains, "In the last industrial revolution, power generation plants produced electricity. In this new industrial revolution, Nvidia AI supercomputers are the AI factories that produce intelligence. Generative AI has enabled us to produce something completely new... Companies will operate a new type of facility, owned or rented, that produces AI to augment, accelerate, and amplify the productivity of their employees and business processes."
Again, I don't think we're prepared for the speed at which this new industrial revolution is taking place. Huang writes, "Generative AI models are increasing exponentially in scale, doubling about every six months. If it takes twice as much data to train models twice as large, compute intensity is growing at 4X every six months." That's an insane growth rate.
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Other highlights from the letter include extensive mentions of generative AI, chatbots, humanoid robots, and digital humans.
Huang mentions, "Hundreds of tech startups are partnering with Nvidia and using generative AI to revolutionize health monitoring, drug discovery, robotic surgery, and patient care. Generative AI will transform health care into one of the world's largest technology industries... Generative AI for computer- aided drug discovery is seeing broad adoption."
As for chatbots, right now, Huang says, "When you interact with a chatbot, which every application or service will integrate in the future, you are likely interacting directly with an Nvidia GPU in the cloud. In the future, our interactions with computers will be generated by AI specifically for that interaction rather than retrieved prerecorded text or content. Generative AI will let us reinvent how we interact with computers, and demand for GPUs will be massive."
He says that generative AI will create realistic and engaging game characters, or what he calls "digital humans." Not sure I like the sound of that...
Finally, for robotics he says, "Nvidia has dedicated nearly a decade to robotics AI and is excited to see it all come together. In time, humanoid and task-specific robots will be an industry larger than the auto and consumer electronics industries combined."
One thread that runs through the whole letter is the mention of AI-enabled chatbots.
Robots that you can talk to that learn your behavior.
This is clearly the way of the future.
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Stay frosty,
Alexander Boulden
Editor, Wealth Daily
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After Alexander's passion for economics and investing drew him to one of the largest financial publishers in the world, where he rubbed elbows with former Chicago Board Options Exchange floor traders, Wall Street hedge fund managers, and International Monetary Fund analysts, he decided to take up the pen and guide others through this new age of investing.
Alexander is the investment director of Insider Stakeout — a weekly investment advisory service dedicated to tracking the smartest money on the planet so that his readers can achieve life-altering, market-beating returns. He also serves at the managing editor for R.I.C.H. Report, a comprehensive service that uses the highest-quality investment research and strategies that guides its members in growing their wealth on top of preserving it.
Check out his editor's page here.
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