Nvidia Corp - NVDA STOCK NEWS

NVIDIA will host a conference call on August 19, 2020, at 2 p.m. PT to discuss its financial results for Q2 FY2021, ending July 26, 2020. The call will be available via webcast and will include a session for financial analysts and institutional investors. Written commentary from the CFO will be released at approximately 1:20 p.m. PT on the same day. The recorded webcast will remain accessible until the following quarterly earnings call. NVIDIA is a leader in GPU technology and has been pivotal in advancing AI and parallel computing.

NVIDIA has appointed John Dabiri to its board of directors, expanding the board to 12 members. Dabiri, a professor at the California Institute of Technology, brings extensive academic credentials, with a focus on fluid mechanics, energy, and environment. He has previously worked at Stanford University and has received numerous accolades, including a MacArthur Fellowship and a Presidential Early Career Award. CEO Jensen Huang highlighted Dabiri's potential to add unique insights beneficial for industries in fundamental sciences.

NVIDIA and Mercedes-Benz have announced a partnership to develop a groundbreaking in-vehicle computing system and AI infrastructure, set to launch in 2024. This cooperation aims to integrate advanced automated driving functionalities into future Mercedes-Benz vehicles through the NVIDIA DRIVE platform. Features include the ability to automate regular driving routes and over-the-air updates for continuous enhancements. The platform will utilize the new NVIDIA Orin system-on-a-chip, leveraging the NVIDIA Ampere architecture to enable SAE level 2-4 automated driving capabilities.

NVIDIA has partnered with top server manufacturers to launch over 50 A100-powered systems, designed to meet complex demands in AI and data science. With a significant performance boost of up to 20x over previous models, the A100's innovative features include multi-instance GPU technology. 30 systems are anticipated this summer, with an additional 20 by year-end. Major vendors like Dell, Cisco, and Lenovo plan to integrate these GPUs into their offerings, ensuring diverse solutions for high-performance computing needs.

NVIDIA announced its 2020 Annual Meeting of Stockholders, to be held online on June 9, 2020, at 11 am PT. Stockholders can attend virtually at www.virtualshareholdermeeting.com/NVIDIA2020 using their control numbers to vote and ask questions. Non-stockholders can also register to attend. The agenda is detailed in the Proxy Statement filed with the SEC on April 29, 2020, accessible at www.nvidia.com/proxy. A replay of the meeting will be available until June 23, 2020.

NVIDIA has announced a quarterly cash dividend of $0.16 per share, scheduled for payment on June 26, 2020. Shareholders of record as of June 5, 2020 will be eligible to receive this dividend. This marks NVIDIA's ongoing commitment to returning value to its investors amidst the company's innovations in GPU technology, which have significantly impacted the gaming and AI industries. The press release also emphasizes the forward-looking nature of these statements and notes various risks, including economic and technological uncertainties that could affect future performance.

NVIDIA reported a Q1 FY21 revenue of $3.08 billion, marking a 39% increase year-over-year but a 1% decline from the previous quarter. The company achieved a record Data Center revenue of $1.14 billion, up 80% year-over-year. GAAP earnings per diluted share rose to $1.47, illustrating a 130% year-over-year increase. NVIDIA completed the acquisition of Mellanox Technologies for $7 billion and remains committed to quarterly dividends while evaluating share repurchases due to market uncertainties.