NVIDIA (NASDAQ: NVDA) today reported revenue for the third quarter
ended Oct. 27, 2019, of $3.01 billion compared with $3.18 billion a
year earlier and $2.58 billion in the previous quarter.
GAAP earnings per diluted share for the quarter were $1.45,
compared with $1.97 a year ago and $0.90 in the previous quarter.
Non-GAAP earnings per diluted share were $1.78, compared with $1.84
a year earlier and $1.24 in the previous quarter.
“Our gaming business and demand from hyperscale customers
powered Q3’s results,“ said Jensen Huang, founder and CEO of
NVIDIA. “The realism of computer graphics is taking a giant leap
forward with NVIDIA RTX.
“This quarter, we have laid the foundation for where AI will
ultimately make the greatest impact. We extended our reach
beyond the cloud, to the edge, where GPU-accelerated 5G, AI and IoT
will revolutionize the world’s largest industries. We see strong
data center growth ahead, driven by the rise of conversational AI
and inference.”
NVIDIA will pay its next quarterly cash dividend of $0.16 per
share on Dec. 20, 2019, to all shareholders of record on Nov. 29,
2019.
The company will return to repurchasing its stock after closing
the acquisition of Mellanox Technologies, Ltd. Although
discussions with the European Union and China regulatory bodies are
progressing and closing the acquisition is possible by the end of
this calendar year, the company believes the closing will likely
occur in the early part of calendar 2020.
Q3 Fiscal 2020 Summary
GAAP |
($ in millions, except earnings per share) |
Q3 FY20 |
Q2 FY20 |
Q3 FY19 |
Q/Q |
Y/Y |
Revenue |
$3,014 |
$2,579 |
$3,181 |
Up 17% |
Down 5% |
Gross margin |
63.6% |
59.8% |
60.4% |
Up 380 bps |
Up 320 bps |
Operating expenses |
$989 |
$970 |
$863 |
Up 2% |
Up 15% |
Operating income |
$927 |
$571 |
$1,058 |
Up 62% |
Down 12% |
Net income |
$899 |
$552 |
$1,230 |
Up 63% |
Down 27% |
Diluted earnings per share |
$1.45 |
$0.90 |
$1.97 |
Up 61% |
Down 26% |
|
|
|
|
|
|
Non-GAAP |
($ in millions, except earnings per share) |
Q3 FY20 |
Q2 FY20 |
Q3 FY19 |
Q/Q |
Y/Y |
Revenue |
$3,014 |
$2,579 |
$3,181 |
Up 17% |
Down 5% |
Gross margin |
64.1% |
60.1% |
61.0% |
Up 400 bps |
Up 310 bps |
Operating expenses |
$774 |
$749 |
$730 |
Up 3% |
Up 6% |
Operating income |
$1,156 |
$802 |
$1,210 |
Up 44% |
Down 4% |
Net income |
$1,103 |
$762 |
$1,151 |
Up 45% |
Down 4% |
Diluted earnings per share |
$1.78 |
$1.24 |
$1.84 |
Up 44% |
Down 3% |
|
|
|
|
|
|
NVIDIA’s outlook for the fourth quarter of fiscal 2020 does not
include any contribution from the pending acquisition of Mellanox
and is as follows:
- Revenue is expected to be $2.95 billion, plus or minus 2
percent. Strong sequential growth is expected in Data Center,
offset by a seasonal decline in GeForce® notebook GPUs and SoC
modules for gaming platforms.
- GAAP and non-GAAP gross margins are expected to be 64.1 percent
and 64.5 percent, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be
approximately $1.02 billion and $805 million, respectively.
- GAAP and non-GAAP other income and expense are both expected to
be income of approximately $25 million.
- GAAP and non-GAAP tax rates are both expected to be 9 percent,
plus or minus 1 percent, excluding any discrete items. GAAP
discrete items include excess tax benefits or deficiencies related
to stock-based compensation, which are expected to generate
variability on a quarter by quarter basis.
Highlights
Since the end of the second quarter of fiscal
2020, NVIDIA has achieved progress in these areas:
Gaming
- Announced with Microsoft that Minecraft, the world’s most
popular computer game, will feature ray tracing.
- Announced SUPER versions of GeForce GTX TM GPUs with GeForce
GTX 1650 SUPER, and GeForce GTX 1660 SUPER, successor to GeForce
GTX 1060, the world’s best-selling GPU.
- Introduced the RTX Broadcast Engine, which uses the AI
capabilities of GeForce RTX GPUs to enable virtual greenscreens,
filters and AR effects in livestreaming.
- Announced two new models of the SHIELD TV streaming media
player, which bring unmatched levels of home entertainment, gaming
and AI capabilities to the living room.
- Expanded the reach of GeForce NOW TM game streaming, with
the service announced by Taiwan Mobile and Russia’s Rostelcom with
GFN.ru, which joined Korea’s LG U+ and Japan’s SoftBank.
Data Center
- Launched the NVIDIA® EGX Intelligent Edge Computing Platform to
bring accelerated AI to retail, manufacturing, telecommunications,
logistics and other industries, with Walmart, BMW, NTT East,
Procter & Gamble and Samsung Electronics among early
adopters.
- Collaborated with Microsoft to provide an optimized
hybrid-cloud platform combining Microsoft Azure software with
NVIDIA EGX powered by NVIDIA T4 GPUs to address edge-computing
demand.
- Entered the 5G telecom market, enabling telcos to build
high-performing, efficient, virtualized 5G radio access networks
using GPUs, in collaboration with Ericsson.
- Announced a collaboration with Red Hat to deliver
software-defined 5G RAN using Red Hat OpenShift and GPU-accelerated
servers.
- Won the first inference benchmark, MLPerf Inference 0.5,
measuring AI workload performance in data centers and at the
edge.
- Partnered with VMware to accelerate VMware Cloud on AWS using
NVIDIA T4 GPUs and introduced the new NVIDIA vComputeServer
software for enterprises to run AI workloads on GPU servers in
virtualized environments.
- Announced that the United States Postal Service will use NVIDIA
AI technology to improve its package data-processing
efficiency.
Professional Visualization
- Announced that more than 40 creative and design applications,
including three from Adobe -- Adobe Dimension, Substance Alchemist
and Premiere Pro -- are now accelerated by RTX ray tracing.
Edge Computing
- Introduced Jetson Xavier™ NX, the world’s smallest, most
powerful AI supercomputer for robotic and embedded computing
devices at the edge.
CFO Commentary
Commentary on the quarter by Colette Kress,
NVIDIA’s executive vice president and chief financial officer, is
available at http://investor.nvidia.com/.
Conference Call and Webcast
Information
NVIDIA will conduct a conference call with analysts and
investors to discuss its third quarter fiscal 2020 financial
results and current financial prospects today at 2:30 p.m. Pacific
time (5:30 p.m. Eastern time). A live webcast (listen-only mode) of
the conference call will be accessible at NVIDIA’s investor
relations website, http://investor.nvidia.com. The webcast will be
recorded and available for replay until NVIDIA’s conference call to
discuss its financial results for its fourth quarter of fiscal
2020.
Non-GAAP Measures
To supplement NVIDIA’s Condensed Consolidated Statements of
Income and Condensed Consolidated Balance Sheets presented in
accordance with GAAP, the company uses non-GAAP measures of certain
components of financial performance. These non-GAAP measures
include non-GAAP gross profit, non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP income from operations, non-GAAP other
income (expense), non-GAAP income tax expense, non-GAAP net income,
non-GAAP net income, or earnings, per diluted share, non-GAAP
diluted shares, and free cash flow. In order for NVIDIA’s investors
to be better able to compare its current results with those of
previous periods, the company has shown a reconciliation of GAAP to
non-GAAP financial measures. These reconciliations adjust the
related GAAP financial measures to exclude stock-based compensation
expense, legal settlement costs, restructuring and other,
acquisition-related and other costs, gains and losses from
non-affiliated investments, interest expense related to
amortization of debt discount, and the associated tax impact of
these items, where applicable. Free cash flow is calculated as GAAP
net cash provided by operating activities less purchase of property
and equipment and intangible assets. NVIDIA believes the
presentation of its non-GAAP financial measures enhances the user’s
overall understanding of the company’s historical financial
performance. The presentation of the company’s non-GAAP financial
measures is not meant to be considered in isolation or as a
substitute for the company’s financial results prepared in
accordance with GAAP, and the company’s non-GAAP measures may be
different from non-GAAP measures used by other companies.
NVIDIA
CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
(In millions, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
October
27, |
|
October
28, |
|
October
27, |
|
October
28, |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,014 |
|
|
$ |
3,181 |
|
|
$ |
7,813 |
|
|
$ |
9,511 |
|
Cost of revenue |
|
1,098 |
|
|
|
1,260 |
|
|
|
3,060 |
|
|
|
3,547 |
|
Gross profit |
|
1,916 |
|
|
|
1,921 |
|
|
|
4,753 |
|
|
|
5,964 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Research and development |
|
712 |
|
|
|
605 |
|
|
|
2,091 |
|
|
|
1,729 |
|
|
Sales, general and administrative |
|
277 |
|
|
|
258 |
|
|
|
806 |
|
|
|
725 |
|
|
|
Total operating expenses |
|
989 |
|
|
|
863 |
|
|
|
2,897 |
|
|
|
2,454 |
|
Income from operations |
|
927 |
|
|
|
1,058 |
|
|
|
1,856 |
|
|
|
3,510 |
|
|
Interest income |
|
45 |
|
|
|
37 |
|
|
|
137 |
|
|
|
94 |
|
|
Interest expense |
|
(13 |
) |
|
|
(15 |
) |
|
|
(39 |
) |
|
|
(44 |
) |
|
Other, net |
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
12 |
|
|
|
Total other
income (expense) |
|
32 |
|
|
|
23 |
|
|
|
98 |
|
|
|
62 |
|
Income before income tax |
|
959 |
|
|
|
1,081 |
|
|
|
1,954 |
|
|
|
3,572 |
|
Income tax expense (benefit) |
|
60 |
|
|
|
(149 |
) |
|
|
109 |
|
|
|
(3 |
) |
Net income |
$ |
899 |
|
|
$ |
1,230 |
|
|
$ |
1,845 |
|
|
$ |
3,575 |
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
1.47 |
|
|
$ |
2.02 |
|
|
$ |
3.03 |
|
|
$ |
5.88 |
|
|
Diluted |
$ |
1.45 |
|
|
$ |
1.97 |
|
|
$ |
2.99 |
|
|
$ |
5.71 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in per share computation: |
|
|
|
|
|
|
|
Basic |
|
610 |
|
|
|
609 |
|
|
|
609 |
|
|
|
608 |
|
|
Diluted |
|
618 |
|
|
|
625 |
|
|
|
617 |
|
|
|
626 |
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October
27, |
|
January
27, |
|
|
|
2019 |
|
2019 |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash, cash equivalents and marketable securities |
$ |
9,769 |
|
$ |
7,422 |
|
Accounts receivable, net |
|
1,455 |
|
|
1,424 |
|
Inventories |
|
1,047 |
|
|
1,575 |
|
Prepaid expenses and other current assets |
|
149 |
|
|
136 |
|
|
Total current assets |
|
12,420 |
|
|
10,557 |
|
|
|
|
|
|
Property and equipment, net |
|
1,517 |
|
|
1,404 |
Operating lease assets |
|
527 |
|
|
- |
Goodwill |
|
618 |
|
|
618 |
Intangible assets, net |
|
43 |
|
|
45 |
Deferred income tax assets |
|
569 |
|
|
560 |
Other assets |
|
116 |
|
|
108 |
|
|
Total
assets |
$ |
15,810 |
|
$ |
13,292 |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
591 |
|
$ |
511 |
|
Accrued and other current liabilities |
|
884 |
|
|
818 |
|
|
Total
current liabilities |
|
1,475 |
|
|
1,329 |
|
|
|
|
|
|
Long-term debt |
|
1,990 |
|
|
1,988 |
Long-term operating lease liabilities |
|
469 |
|
|
- |
Other long-term liabilities |
|
662 |
|
|
633 |
|
|
Total
liabilities |
|
4,596 |
|
|
3,950 |
|
|
|
|
|
|
Shareholders' equity |
|
11,214 |
|
|
9,342 |
|
|
Total
liabilities and shareholders' equity |
$ |
15,810 |
|
$ |
13,292 |
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES |
(In millions, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
October
27, |
|
July
28, |
|
October
28, |
|
October
27, |
|
October
28, |
|
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
$ |
1,916 |
|
|
$ |
1,541 |
|
|
$ |
1,921 |
|
|
$ |
4,753 |
|
|
$ |
5,964 |
|
GAAP gross margin |
|
63.6 |
% |
|
|
59.8 |
% |
|
|
60.4 |
% |
|
|
60.8 |
% |
|
|
62.7 |
% |
|
Stock-based compensation expense (A) |
|
15 |
|
|
|
8 |
|
|
|
5 |
|
|
|
27 |
|
|
|
21 |
|
|
Legal
settlement costs |
|
- |
|
|
|
2 |
|
|
|
14 |
|
|
|
11 |
|
|
|
14 |
|
Non-GAAP gross profit |
$ |
1,931 |
|
|
$ |
1,551 |
|
|
$ |
1,940 |
|
|
$ |
4,791 |
|
|
$ |
5,999 |
|
Non-GAAP gross margin |
|
64.1 |
% |
|
|
60.1 |
% |
|
|
61.0 |
% |
|
|
61.3 |
% |
|
|
63.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
989 |
|
|
$ |
970 |
|
|
$ |
863 |
|
|
$ |
2,897 |
|
|
$ |
2,454 |
|
|
Stock-based
compensation expense (A) |
|
(208 |
) |
|
|
(216 |
) |
|
|
(135 |
) |
|
|
(597 |
) |
|
|
(379 |
) |
|
Acquisition-related and other costs |
|
(7 |
) |
|
|
(5 |
) |
|
|
(1 |
) |
|
|
(22 |
) |
|
|
(5 |
) |
|
Legal
settlement costs |
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
|
Restructuring and other |
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
- |
|
|
|
4 |
|
Non-GAAP operating expenses |
$ |
774 |
|
|
$ |
749 |
|
|
$ |
730 |
|
|
$ |
2,276 |
|
|
$ |
2,071 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from operations |
$ |
927 |
|
|
$ |
571 |
|
|
$ |
1,058 |
|
|
$ |
1,856 |
|
|
$ |
3,510 |
|
|
Total impact
of non-GAAP adjustments to income from operations |
|
229 |
|
|
|
231 |
|
|
|
152 |
|
|
|
659 |
|
|
|
418 |
|
Non-GAAP income from operations |
$ |
1,156 |
|
|
$ |
802 |
|
|
$ |
1,210 |
|
|
$ |
2,515 |
|
|
$ |
3,928 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP other income (expense) |
$ |
32 |
|
|
$ |
35 |
|
|
$ |
23 |
|
|
$ |
98 |
|
|
$ |
62 |
|
|
Losses
(Gains) from non-affiliated investments |
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
|
1 |
|
|
|
(11 |
) |
|
Interest
expense related to amortization of debt discount |
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
Non-GAAP other income (expense) |
$ |
33 |
|
|
$ |
35 |
|
|
$ |
21 |
|
|
$ |
100 |
|
|
$ |
52 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
$ |
899 |
|
|
$ |
552 |
|
|
$ |
1,230 |
|
|
$ |
1,845 |
|
|
$ |
3,575 |
|
|
Total
pre-tax impact of non-GAAP adjustments |
|
230 |
|
|
|
231 |
|
|
|
150 |
|
|
|
660 |
|
|
|
409 |
|
|
Income tax
impact of non-GAAP adjustments (B) |
|
(26 |
) |
|
|
(21 |
) |
|
|
(91 |
) |
|
|
(97 |
) |
|
|
(199 |
) |
|
Tax benefit
from income tax reform |
|
- |
|
|
|
- |
|
|
|
(138 |
) |
|
|
- |
|
|
|
(138 |
) |
Non-GAAP net income |
$ |
1,103 |
|
|
$ |
762 |
|
|
$ |
1,151 |
|
|
$ |
2,408 |
|
|
$ |
3,647 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share |
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
1.45 |
|
|
$ |
0.90 |
|
|
$ |
1.97 |
|
|
$ |
2.99 |
|
|
$ |
5.71 |
|
|
Non-GAAP |
$ |
1.78 |
|
|
$ |
1.24 |
|
|
$ |
1.84 |
|
|
$ |
3.90 |
|
|
$ |
5.83 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in diluted net income per share
computation |
|
618 |
|
|
|
616 |
|
|
|
625 |
|
|
|
617 |
|
|
|
626 |
|
|
GAAP net cash provided by operating activities |
$ |
1,640 |
|
|
$ |
936 |
|
|
$ |
487 |
|
|
$ |
3,296 |
|
|
$ |
2,845 |
|
|
Purchase of
property and equipment and intangible assets |
|
(104 |
) |
|
|
(113 |
) |
|
|
(150 |
) |
|
|
(344 |
) |
|
|
(397 |
) |
Free cash flow |
$ |
1,536 |
|
|
$ |
823 |
|
|
$ |
337 |
|
|
$ |
2,952 |
|
|
$ |
2,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Stock-based compensation consists of the following: |
Three Months Ended |
|
Nine Months Ended |
|
|
October
27, |
|
July
28, |
|
October
28, |
|
October
27, |
|
October 28, |
|
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Cost of revenue |
$ |
15 |
|
|
$ |
8 |
|
|
$ |
5 |
|
|
$ |
27 |
|
|
$ |
21 |
|
|
Research and development |
$ |
141 |
|
|
$ |
145 |
|
|
$ |
88 |
|
|
$ |
400 |
|
|
$ |
237 |
|
|
Sales, general and administrative |
$ |
67 |
|
|
$ |
71 |
|
|
$ |
47 |
|
|
$ |
197 |
|
|
$ |
142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Income tax impact of non-GAAP adjustments, including the
recognition of excess tax benefits or deficiencies related to
stock-based compensation under GAAP accounting standard (ASU
2016-09). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK |
|
|
|
|
|
|
Q4 FY2020Outlook |
|
|
|
GAAP gross margin |
|
64.1 |
% |
|
Impact of
stock-based compensation expense |
|
0.4 |
% |
Non-GAAP gross margin |
|
64.5 |
% |
|
|
|
|
|
Q4 FY2020Outlook |
|
|
(In millions) |
|
|
|
GAAP operating expenses |
$ |
1,015 |
|
|
Stock-based compensation expense, acquisition-related costs,
and other costs |
|
(210 |
) |
Non-GAAP operating expenses |
$ |
805 |
|
|
|
|
About NVIDIA
NVIDIA’s (NASDAQ: NVDA) invention of the GPU in 1999 sparked the
growth of the PC gaming market, redefined modern computer graphics
and revolutionized parallel computing. More recently, GPU deep
learning ignited modern AI ― the next era of computing ― with the
GPU acting as the brain of computers, robots and self-driving cars
that can perceive and understand the world. More information at
http://nvidianews.nvidia.com/.
For further information, contact:
Simona Jankowski |
|
Robert Sherbin |
Investor Relations |
|
Corporate Communications |
NVIDIA Corporation |
|
NVIDIA Corporation |
sjankowski@nvidia.com |
|
rsherbin@nvidia.com |
Certain statements in this press release including, but not
limited to, statements as to: the realism of computer graphics
taking a giant leap forward with NVIDIA RTX; the foundation we
believe we have laid for where AI will ultimately make the greatest
impact; the extension of our reach beyond the cloud, to the edge,
where GPU-accelerated 5G, AI, and IoT will revolutionize the
world’s largest industries; strong data center growth ahead, driven
by the rise of conversational AI and inference; NVIDIA returning to
repurchasing its stock after closing the acquisition of Mellanox;
the status of the regulatory approval process and the timing of
closing for the Mellanox acquisition; NVIDIA’s financial outlook
for the fourth quarter of fiscal 2020; our expectation of strong
sequential growth in Data Center, offset by a seasonal decline in
GeForce notebook and SoC modules for gaming platforms, in the
fourth quarter of fiscal 2020; NVIDIA’s expected tax rates for the
fourth quarter of fiscal 2020; NVIDIA’s expectation to generate
variability from excess tax benefits or deficiencies; Minecraft
featuring ray tracing; and the benefits and impact of the RTX
Broadcast Engine, two new models of SHIELD TV, the NVIDIA EGX
Intelligent Edge Computing Platform, NVIDIA’s entry into the 5G
telecom market, NVIDIA’s partnership with VMware, the NVIDIA
vComputeServer software, and the United States Postal Service’s use
of NVIDIA AI technology are forward-looking statements that are
subject to risks and uncertainties that could cause results to be
materially different than expectations. Important factors that
could cause actual results to differ materially include: global
economic conditions; our reliance on third parties to manufacture,
assemble, package and test our products; the impact of
technological development and competition; development of new
products and technologies or enhancements to our existing product
and technologies; market acceptance of our products or our
partners’ products; design, manufacturing or software defects;
changes in consumer preferences or demands; changes in industry
standards and interfaces; unexpected loss of performance of our
products or technologies when integrated into systems; as well as
other factors detailed from time to time in the most recent reports
NVIDIA files with the Securities and Exchange Commission, or SEC,
including, but not limited to, its annual report on Form 10-K and
quarterly reports on Form 10-Q. Copies of reports filed with the
SEC are posted on the company’s website and are available from
NVIDIA without charge. These forward-looking statements are not
guarantees of future performance and speak only as of the date
hereof, and, except as required by law, NVIDIA disclaims any
obligation to update these forward-looking statements to reflect
future events or circumstances.
© 2019 NVIDIA Corporation. All rights reserved.
NVIDIA, the NVIDIA logo, GeForce, GeForce GTX, GeForce NOW, Jetson
Xavier, NVIDIA RTX, and NVIDIA SHIELD are trademarks and/or
registered trademarks of NVIDIA Corporation in the U.S. and/or
other countries. Other company and product names may be trademarks
of the respective companies with which they are associated.
Features, pricing, availability, and specifications are subject to
change without notice.
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