Nvidia Corp (NASDAQ:NVDA) shares are trading lower Thursday in sympathy with Micron Technology Inc (NASDAQ:MU) after the company reported third-quarter financial results and issued guidance on Wednesday.

Nvidia's shareholders have approved all resolutions, including the compensation packages for CEO Jensen Huang.

Huang's compensation package for the 2024 fiscal year was approximately $34 million, marking a 60% increase from the previous year, CNBC reports.

Also Read: For Every $1 Spent On Nvidia Infrastructure, Cloud Service Providers Can Earn $5 In GPU Hosting: Analyst

Huang credited the company's success in artificial intelligence (AI) chips to a strategic bet over a decade ago. This long-term investment involved billions of dollars and thousands of engineers.

Nvidia's dominant position in the AI chip market has captivated Wall Street. Recently, it led to a 10-for-1 stock split and briefly made it the most valuable public company with a $3 trillion valuation.

During the Q&A session, Huang discussed the competition from traditional chipmakers and startups. He emphasized Nvidia's transformation from a gaming-focused company to one centered on data centers.

Nvidia aims to create new markets for its AI technology, including industrial robotics and plans to partner with every major computer maker and cloud provider.

Huang highlighted that Nvidia's AI chips offer the "lowest total cost of ownership."

Ben Reitzes of Melius Research expects Nvidia to deliver more cash to shareholders, CNBC cites from Fast Money.

Price Action: At the last check on Thursday, NVDA shares traded lower by 1.19% to $124.90 premarket.

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