The latest downward trend in the economy had affected the sales of multiple tech companies. The layoffs done at Twitter and various other tech companies are prime examples of how bad the downward economic spiral was. But one company, Nvidia, managed to stay above water amidst this commotion.

The ongoing need for high-performance hardware, as well as the surge in AI utilization, kept Nvidia afloat. However, recent Nvidia reports suggest that they, too, suffered a blow from the economic storm, although a little one.

Nvidia CEO takes a huge pay cut after disappointing sales

Nvidia recently released its 2023 Corporation Annual Review. This showed that the CEO, Jensen Huang, will be receiving an amount of $21.35 million. This number is split into a base salary of almost $1 million, stock awards of $19.7 million, and $693,000 for other compensations.

Although this amount still seems pretty impressive, Huang is taking home around 10% lower than last year. This is due to Nvidia missing its sales target for the last fiscal year. In the 2022 Annual Review, they said, “We had a tough 2022. Our business was affected by economic headwinds, geopolitical tension, and a product supply chain that swung from severe shortage to excess.”

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The 2020-2021 period, however, was a stellar year for the graphic card manufacturer. The rush of people to mine cryptocurrency, along with an increase in sales of hardware during Covid-19 were to thank for this stellar year.

The corporation is looking at AI to increase the sales

They will definitely try to forget the poor performance of 2022 and repeat the success they had earlier. And by the looks of it, Nvidia is betting its money on the boom of AI. The corporation will almost certainly try to capitalize on a predicted surge in demand for AI technologies and better automation hardware.

The 2022 Annual Review stated, “NVIDIANs rose to tackle each challenge while inventing new technologies and capabilities that position us at the center of the most exciting opportunities in the history of computing.” This shows the corporation is also hopeful for an increase in sales in the coming years.

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What are your thoughts on the performance of Nvidia? Do you think they will grow in sales next year? Let us know in the comment section below.