On June 24, at the annual shareholders' meeting, NVIDIA CEO Jensen Huang pointed out that the AI industry has entered a new phase, with agent AI having arrived, and physical AI (embodied AI/entity AI) set to become the core driving force for the company's next round of growth, with application areas including robots, autonomous vehicles, and industrial automation systems. He emphasized that advanced AI data centers require the construction of trustworthy hardware, software, networks, and continuous support to form a large-scale integrated system, and cannot succeed by simply piecing together a small number of smuggled products. Regarding the return on investment in AI, Huang stated that when AI output can directly create value, running NVIDIA's systems to generate tokens will be profitable, leading companies to demand more computing power. He cited GitHub as an example, noting that the number of pull requests this year has nearly tripled. Financially, NVIDIA's revenue grew by 65% and operating profit by 60% over the past year, with free cash flow expected to exceed $96 billion in fiscal year 2026. Over the next few years, the company plans to return 50% of its free cash flow to investors through stock buybacks and dividends.