FORM 10-K

NVIDIA pioneered accelerated computing to help solve the most challenging computational problems. Since our original focus on PC graphics, we have expanded to several other large and important computationally intensive fields. Fueled by the sustained demand for exceptional 3D graphics and the scale of the gaming market, we have leveraged our GPU architecture to create platforms for scientific computing, artificial intelligence (AI), data science, autonomous vehicles, robotics, and augmented and virtual reality (AV/VR).

Our two operating segments are Compute & Networking and Graphics. The Compute & Networking segment includes our Data Center accelerated computing platforms; networking; automotive AI Cockpit, autonomous driving development agreements and autonomous vehicle solutions; electric vehicle computing platforms; Jetson for robotics and other embedded platforms; and NVIDIA AI Enterprise and other software. The Graphics segment includes GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure and solutions for gaming platforms.

We face a number of risks and uncertainties, including intense competition; our reliance on a limited number of third parties to manufacture, assemble, test, and package our products; and an increasingly complex global regulatory environment, including export controls affecting our Data Center products. Our results could be materially and adversely affected if demand shifts, if our supply chain partners are unable to meet our manufacturing requirements, or if trade and export regulations expand.

Additional risks include those related to demand fluctuations for our products, inventory provisions, macroeconomic conditions, and our ability to accurately estimate customer demand. For a detailed discussion, see "Risk Factors" beginning on page 24 of this Annual Report.

None.

Our headquarters campus is located in Santa Clara, California, where we lease office space for our corporate, engineering, and research functions. We also lease offices and research facilities in Austin, Texas, and internationally in Israel, Taiwan, and other locations. We believe our existing facilities are suitable and sufficient for our current operations.

Information regarding legal proceedings is set forth in Note 16 (Legal Proceedings) of the Notes to the Consolidated Financial Statements included in Item 8 of this Annual Report, which information is herein incorporated herein by reference.

Not applicable.

Our common stock is traded on the Nasdaq Global Select Market under the symbol "NVDA". As of February 10, 2023, there were approximately 2,400 holders of record of our common stock. We have not paid any cash dividends in recent years, and we do not currently anticipate paying any cash dividends in the foreseeable future.

For fiscal year 2023, revenue was $26.97 billion, up 0.2% from fiscal year 2022. Data Center revenue grew 41% to $15.01 billion, driven by accelerated computing demand, while Gaming revenue declined 25% to $9.07 billion amid macroeconomic headwinds and channel inventory corrections.

Gross margin was 56.9%, down from 64.9% in fiscal year 2022, primarily reflecting higher costs and inventory provisions. Operating expenses were $11.13 billion, up 27% from the prior year, reflecting continued investment in engineering and R&D. Net income was $4.37 billion, or $1.74 per diluted share.

Our exposure to market risk, including interest rate and foreign currency risk, is discussed in Item 7A of this Annual Report. We held $13.30 billion in cash, cash equivalents, and marketable securities as of the end of fiscal year 2023, primarily invested in investment-grade debt securities.

The consolidated financial statements and the report of our independent registered public accounting firm, PricewaterhouseCoopers LLP, begin on page F-1 of this Annual Report. Selected results are summarized below.

Information required by this item is incorporated by reference from the Proxy Statement for our 2023 Annual Meeting of Stockholders, to be filed with the SEC within 120 days of the end of fiscal year 2023.

Information regarding executive compensation is incorporated by reference from the Proxy Statement for our 2023 Annual Meeting of Stockholders.