The Nobel Prize in Physics (Swedish: Nobelpriset i fysik) is awarded once a year by the Royal Swedish Academy of Sciences. It is one of the five Nobel Prizes established by the will of Alfred Nobel in 1895, awarded for outstanding contributions in physics, chemistry, literature, peace, and physiology or medicine since 1901. The first Nobel Prize in Physics was awarded to Wilhelm Conrad Röntgen, a German, "in recognition of the extraordinary services he has rendered by the discovery of the remarkable rays (or x-rays)." This award is administered by the Nobel Foundation and widely regarded as the most prestigious award that a scientist can receive in Physics. It is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death. In 2007 the Nobel Prize in Physics was awarded to Albert Fert (of France) and Peter Grünberg (of Germany) for the discovery of giant magnetoresistance; they share the prize amount of 10,000,000 SEK (slightly more than €1 million, or US$1.6 million).