We study the left–right action of SL n × SL n on m -tuples of n × n matrices with entries in an infinite field K . We show that invariants of degree n 2 − n define the null cone. Consequently, invariants of degree ≤ n 6 generate the ring of invariants if char ( K ) = 0 . We also prove that for m ≫ 0 , invariants of degree at least n ⌊ n + 1 ⌋ are required to define the null cone. We generalize our results to matrix invariants of m -tuples of p × q matrices, and to rings of semi-invariants for quivers. For the proofs, we use new techniques such as the regularity lemma by Ivanyos, Qiao and Subrahmanyam, and the concavity property of the tensor blow-ups of matrix spaces. We will discuss several applications to algebraic complexity theory, such as a deterministic polynomial time algorithm for non-commutative rational identity testing, and the existence of small division-free formulas for non-commutative polynomials. [ABSTRACT FROM AUTHOR]