NVIDIA Corp

Blowout quarter + record cash returns - Revenue $82B, +85% YoY and +20% sequentially; record $13.5B sequential increase. - Third straight quarter of YoY acceleration and 14 consecutive quarters of sequential growth. - Data center revenue $75B (+92% YoY, +21% sequentially), led by Blackwell ramp; networking strength with Spectrum-X > all other Ethernet peers combined and InfiniBand +4x YoY. - Record free cash flow $49B (vs $35B in prior quarter).

Market positioning + new reporting framework (investor implications) - NVIDIA is moving to 2 market platforms: Data center and Edge computing; within data center, it will break out Hyperscale vs ACIE (AI cloud/industrial/enterprise). - Q1 data center split: - Hyperscale: $38B (~50% of data center), +12% QoQ - ACIE: $37B, +31% QoQ (AI cloud revenue >3x YoY) - Emphasis: NVIDIA argues it can address a much larger, more diverse AI infrastructure market by selling fully integrated, software-heavy platforms that can be deployed in many “stacks” (public cloud, AI natives, sovereign, confidential computing, etc.).

Forecasts/outlook: strong growth, margin stability, and capex confidence - Q2 outlook: revenue $91B ±2%; expect sequential growth driven primarily by data center. - Gross margin guidance: GAAP ~74.9% / non-GAAP ~75% ±50 bps (implies margins holding steady despite scale). - Full-year outlook (2027): - Operating expenses: upper ~40% YoY growth (higher R&D and more AI-tool productivity usage); guided OpEx ~ $8.5B GAAP / $8.3B non-GAAP for Q2 and full-year OpEx growth in the upper 40s YoY. - Full-year gross margins still “mid-70s.” - Tax rate: 16–18% (excluding discrete items), lowered vs prior because of geographic mix. - Management reiterated visibility into $1T Blackwell + Rubin revenue across 2025–2027 (and referenced “Blackwell systems” being key).