Nvidia Unchanged Despite Big Earnings Beat And Solid Guidance
As we discussed extensively in our preview, besides the Q1 revenue and guidance ($82BN+ and $90BN whisper respectively), Wall Street was expecting to get more color on the following topics during today’s call and Q&A: Potential for increased shareholder cash returns, Vera Rubin ramp timing (2H 26E), Gross margin durability (~75% amidst continued memory/other cost inflation), Update to the $1 Trillion 25-27 forecast, esp. contribution from LPU racks, CPU and Vera Rubin Ultra, not included before Potential upside from agentic AI to the server CPU business; Competitive landscape changes against Google TPU, agentic CPU, other ASICs. With that in mind, here is what the world’s biggest company just reported for Q1: Revenue $81.62BN, beating Exp $79.19BN, but a bit light of the $82BN whisper Adj EPS $1.87, beating Exp $1.76 Adj. Gross Margin 75%, beating Exp. 74.5% Solid all around. The company’s all-important disclosed Data Center revenue was a record $75.2 billion in Q1, up 21% from the previous quarter and up 92% from a year ago. Nvidia also said that Vera Rubin is on …

