Nvidia earnings: guide does the work

Nvidia posted $58.3 billion of GAAP net income on $81.6 billion of Q1 revenue and guided fiscal Q2 revenue to $91 billion, above the roughly $86.84 billion Street view, according to the company and CNBCnvidianews.nvidia.com cnbc.com). The trading read is simple: the guide stayed hot, and it still assumes no China data center compute revenue.

Nvidia posted $58.3 billion of GAAP net income on $81.6 billion of Q1 revenue and guided fiscal Q2 revenue to $91 billion, versus a roughly $86.84 billion Street view, according to the company and CNBCnvidianews.nvidia.com cnbc.com). The beat matters less than the fact that guide stayed extreme: Yahoo flagged adjusted EPS at $1.87 versus $1.77 and revenue at $81.62 billion versus $79.18 billion estimates, while Nvidia kept GAAP gross margin at 74.9% and said the outlook assumes no data center compute revenue from China, which leaves a policy-sensitive upside wedge if that channel reopensfinance.yahoo.com stocktitan.net cnbc.com). Data center revenue at $75.2 billion and networking at $14.8 billion say the same thing: AI capex is still concentrated, not normalizing yet, even as higher long yields argue against easy multiple expansionqz.com fred.stlouisfed.org). The market appears to be pricing continuing upside revisions, not just a strong quarter. If the next revenue print comes in above guide, the revision cycle may stay open; if it comes in below range, the market could start paying for deceleration instead of scarcity.