TMTB: NVDA First Take

NVDA +2.5%: Looks solid and down the middle with Q2 rev guide $45B +/- 2% which is about in line with bogeys. Q1 Revs $44.1B a bit higher than $43.5-$44B bogeys. GM excluding H20 charge about 71.3%a bit better than bogeys.

So far no big surprises. Expect Jensen to sound bulled up on the call. This will be good enough to keep investors excited about 2H acceleration/Black well ramp

The press release explicitly details a $4.5 bn charge for excess H20 inventory and purchase commitments after the 9-Apr. U.S. licensing decision. NVIDIA also disclosed it booked $4.6 bn of H20 sales in the quarter but was unable to ship an additional $2.5 bn before the window closed. Looking forward, the Q2 guide assumes another ~$8 bn revenue hole from lost H20 shipments