Benzingaยท2025-05-29 17:10Core Insights - Nvidia Corp's first-quarter revenue exceeded consensus expectations, with total revenues growing by +12% quarter-over-quarter (Q/Q) and +69% year-over-year (Y/Y), reaching $44.1 billion compared to the consensus of $43.3 billion and guidance of $42.1 billion to $43.9 billion [1] Revenue Breakdown - Datacenter revenue is projected at $39.1 billion, reflecting a +10% Q/Q and +73% Y/Y increase, which includes Compute revenue of $34.2 billion (+5% Q/Q and +76% Y/Y) and Networking revenue of $5.0 billion (+64% Q/Q and +56% Y/Y) [2] - The growth in Data Center Compute revenues was primarily driven by the Blackwell architecture, which accounted for 70% of Compute revenues, translating to approximately $24 billion in the fiscal first quarter of 2026, compared to $11 billion in the fiscal fourth quarter of 2025 [3] Future Outlook - Nvidia forecasts total revenue for the fiscal second quarter of 2026 to be between $44.1 billion and $45.9 billion, indicating a +2% Q/Q and +50% Y/Y growth at the midpoint, despite facing an $8 billion headwind from H20 export restrictions [5] - The company noted that Data Center trends remain strong, particularly with the accelerating deployment of Blackwell, which is described as the fastest ramp in the company's history [6] Market Implications - The positive trends in Compute, especially with the increasing supply of Blackwell-based products, suggest favorable conditions for Server OEMs like Dell Technologies and Hewlett Packard Enterprise, which have reported guidance for AI server revenues in the upcoming quarter [7]