• Q2 guidance hits $91bn as Q1 data-centre revenue reaches $75bn

• Signals shift from GPU scarcity to inference-led infrastructure spending cycle

The fact

Nvidia forecast second-quarter revenue of $91bn, above market expectations of $86.8bn. First-quarter revenue reached $81.6bn, including $75.2bn from data-centre operations. The company announced an $80bn buyback and raised its quarterly dividend from 1 cent to 25 cents. Jensen Huang said Vera processors target a $200bn market and could generate $20bn this fiscal year.

The assessment

Nvidia is broadening growth beyond the AI training cycle. By highlighting Vera separately, expanding cloud agreements and maintaining aggressive supply commitments, the company is pushing deeper into AI systems and deployment infrastructure. Investor attention is shifting from GPU scarcity towards whether inference workloads can sustain hyperscale spending over a longer cycle.

What to watch

Watch whether Vera develops into a meaningful revenue platform outside the Blackwell cycle, and whether Nvidia continues expanding long-term supply lock-ins around HBM memory, advanced packaging and AI cloud capacity.

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