NVDA posted Apr-Q EPS of $5.98 vs. $0.82, a $5.64 consensus beat. Sales rose 262% to $26B, better than the $24.7B expectation, due to better-than-expected growth across its data center business ($22.6B above the $21.1B estimate). Within data centers, compute rose 478% and networking increased 242%. NVDA provided its Jul-Q revenue guide of $28B (implies 107% Y/Y growth), better than the $26.8B forecast, and a gross margin view of about 75% for the rest of the calendar year, near our view. Gaming was +18% ($2.6B; meeting our view), Professional Visualization was +45% ($427M; below the $479M consensus), and Autos was +11% ($329M; above the $292M consensus). Separately, NVDA reported a 10-for-1 stock split and hiked its quarterly dividend to $0.10/share from $0.04. We think the healthy beat/guidance points to ongoing momentum for NVDA’s Hopper GPUs, with no air pocket being seen, while Blackwell is likely to sell out well into CY 25 and provides good visibility. We will give updated EPS/TP views after the call.