“We now expect to increase investments in the business while also delivering operating leverage.”

In context

“rld's leading manufacturer of NEVs. Our new design win will extend BYD's use of the DRIVE Orin to its next-generation high-volume Dynasty, and Ocean series of vehicles, set to start production in calendar 2024. Moving to the rest of the P&L. GAAP gross margins was 64.6%, and non-GAAP gross margins were 66.8%. Gross margins have now largely recovered to prior peak level, and we have absorbed higher costs, and offset them by innovating and delivering higher valued products as well as products incorporating more and more software. Sequentially, GAAP operating expenses were down 3%, and non-GAAP operating expenses were down 1%, We have held OpEx at roughly the same level over the last past four quarters. We're working through the inventory corrections in gaming and professional visualization. We now expect to increase investments in the business while also delivering operating leverage. We returned $99 million to shareholders in the form of cash dividends. At the end of the Q1, we have approximately $7 billion remaining under our share repurchase authorization through December 2023. Let me turn to the outlook for the second quarter fiscal '24. Total revenue is expected to be $11 billion, plus or minus 2%. We expect this sequential growth to largely be driven by data center, reflecting a steep increase in demand related to generative AI and large language models. This demand has extended our data center visibility out a few quarters and we have procured substantially higher supply for the second half of the year. GAAP and non-GAAP gross margins are expected to be 68.6% and 70% respectively, plus or minus 50 basis points. GAAP and non-GAAP operating expenses are expected t”