Share Incentive Plan (Tables)

12 Months Ended

May 03, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Information Related to Share Option Activity

A summary of information related to share option activity, excluding options early exercised, is as follows:

	Outstanding Share Options (in millions)	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balances as of April 30, 2022	11.4	$1.94	7.12	$	103.4
Options exercised and vested	(2.2)	$1.48
Options canceled/ forfeited	(0.2)	$3.34
Balances as of April 29, 2023	8.9	$2.02	6.22	$	0.1
Options exercised and vested	(2.3)	$1.98
Options canceled/ forfeited	(0.2)	$4.64
Balances as of April 27, 2024	6.4	$1.97	5.30	$	106.5
Options exercised and vested	(2.9)	$1.64
Options canceled/ forfeited	—	$4.58
Balances as of May 3, 2025	3.5	$2.23	4.79	$	162.8
Vested or expected to vest as of May 3, 2025	3.5	$2.23	4.79	$	162.8
Exercisable as of May 3, 2025	3.5	$2.21	4.78	$	161.6

Summary of Weighted Average Assumptions used in Black-Scholes Model

The following weighted-average assumptions to calculate the fair value of ordinary shares to be issued under the ESPP on the date of grant using the Black-Scholes option pricing model in the periods presented:

	Year Ended
	May 3, 2025	April 27, 2024	April 29, 2023
Grant date fair value	10.51	6.04	4.27
Expected volatility	74.99%	56.13%	34.00%
Expected term (in years)	1.18	1.33	0.93
Risk-free interest rate	4.74%	3.40%	1.54%
Expected dividend yield	—%	—%	—%

Summary of RSU Activity

A summary of time-based RSU activity is as follows:

	Number of shares (in millions)	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balances as of 4/30/2022	4.1	$10.26		1.65	$	45.6
Granted	5.5	$12.34
Vested	(1.4)	$10.17
Canceled/ forfeited	(0.4)	$10.80
Balances as of 4/29/2023	7.8	$	11.66	1.65	$	63.2
Granted	5.4	$	20.08
Vested	(2.6)	$	11.98
Canceled/ forfeited	(0.4)	$	11.49
Balances as of 4/27/2024	10.1	$	16.11	1.52	$	188.2
Granted	3.9	$	59.10
Vested	(4.0)	$	15.53
Canceled/ forfeited	(0.6)	$	20.05
Balances as of 5/03/2025	9.5	$	33.88	1.39	$	458.1
Expected to vest as of May 03, 2025	9.5	$	33.88	1.39	$	458.1

Summary of Share-based Compensation Expense

The following table summarizes share-based compensation cost included in the consolidated statements of operations (in thousands).

	Year Ended
	May 3, 2025		April 27, 2024		April 29, 2023
Cost of revenue	$	1,194	$	1,131	$	634
Research and development	41,930		21,359		13,326
Selling, general and administrative	34,231		16,532		9,556
	$	77,355	$	39,022	$	23,516