Share Incentive Plan

6 Months Ended

Nov. 01, 2025

Share-Based Payment Arrangement [Abstract]

Restricted Stock Unit (RSU) Awards

A summary of information related to RSU activity during the six months ended November 1, 2025 is as follows:


	RSUs Outstanding
	Number of Shares (in millions)	Weighted-Average Grant Date Fair Value	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balance as of May 3, 2025	9.5	$33.88	1.39	$	458.1
Granted	1.8	$107.77
Vested	(1.8)	$17.40
Canceled/ forfeited	(0.1)	$24.74
Balance and expected to vest as of November 1, 2025	9.4	$49.62	1.28	$	1,701.4

Performance-based Restricted Stock Unit (PSU) Awards

A summary of information related to PSU activity during the six months ended November 1, 2025 is as follows:


	PSUs Outstanding
	Number of Shares (in millions)	Weighted-Average Grant Date Fair Value	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balance as of May 3, 2025	0.2	$43.70	2.53	$	10.1
Granted	0.9	$66.50
Balance and expected to vest as of November 1, 2025	1.1	$62.10	2.02	$	204.5

Share Option Awards

A summary of information related to share option activity during the six months ended November 1, 2025 is as follows:


	Options Outstanding
	Outstanding Share Options (in millions)	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balance as of May 3, 2025	3.5	$2.23	4.79	$	162.8
Options vested and exercised	(1.0)	$2.35
Balance expected to vest and exercisable as of November 1, 2025	2.5	$2.19	4.37	$	476.3

Summary of Share-based Compensation Expense

The following table summarizes share-based compensation expense included in the unaudited condensed consolidated statements of operations (in thousands):


	Three months ended				Six Months Ended
	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Cost of revenue	$	354	$	331	$	710	$	612
Research and development	24,949		8,392		44,107		17,562
Selling, general and administrative	20,021		7,940		35,962		15,129
	$	45,324	$	16,663	$	80,779	$	33,303

In connection with the Hyperlume acquisition, the Company issued 87 thousand RSUs under its 2021 long-term incentive plan in replacement for the unvested options under Hyperlume’s equity incentive plan. The RSUs retain the same vesting conditions as the unvested options that they replaced. The Company also issued 132 thousand restricted shares of the Company to one of the founders of Hyperlume and 132 thousand restricted shares of a newly formed subsidiary of the Company that are exchangeable into restricted shares of the Company to the other founder of Hyperlume. The restricted shares were issued in exchange for the founders’ outstanding equity interests in Hyperlume and vest on a quarterly basis, subject to continued employment with the Company over the next 4 years.

Both RSUs and restricted shares were measured at the acquisition date’s fair value of $146.01 per share and the fair value of those shares represent post-acquisition share-based compensation expense that will be recognized as these employees provide service over the remaining vesting periods of up to 4 years.