Yes. The FY2025 10-K expands the export control risk factor in three ways compared with FY2024:
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Scope. FY2024 framed the restrictions around specific products. FY2025 adds language covering products that "may be subject to" future licensing, extending the risk from named parts to the whole data center line.
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Geography. FY2025 names additional countries and adds a sentence on restrictions that may target the company's customers rather than the company directly.
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Financial framing. FY2024 described the impact as a possible reduction in demand. FY2025 states that restrictions "have reduced" and "could further reduce" data center revenue, moving from hypothetical to realized.
Sources NVIDIA 10-K, filed 2025-02-26, Item 1A, Risks related to regulatory, legal and other matters NVIDIA 10-K, filed 2024-02-21, Item 1A, Risks related to regulatory, legal and other matters
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