Shares of chipmaker Nvidia reached an all-time high Thursday after the company reported better-than-expected first quarter earnings and announced a stock split.
Nvidia was trading at roughly $1,051 per share just after 12:30 p.m. EDT Thursday, well above a previous record high of roughly $950. The company reported expected revenue of roughly $26 billion Wednesday, topping Wall Street projections by nearly $2 billion, according to CNBC.
Nvidia also announced it would conduct a 10-for-1 stock split, which would bring down the company’s share price without diluting the holdings of current investors or harming the value of the company.
Nvidia has emerged as the powerhouse chipmaker of the artificial intelligence (AI) boom, pumping out graphic processing units essential to running complicated and energy-intensive AI models.
The company’s stock has risen more than 242 percent since the start of the year and a staggering 2,800 percent from the same week in 2019, when a share of the company was less than $40.