June 20, 2024

After delivering its highly anticipated first-quarter earnings report, Nvidia’s stock price opened at above $1,000 Thursday morning.

Nvidia’s shares were up 9% at around $1,031, after it crossed the $1,000 threshold in after-hours trading Wednesday evening.

Nvidia collaborator TSMC saw its shares open at around $159, up about 1.9%.

The chipmaker beat Wall Street’s expectations again, reporting a record first-quarter revenue of $26 billion for fiscal year 2025 — up 262% from a year ago.

The chipmaker’s revenue for the quarter ending April 28 is up 18% from its last quarter revenue of $22 billion, which also beat Wall Street’s sky-high expectations, and was up nearly 270% from the previous year.

“The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence,” Jensen Huang, founder and chief executive of Nvidia, said in a statement. “AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient, while expanding revenue opportunities.”

The company reported its data center quarterly revenue was a record $22.6 billion, up 23% from the previous quarter, and up a whopping 427% from a year ago. This revenue was driven by high demand for Nvidia’s Hopper GPUs, or graphics processing units, which are used in training and developing leading large language models (LLMs), Nvidia said.

Demand for Nvidia’s H200 and Blackwell chips is exceeding supply, Nvidia said on its earnings call. Huang said Nvidia sees continuing demand for Hopper despite fears of a pause in demand as customers wait for Blackwell.

The Blackwell platform will start shipping in the second quarter, Huang said in the company’s earnings call, adding that it will ramp up in the third quarter, and be with customers in the fourth quarter. Nvidia will see revenue from Blackwell this year, he said.

Huang announced Nvidia already has another chip coming after Blackwell, and added that it is “on a one-year rhythm,” during the company’s earnings call.

Meanwhile, Nvidia’s rival chipmaker Intel saw its shares open at around $31 Thursday morning, down 1.3%. Advanced Micro Devices’ shares were up 3.3% at around $171, while Qualcomm’s shares were up about 2% at around $207.

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