NVIDIA shares surpass $1000 for the first time on the wave of revenue growth due to artificial intelligence

NVIDIA shares exceeded the $1,000 mark for the first time in trading on Wednesday, May 22. This happened after the chipmaker reported strong financial results, CNBC writes.

NVIDIA’s report was a way for investors to gauge the scale of the artificial intelligence boom that has taken over the markets in recent months. The company’s results show that demand for its AI chips remains strong.

In addition, CEO Jensen Huang predicts that later this year, NVIDIA will generate revenue from its next-generation AI chip, called Blackwell.

“We will see a lot of Blackwell revenue this year,” he said.

On May 22, the company’s shares rose 7% in trading. However, it is likely that they will reach a new high on Thursday, May 23.

As for NVIDIA’s financial results, the company’s net profit for the quarter ended April 28 was $14.88 billion, or $5.98 per share. A year earlier, the figure was estimated at $2.04 billion, or 82 cents.

The giant’s revenue reached $26.04 billion. The result was higher than experts’ expectations, who predicted NVIDIA’s revenue at $24.65 billion. In the current quarter, the company expects to generate $28 billion in revenue.

Last year, NVIDIA’s sales skyrocketed as companies such as Google, Microsoft, Meta, Amazon, and OpenAI bought billions of dollars worth of the company’s GPUs, which are the advanced and expensive chips needed to develop and deploy artificial intelligence applications.