Shares of chipmaker Nvidia hit an all-time high on Thursday after the company reported better-than-expected first-quarter earnings and announced a stock split.
Nvidia was trading at about $1,051 per share just after 12:30 p.m. EDT Thursday, well above its previous record of about $950. The company reported expected revenue of about $26 billion on Wednesday. , exceeding Wall Street projections by almost US$2 billion. according to CNBC.
Nvidia also announced that it would conduct a 10-for-1 stock split, which would reduce the company’s share price without diluting current investors’ holdings or hurting the company’s value.
Nvidia has emerged as the chipmaker powerhouse of the artificial intelligence (AI) boom, launching critical graphics processing units to run complicated, power-hungry AI models.
The company’s shares are up more than 242% since the beginning of the year and a whopping 2,800% from the same week in 2019, when a share of the company was less than $40.
This story originally appeared on thehill.com read the full story
