Odaily Planet Daily News Nvidia announced first-quarter results on Wednesday that exceeded analysts' expectations, and its stock price broke the $1,000 mark for the first time after the market. The strong results announced on Wednesday show that the market demand for its AI chips remains strong. Nvidia CEO Huang Renxun said the company will generate revenue from the next-generation AI chip Blackwell later this year. The company's stock price rose 7% after the market. Nvidia also announced that it will split its stock 1 for 10. Judging from the after-hours trend, the stock is expected to hit a new high on Thursday. The company's financial report showed that net profit for the quarter ended April 28 reached $14.88 billion, or $5.98 per share, an increase of more than six times from $2.04 billion in the same period last year. Adjusted earnings per share were $6.12, exceeding market expectations. Revenue was $26.04 billion, also higher than market expectations. Nvidia said it expects sales of $28 billion in the second fiscal quarter. Higher than analysts' current expectations of $26.6 billion. Nvidia said revenue from its data center business grew 427% from a year earlier to $22.6 billion. Nvidia CFO Colette Kress said in a statement that was due to shipments of the company's Hopper graphics processors, which include the H100 GPU. "A highlight of the quarter was Meta's announcement of Lama 3, their latest large language model, using 24,000 H100 GPUs," Kress said on a call with analysts. She added that large cloud providers account for "about 40%" of Nvidia's data center revenue. Although the company reported a tripling or more of its business, Huang said more growth will come from Blackwell, the company's next-generation AI GPU. "We will see a lot of revenue from Blackwell this year," he said on the call, adding that the new chip will come to data centers in the fourth quarter. Nvidia also highlighted strong sales of its networking components, which are becoming increasingly important as companies build clusters of tens of thousands of chips that need to be connected. Nvidia said its networking business had revenue of $3.2 billion, mostly from InfiniBand products, more than triple year-ago revenue. Nvidia also said it repurchased $7.7 billion worth of stock in the first quarter and paid $98 million in dividends.The company also said it would increase its pre-split quarterly cash dividend to 10 cents per share from 4 cents. After the split, the dividend will be 1 cent per share. (Financial Times)