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Nvidia stock reaches all-time high after strong earnings, share split

Shares of chip maker Nvidia hit an all-time high on Thursday after the company reported better-than-expected first-quarter profits and announced a stock split.

Nvidia was trading at about $1,051 a share just after 12:30 p.m. EDT Thursday, well above its previous high of about $950. The company reported Wednesday that revenue is expected to be about $26 billion, nearly $2 billion more than Wall Street expected. According to CNBC.

NVIDIA also announced that it will implement a 10-for-1 stock split. This would lower the company’s stock price without diluting current investors’ holdings or hurting the company’s value.

Nvidia has emerged as a powerhouse chipmaker in the artificial intelligence (AI) boom, churning out graphics processing units (GPUs) essential to running complex, energy-intensive AI models.

The company’s stock price has increased more than 242% since the beginning of the year, and is up an impressive 2,800% from the same week in 2019, when the company’s stock was less than $40.

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