"Let's hope it goes up again, don't suddenly stumble back."
Nvidia, the maker of artificial intelligence (AI) chips has finally released its first quarter 2024 earnings that beat expectations of $26 billion in revenue in the first three months of the year.
Following Nvidia's disclosure of a 10-1 stock split intended for easy ownership between employees and investors, holders of record will receive an additional nine common shares on June 6, 2024 to be distributed the following day at market close.
Nvidia's rise prompted AI-related cryptos to react positively, where AI coins such as Fetch.ai (FET) and The Graph (GRT) managed to record a rise of more than 2% in the past 24 hours plus some analysts are also expecting a bullish move.
According to Jensen Huang, Chief Executive Officer (CEO) of Nvidia, AI will not only bring significant productivity gains to almost every industry but also help firms become more cost and energy efficient while expanding revenue opportunities.
Please note that Nvidia saw revenue of $22.6 billion which is a 23% increase from last quarter and notable innovations include the announcement of the Nvidia Blackwell platform to usher in the new era of AI computing.
The better-than-expected earnings followed similar inflows from tech stocks as they continued to soar amid a 2024 first-quarter rally.
For the second quarter of 2024, Nvidia expects revenue growth of $28 billion amid other positive factors while the asset's price is currently trading at $949.50, down 0.46% ahead of its recent financial release.
