Nvidia shares hit record high after strong earnings and stock split

Shares of chipmaker Nvidia hit a record 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 a.m. EDT on Thursday, well above a previous high of about $950. The company on Wednesday reported expected revenue of roughly $26 billion, exceeding Wall Street expectations by nearly $2 billion. according to CNBC.

Nvidia also announced that it would conduct a 10-for-1 stock split, which would reduce the company's stock price without diluting current investors' holdings or harming the company's value.

Nvidia has become the powerhouse of artificial intelligence (AI), providing graphics processing units (GPUs) essential for running complex and power-intensive AI models.

The company's shares are up more than 242 percent since the start of the year and a whopping 2,800 percent from the same week in 2019, when a share of the company was less than $40.

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