After delivering its closely watched first-quarter earnings report, Nvidia $NVDA’s stock price opened above $1,000 on Thursday morning. The chipmaker’s shares climbed 11% to about $1,053 during mid-day trading. The company crossed the $1,000 share-price threshold for the first time in after-hours trading on Wednesday evening.

The chipmaker beat Wall Street’s expectations on Wednesday, reporting a record first-quarter revenue of $26 billion for the 2025 fiscal year— up 262% from a year ago.

Nvidia’s revenue for the quarter ending on April 28 increased by more than 18% from the prior quarter, when it reported $22 billion in revenue and beat Wall Street’s sky-high expectations. The chipmaker’s Q4 2024 results were up nearly 270% from the previous year.

Here are five takeaways from Nvidia’s latest earnings report and call.

There are more Blackwells after Blackwell

Nvidia chief executive Jensen Huang said on the company’s first-quarter earnings call that the firm has “other Blackwells coming,” after it starts shipping its highly anticipated Blackwell platform, which it unveiled in March. Huang said the Blackwell platform, which has been in production, will start shipping to device makers in the second quarter of fiscal year 2025. The company plans to ramp up production in the third quarter, and they’ll land in data centers the following quarter. Nvidia is “in a one-year rhythm” with chips, Huang added.

Ahead of the company’s first-quarter earnings report, some analysts were worried of a pause in orders of Nvidia’s current chips before the eventual shipments of Blackwell. However, the company said demand for its H200 and Blackwell chips is exceeding supply.

Nvidia’s shares will start trading under a 10-for-1 stock split

Nvidia announced its shares will begin trading under a 10-for-1 stock split at the market open on June 10. The stock split will “make stock ownership more accessible to employees and investors,” according to the company.

Each holder of the company’s common stock as of the market close on June 6 will receive an additional nine shares of common stock that will be distributed after the market close on June 7, Nvidia said. It joins Alphabet $GOOGL, Amazon $AMZN, and Tesla $TSLA, which all initiated stock splits in 2022.

The market in China is expected to remain competitive

“The importance of AI has caught the attention of every nation,” Nvidia said on its earnings call. That includes China, where Nvidia said it ramped up on new products designed specifically to not require an export control license. However, Nvidia’s data center revenue in the country “is down significantly from the level prior to the imposition of the new export control restrictions in October,” it said. Nvidia expects the market in the country “to remain very competitive going forward.” Huang said the tight competition is due to limitations on Nvidia’s technology in China.

Data-center revenue is up over 400% year-over-year

Nvidia reported record data-center revenue of $22.6 billion — up 23% from the previous quarter, and up 427% year over year. That growth, it said, was driven by strong demand for its Hopper GPUs, or graphics processing units, which are used for training and inferencing the world’s most powerful artificial intelligence models. Inferencing, the process that follows training where AI models start drawing conclusions from new data, drove an estimated 40% of Nvidia’s data center revenue, the company said.