Nvidia’s landmark performance hasn’t been seen ‘in the history of capitalism,’ says tech CEO

Nvidia’s quarterly results catapulted its stock up 9% a day after reporting earnings, crossing the $1,000 threshold for the first time ever. Read More...

Nvidia performed so well in its first quarter that even other tech CEOs are praising the company’s efforts.

On Wednesday, Box CEO Aaron Levie joined the ranks of Nvidia cheerleaders by exalting the results of its cash cow data center business. The data center category of Nvidia’s business, which includes sales of its popular graphics processing units (GPUs), jumped 427% to $22.6 billion, compared to its fiscal first quarter last year.

Levie declared Nvidia’s data center performance an economic milestone.

“These 2 numbers have never been next to each other in the history of capitalism,” wrote Levie in a Wednesday X post about the data center category’s percentage growth and revenue figure.

The booming data center business brought in the majority of the company’s $26 billion quarterly revenue, which shattered analyst expectations of $24.65 billion, according to CNBC.

Nvidia said it expects sales in its second fiscal quarter to hit $28 billion and added that it would get a revenue boost later in the year thanks to the launch of its next-generation chip Blackwell, which CEO Jensen Huang said would help enable a “giant leap in AI.”

Huang, the 31-year CEO of Nvidia, was himself complimented by fellow tech CEO Mark Zuckerberg of Meta, who said in a March Instagram post that Huang was “[L]ike Taylor Swift, but for tech.”

Shares of Nvidia have taken off thanks to the AI boom and brought with it some of the biggest tech companies in the world, including Google, Microsoft, and Meta, along with AI leader OpenAI.

Even as Nvidia faces increased competition from other chip companies and big tech companies seeking to make their own chips, Huang said the company is firing on all cylinders.

“We’re racing every day,” Huang told investors. “Customers are putting a lot of pressure on us to deliver the systems and stand them up as quickly as possible.”

Nvidia’s stock broke the $1,000 mark for the first time after hours Wednesday and on Thursday its shares jumped as high as $1,062, before retreating to close the day up 9% at $1,037.

This story was originally featured on Fortune.com

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