Nvidia’s stock price surpassed $1,000 for the first time in history.

Nvidia presented a report for the first quarter of the fiscal year. According to financial results, the company’s net profit increased 7.3 times compared to the same period of the previous fiscal year. Revenue amounted to $26.04 billion, up from $7.19 billion a year earlier (an increase of 3.6 times).

According to Bloomberg, Nvidia expects revenue of $28 billion in the second quarter. This forecast is more optimistic than the expectations of analysts, who estimate next quarter’s revenue at $26.8 billion.

40% of the company’s sales came from its main clients: Amazon, Microsoft, Alphabet and Meta*. And the most important part of the revenue came from the sale of data center equipment.

Nvidia CEO Jensen Huang announced that the company will now release new chips annually, instead of once every two years, as has been the case until now. Huang announced the beginning of a new industrial revolution.

“Artificial intelligence will bring significant productivity gains to virtually every industry and enable companies to become more agile and more energy efficient at the same time, and expand their revenue opportunities,” Huang said.

In the context of the publication of financial results, the company’s shares on the Nasdaq rose in price by 7.4%. Thus, the maximum price was $1,019.68. At the close of trading on May 22, the price was $949.5, and in the subsequent market the shares grew by 7.8% and for the first time in all operations on the Nasdaq they exceeded a thousand dollars.

*Meta is recognized as an extremist organization whose activities are prohibited in the Russian Federation.