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Nvidiaforecast quarterly revenue above estimates on Wednesday and announced a stock split, lifting its shares to record-high territory and impressing investors who have tripled the chipmaker’s market value in the past year on AI optimism.

Nvidia shares jumped 5.9% to $1,005 in extended trade, peaking above the psychologically important $1,000 mark and adding about $140 billion in stock market value.

The AI poster child’s stock has surged 90% so far this year, and a close at Wednesday’s after-hours price in the next day’s Wall Street trading session would be a new record high.

The Santa Clara, Calif.-based company said it would split its stock 10-for-one, effective on June 7. It also said it was raising its quarterly dividend by 150% to 1 cent per share, on a post-split basis.

“Death, taxes, and NVDA beats on earnings. Even in the face of huge expectations, the company once again stepped up and delivered,” said Ryan Detrick, chief market strategist at Carson Group. “The always important data center revenue was strong, while future revenue was also impressive.”

Wall Street’s main event so far this week, Nvidia’s earnings report could add fresh fuel to a stock market rally that has lifted indexes to record highs this year.

FollowingNvidia’s results,shares of rival AI-related chipmakersAdvanced Micro Devicesand Broadcomeach rose about 2%.

Alphabet, Microsoft, Amazonand other technology companies have been competing for a limited supply ofNvidia’s high-end chips as they race to dominate AI computing.

During a conference call with analysts, CEO Jensen Huang said Nvidia’s upcoming Blackwell AI chips will ship in the current fiscal quarter, with production increasing in the following quarter.

Chief Financial Officer Colette Kress said demand for Blackwell chips could exceed supply “well into next year.”

Nvidia’s contract chipmaker, Taiwan Semiconductor Manufacturing, has also been working to increase its advanced packaging capacity, a key supply-chain constraint for the processors. The Taiwanese company said in April it expects to more than double its advanced packaging capacity this year.

Nvidia forecast fiscal second-quarter revenue of $28 billion, plus or minus 2%. Analysts on average were expecting revenue of $26.66 billion, according to LSEG data.

First-quarter revenue surged 262% year-over-year to $26.04 billion, beating estimates of $24.65 billion. Net income soared 628% to $14.88 billion.

“Demand for NVIDIA’s GPU chips remains white-hot,” said Logan Purk, an analyst at Edward Jones. “These results are likely enough to satiate investors’ appetites, and reassure the market that AI investment has not seen a slowdown yet.”

Dominating more than 80% of the market for AI chips, Nvidia stands in a unique position as both the largest enabler as well as beneficiary of surging AI development.

Sales at the data center segment, its largest by revenue, grew 427% to $22.6 billion in the first quarter ended April 28, coming in above estimates of $21.320 billion, according to data from FactSet.

AmongNvidia’s customers is Meta Platforms, which last monthincreased the midpointof its 2024 capital expenditure forecast by about $4 billion.

The high performance of Nvidia’s chips makes them difficult to replace in present AI data centers. Adding to this lead is its proprietary CUDA software framework that developers use to program the AI processors.

While most so-called hyperscalers are also developing their own custom AI chips, analysts do not expect these to eat away at Nvidia’s market share.

Nvidia expects second-quarter adjusted gross margin to be 75.5%, plus or minus 50 basis points. Analysts on average forecast gross margin to be 75.8%.

Nvidia reported first-quarter adjusted gross margin of 78.9% compared with estimates of 77%. Aspiring competitor AMD had recorded an adjusted margin of 52% in its fiscal first quarter.

Excluding items, the company earned $6.12 per share in the first quarter, beating estimates of $5.59.

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Twins call on RHP Matthews to keep streak going

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Twins call on RHP Matthews to keep streak going

The Minnesota Twins recalled right-hander Zebby Matthews from Triple-A St. Paul and inserted him into the rotation for their road game Sunday against the Milwaukee Brewers.

The 24-year-old Matthews closed out last season in the Twins’ rotation and fashioned a 1-4 record with a 6.69 ERA in nine starts. He has produced a 2-1 record with a 1.93 ERA in seven starts for St. Paul, which includes 38 strikeouts and nine walks over 32⅔ innings.

The Twins, who carry a 13-game winning streak into Sunday’s game, also selected the contract of outfielder Carson McCusker, a 26-year-old who has yet to make his big league debut. The 6-foot-8, 250-pound slugger is hitting .350 with 10 homers and 36 RBIs in 38 games this season for St. Paul.

The task ahead of Matthews is to try to continue a hot pitching streak that has seen the Twins record three straight shutouts, including in the first two games of the Brewers series. Minnesota enters Sunday with a collective 3.15 ERA that ranks No. 3 in the majors.

The active stretch of 33 straight shutout innings is the longest such streak in Twins history, which began in 1961. They had three longer shutout streaks when they were the Washington Senators, but the most recent of those took place in 1913.

To accommodate Matthews’ arrival, the Twins placed reliever Danny Coulombe (left forearm extensor strain) on the 15-day injured list, retroactive to Thursday. Coulombe has yet to allow a run this season in 16⅔ innings.

To make room for McCusker, the Twins shifted rookie Luke Keaschall to the 60-day IL to open a spot on the 40-man roster. Keaschall fractured his right forearm April 25 against the Los Angeles Angels.

The Associated Press and Field Level Media contributed to this report.

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Cora to skip game to attend daughter’s graduation

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Cora to skip game to attend daughter's graduation

BOSTON — Red Sox manager Alex Cora will miss Monday’s series opener against the New York Mets at Fenway Park so he can attend his daughter’s college graduation.

Cora’s daughter, Camila, will be graduating from nearby Boston College.

“It’s going to be a very special day — one that I’m not going to miss,” Cora said before Sunday’s game vs. the Atlanta Braves. “I 100% will miss the game for that. I will do that any given day. It’s going to be a very special day for us.”

Cora reflected on how the time has seemed to go quickly and spoke about how fast his daughter seemed to grow up.

“It went fast, it went really fast,” Cora said of her time in college. “For a girl from divorced parents, her mom did an amazing job, staying the course while I was playing and coaching and doing my ESPN thing. … She’s actually a reflection of her. I appreciate everything she’s done for her and for us.”

Asked if he’ll be able to hold back his emotions at the ceremony, Cora smiled and said “We’ll see,” before bringing up memories of when his daughter was at the 2018 World Series victory celebration and a postseason series wrap-up win over Tampa Bay in ’21 at Fenway.

“It’s going to be an amazing day. It happened fast,” he said. “You put everything into perspective, you go back to the videos of ’18, she was a little girl.

“Then you go back to ’21 when she hopped onto the field when we beat Tampa, she was still a little girl. Now, she’s not a little girl,” he said. “She’s a woman. She had fun with it. She’s a great student and the future’s bright for her.”

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Brewers send struggling starter Myers to minors

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Brewers send struggling starter Myers to minors

MILWAUKEE — Brewers pitcher Tobias Myers is going back to the minors as he continues to struggle to match the success he enjoyed as a rookie last year.

The Brewers optioned Myers to Triple-A Nashville on Sunday while selecting right-handed pitcher Easton McGee from Triple-A and transferring left-handed pitcher Connor Thomas to the 60-day injured list.

Myers is 1-1 with a 4.95 ERA in six appearances, including five starts. He allowed four runs over 3 2/3 innings in a 7-0 loss to the Minnesota Twins on Saturday.

The right-hander had gone 9-6 with a 3.00 ERA last season and was selected the Brewers’ most valuable pitcher by the Milwaukee chapter of the Baseball Writers Association of America. He closed that season by pitching five scoreless innings in the decisive Game 3 of the NL Wild Card Series against the New York Mets, a game the Brewers lost 4-2 by allowing four runs in the ninth.

“I love the kid, man,” Brewers manager Pat Murphy said after Saturday’s game. “You saw it in Game 3, that’s in there. So we’ve got to get back to that.”

The Brewers had optioned Myers to Nashville a week ago, but he didn’t actually pitch there before rejoining the big-league club after left-hander José Quintana went on the injured list with a left shoulder issue. Now he’s heading back to Nashville.

Myers entered Saturday having walked 10 batters over 16 1/3 innings. He didn’t walk anyone Saturday, but gave up a career-high 11 hits.

“My goal was to fill the zone up and kind of get away from the walks I’ve been dealing with,” Myers said after the game. “I think I just filled it up a little too much.”

McGee went 1-0 with a 3.44 ERA and 20 strikeouts over 18 1/3 innings in 13 relief appearances with Nashville.

McGee appeared in one game for Tampa Bay in 2022 and one game for Seattle in 2023.In the only two games he has pitched in the big leagues, McGee has allowed just one unearned run over 9 2/3 innings while striking out three and allowing five hits and one walk.

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