Nvidia, a leading chip maker known for its powerful graphics processing units (GPUs) used in artificial intelligence (AI) applications, reported impressive fiscal first-quarter financial results on Wednesday, sending its shares soaring above $1,000 per share. during extended trading.

However, despite the company's strong performance, artificial intelligence-related cryptocurrency tokens experienced a short-term decline, contrary to the expectations of crypto traders.

Nvidia's first-quarter revenue rose 262% year-over-year to $26.04 billion, beating analysts' estimates of $24.65 billion.

The company's data center sales, including artificial intelligence chips, rose a staggering 427% to $22.6 billion, driven by shipments of Hopper GPUs.

Nvidia CEO Jensen Huang said the next industrial revolution has begun as companies and countries partner with Nvidia to build artificial intelligence factories and produce artificial intelligence.

The chipmaker's strong performance suggests demand for AI chips remains strong, and Huang announced that the company will begin generating revenue from its next-generation AI chip, called Blackwell, later this year. Blackwell products are expected to begin production shipments this quarter, with data centers using the processors expected to be operational by the fourth quarter.

Despite Nvidia's impressive results, several artificial intelligence-related cryptocurrency tokens briefly fell following the earnings report. Render (RNDR), an Ethereum-based platform that enables decentralized rendering using GPUs, saw a 12% decline within five hours of the report's release.

Other tokens such as The Graph (GRT), Fetch.ai (FET) and SingularityNet (AGIX) also recorded declines ranging from 4.77% to 6.42%.

Crypto traders expected Nvidia's strong performance to lead to a similar surge in AI token prices. However, the immediate reaction left some disappointed. However, traders remain confident that Nvidia's success will eventually spread to the broader cryptocurrency market and have a positive impact on artificial intelligence-related tokens.

In addition to the earnings report, Nvidia announced a 10-for-1 stock split, effective June 7, and increased its quarterly cash dividend by 150% to a penny per share after the split. The company also responded to investor concerns about U.S. trade restrictions with China and its ability to buy enough components from contract manufacturers to meet demand.

Huang stressed that demand for what he called a major platform change is high, and that the company is striving every day to fulfill a growing backlog of orders. He also assured investors that Nvidia will introduce new chips and network technologies throughout the year.

Nvidia's first-quarter financial report has received significant attention on Wall Street, with analysts keeping a close eye on the company's performance and outlook. The chipmaker's soaring share price has given it significant weight in key stock market indexes and exchange-traded funds, making it a crucial player in the artificial intelligence revolution.