Nvidia reported a stronger-than-expected first-quarter revenue forecast on Wednesday (May 22) and announced a stock split after its shares reached the $1,000 mark. 

Reuters reported that the artificial intelligence (AI) semiconductor company had a 3.5% increase in its shares in after-hours trading. 

Running Point Capital chief investment officer Michael Schulman claimed that Wall Street breathed a "collective sigh of relief" after investors and analysts expressed initial concern prior to Nvidia's announcement. 

READ NEXT: Analysts Expect Nvidia Revenue to Surge 200% Amid AI Boom

Nvidia Triggers Stock Split 

Because its shares reached north of $1,000, Nvidia announced late Wednesday that it would be splitting its stock ten-for-one.

However, Longbow Asset Management CEO Jake Dollarhide told Reuters that the stock could trade lower over the next few days after investors digested the numbers. 

So far this year, technology stocks made significantly sharper gains from last year, with Nvidia leading the charge amid optimism over AI. 

CNBC also quoted Nvidia CEO Jensen Huang as saying that the firm would see more revenue from its next-generation AI chip, Blackwell, later this year.

As of Wednesday, the company's stock was up by 91% for the year.

READ MORE: Nvidia Employees Call Boss Jensen Huang 'Demanding,' But Experts Say He Has to Be to Survive Competition