Arm Holdings Plc ( ARM ) shares are trading higher Thursday in sympathy with NVIDIA Corp ( NVDA ) , which jumped after reporting earnings for the first quarter.

What Happened With NVDA: Nvidia ( NVDA ) reported first-quarter revenue of $26.044 billion, beating analyst estimates of $24.646 billion. Total revenue was up 262% on a year-over-year basis and up 18% quarter-over-quarter.

Nvidia ( NVDA ) reported first-quarter earnings of $6.12 per share, beating estimates of $5.59 per share, according to data from Benzinga Pro. 

Nvidia ( NVDA ) guided for second-quarter revenue of $28 billion, plus or minus 2%, versus estimates of $26.64 billion.

"The next industrial revolution has begun — companies and countries are partnering with NVIDIA ( NVDA ) to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence," said Jensen Huang, founder and CEO of Nvidia ( NVDA ). "AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient, while expanding revenue opportunities."

Nvidia ( NVDA ) also announced a 10-for-1 forward stock split, effective June 7, and increased its dividend 150% to 1 cent per share on a post-split basis.

Shares accelerated to the upside late Wednesday after Huang revealed on the conference call that production for the company’s recently launched Blackwell chips has started. He also noted that the company anticipates “a lot of Blackwell revenue” this year. Nvidia ( NVDA ) shares were up more than 7% at last check.

Check This Out: Jensen Huang Says ‘Other Blackwells Coming’ Even As Nvidia Gears Up For ‘Lot Of Blackwell Revenue’ This Year: ‘It’s Going To Be Terrific’

Following the company’s quarterly results, several analysts raised price targets on the stock ranging from $1,140 to $1,320 per share. Rosenblatt also maintained its price target of $1,400, per Benzinga Pro.

Why It Matters: Nvidia ( NVDA ) unsuccessfully tried to acquire Arm in 2020. The company revealed in a recent regulatory filing that it owns approximately $147 million worth of Arm’s stock.

Arm develops and licenses high-performance IP solutions for CPUs, GPUs, and NPUs, relied on by many of the world's semiconductor companies to develop their products.  

ARM Price Action: Arm Holdings ( ARM ) shares were up 3.48% at $116.34 at the time of publication, according to Benzinga Pro.