Wedbush analyst Dan Ives has made a bold prediction after Nvidia Corporation (NASDAQ:NVDA) reported its first-quarter results on Wednesday. He said that the tech industry is on the brink of a significant transformation, with the potential for trillion-dollar valuations.

What Happened: On CNBC's Last Call segment, following Nvidia's impressive quarterly results, Ives said that "The party's just getting started." Nvidia's historic rally was fueled by its data center business, which saw a staggering 427% growth in the latest quarter, driven by strong demand for its artificial intelligence processors from companies.

He went on to add, "We're going to be talking about $3-$4 trillion types of valuations in tech. There's no slowing down."

When sharing the clip from the segment on X, formerly Twitter, Ives also likened the current state of AI to the "1995 Moment," referring to the time when the internet began to significantly impact businesses and society.

Why It Matters: Nvidia reported adjusted earnings per share (EPS) of $6.12 on $26 billion in revenue, reflecting increases of 461% and 262%, respectively, compared to the last year. The company also announced a 10-for-1 stock split and increased its quarterly dividend by 150%.

While reporting the results, Nvidia CEO Jensen Huang said, "The next industrial revolution has begun — companies and countries are partnering with NVIDIA 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."

Meanwhile, Ives' prediction aligns with his previous statements about the potential of AI. In February earlier this year, he referred to Nvidia's fourth-quarter earnings as the start of a tech bull market that would continue into 2025.

He also predicted that Nvidia's AI infrastructure spending would lead to a "tidal wave" of AI-build-out spending, benefiting AI-related infrastructure, software, and services companies.

Last month, Ives described AI as the 'Fourth Industrial Revolution' after robust results from Microsoft and Google, suggesting that AI is on the cusp of a major impact on businesses and society.

NVDA Price Action: Nvidia shares ended Wednesday's regular session 0.46% lower at $949.50. However, the shares soared 6.06% in the after-hours trading at $1,007.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.