Shares of Nvidia Corp. (NASDAQ:NVDA)N took off in after-hours trading, rising past $1,000 in reaction to the company's quarterly results.

What Happened: The chipmaker reported first-quarter results that beat elevated expectations and issued an above-consensus second-quarter revenue guidance. The company also announced a 150% quarterly dividend hike to 10 cents per share and a 10-for-1 stock split.

Following the results and positive management commentary on the earnings call, the stock broke above the previous high of $974 in the after-hours session and went past the psychological resistance of $1,000. After-hours quotes are only indicative values and it remains to be seen if the stock can sustain the after-hours gain when it opens for trading on Thursday.

Higher For Longer: Deepwater Asset Management's Gene Munster weighed in on the quarterly performance and information gleaned from the call. "The $NVDA party is turning into a rager," the fund manager said, adding "We're just getting started, and it will last longer than most think."

"This will be the underpinnings of a 3-5 year tech bull market that will end in a bubble burst," the tech entrepreneur said.

Munster noted that Nvidia CEO Jensen Huang said the company will benefit from a lot of Blackwell revenue this year. Blackwell is the company's next-gen high-performance accelerator announced at the GPU Technology Conference held in mid-March.

Ahead of the results, Munster predicted Osborne effect impacting demand for Nvidia's current H200 accelerators as customers await the launch of Blackwell.

In her earnings call comments, Nvidia CFO Colette Kress said demand for both H200 and Blackwell platform accelerators was exceeding supply, Munster said. While noting that Huang expects continued growth in H200 demand in the quarters ahead, the fund manager said, "This is amazing given the Osborne Effect. I've never seen anything like it."

Munster also noted that Nvidia was planning to come out with new chips on an annual cycle. "Keeping this pace is critical because they're training customers not to wait for the next chip, " he said.

"For their customers, time to train and the race to AGI is all that matters. This means Nvidia is in a great spot for the next few years."

After ending the regular session down 0.46% at $949.50, the stock rose 5.94% to $1,005.92 in after-hours trading, according to Benzinga Pro data.

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