Nvidia Up 13% After Q1 Beat

NVIDIA Corporation NVDA shares are trading higher by $14.00 at $116.94 in Wednesday's session.

The catalyst for the rally is a Q1 EPS beat of $0.18 along with a revenue beat of $30 million.

The rally from the after-hours session has carried over into the regular session. After a higher open, Nvidia's stock had a brief $0.27 retreat to $114.02 before continuing its move higher.

So far, the ensuing rally has taken the stock to $118.20, but has backed off to the $117.00 area. That marks the highest level for the stock since it peaked at $120.70, which was the day following its Q4 report. It should be noted it sold off sharply on that day and ended the session at $113.62.

In order to post a new all-time closing high, it will need to end the session above its February 7 close of $119.13.