Nvidia reported a record $44.1 billion in overall revenue, compared to expectations of $43.3 billion. It also guided investors for $45 billion in fiscal second-quarter sales, even with an expected $8 billion in lost revenue from China sales due to export restrictions. Analysts had penciled in guidance for $45.9 billion.

Nvidia stock rose on Thursday after a solid earnings report, but Microsoft managed to hold on to the title of largest U.S. company by market value. Nvidia briefly took the crown as the world's largest company by market cap during afternoon trading,

Read Investopedia's live updates on the AI chip giant's quarterly results, as well as the market reaction and comments from CEO Jensen Huang during the conference call with analysts.

Nvidia's results were much better than they might seem at first glance. Both the top and bottom lines were hurt by new U.S. government export controls on the company's H20 chip, which it had specifically designed for the Chinese market to comply with the government's second round of advanced AI chip export controls.

Nvidia stock is up 3.9% at $140.14. According to Dow Jones Market Data, that would be The highest closign level since Jan. 24 when shares finished at $142.62; The largest percent increase since May 14 when it rose 4.

The S&P 500 was 0.3% higher in afternoon trading after giving up most of an earlier gain. The Dow Jones Industrial Average was up 29 points, or 0.1%, as of 1:23 p.m. Eastern time, and the Nasdaq composite was 0.5% higher.

If you're just waiting for Nvidia's sales and earnings per share figures, you'll be missing out on the big picture.