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 (NVDA) stock popped around 5% Thursday after the poster child for artificial intelligence reported mixed first quarter results after the close on Wednesday. The rise put it on track for its highest close since January.

AI chip giant Nvidia, the second-most valuable company in the world, could move the entire stock market when it reports quarterly results after markets close on Wednesday.