Nvidia beat quarterly sales expectations as customers stockpiled its AI chips before fresh U.S. curbs on China exports took effect, but the same restrictions will slice off $8 billion in sales from the company's current quarter,

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.

The market also wanted to hear about how the US’s ban on most chip exports to China is impacting revenue. The hit to Nvidia’s revenue is huge: the company said that it will hurt revenue in the current quarter to the tune of more than $8bn,