The only thing soaring higher than Nvidia’s cloud business is its share price.
Both were apparent following the company’s fiscal first-quarter results Thursday afternoon. Sales of graphics-processing chips designed for use in data centers soared 71% year over year to $701 million—solidly beating the 60% growth analysts had projected. This segment now makes up about 22% of Nvidia’s total business. But it also is the primary driver of the company’s stock price, which has surged more than sevenfold over the past two years as...