Investors continue to underestimate artificial intelligence (AI), the secular tailwinds behind the chipmaker's supercharged growth.

Nvidia shares sold off sharply this spring, fueled by increased worry that spending on artificial intelligence infrastructure, such as Nvidia’s semiconductor chips, was peaking. The argument was that hyperscalers operating massive cloud data centers were overbuilding capacity and double-ordering chips,

Wall Street's AI heavyweights added a combined half a trillion dollars in stock market value late on Wednesday after quarterly reports from Microsoft and Meta Platforms showed massive investments in the emerging technology were paying off.