Expectations ran high ahead of the results, with Nvidia shares up more than 20% over the last two months and hitting an intraday record high on Monday. The stock has nearly tripled so far this year and is up more than ninefold over the last two years, giving it a market value of $3.6 trillion.

Nvidia's revenue forecast on Wednesday disappointed Wall Street, raising questions over whether the artificial intelligence boom is waning. But the answer, according to Nvidia executives, analysts and investors,