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,

The main indexes all opened higher Thursday on impressive Big Tech earnings, but momentum faded into the close.