Nvidia stock slips even after earnings top Wall Street estimates, demand for AI chips surges [Video]

Nvidia may have exceeded Wall Street estimates as its profit jumped — buffeted by the chipmaking dominance that has cemented Nvidia’s place as the poster child of the artificial intelligence boom — but investors seemed less than impressed.

The Santa Clara, Calif., company reported a net income of to $16.6 billion. Adjusted for one-time items, net income was $16.95 billion. Revenue rose to $30 billion, up 122% from a year ago and 15% from the previous quarter.

By comparison, S&P 500 companies overall are expected to deliver just 5% growth in revenue for the quarter, according to FactSet. Still, Nvidia shares slipped nearly 4% in after-hours trading.

Ryan Detrick, chief market strategist at Carson Group, said that despite growing revenue “it appears the bar was just set a tad too high this earnings season.”

“Death, taxes, and NVDA beats on earnings are three things you can bank on,” Detrick said. …