Nvidia shares were initially up after an earnings report that included raised revenue guidance for the next quarter. But shares closed 3% lower.

Nvidia is king in AI chips, but custom ASICs are gaining ground with Google, Amazon, Meta, Microsoft and OpenAI now making their own.

The numbers couldn’t have come at a better time for Nvidia’s new infrastructure partners Brookfield and the Kuwait Investment Authority, which this week unveiled plans to amass a $100 billion portfolio of physical assets that underpin the delivery of AI, including AI factories, power stations and data centers.

Another analyst agreed. Thomas Monteiro, a senior analyst at Investing.com, said Nvidia’s data demonstrates the AI era is “nowhere near its peak.”

Nvidia has soothed worries about AI demand for now, and dispelled fears of a bubble bursting. Investors piled into tech and AI names after its Q3 results.