Nvidia posted another record quarter Wednesday, beating expectations widely, but the stock market reaction reflects a split view among investors. Shares of the world’s largest publicly traded company rose after Chief Financial Officer Colette Kress said to expect 70% revenue growth in the company’s 2028 fiscal year. Kress defended Nvidia’s strategy of using its balance sheet to help customers and said the company expects big frontier AI labs like Open AI to become the largest technology companies in history.

The market reaction is more telling than the actual results as evidence that investors are still focusing on massive tech investments and how they will pay off. Will Rhind, founder and CEO of Granite Shares, a manager of exchange-traded funds with $16 billion in assets, said there’s not a lot of concern about demand for Nvidia’s chips, but bigger questions remain about the broader AI narrative. Whether or not Nvidia’s earnings beat Wall Street’s expectations is no longer so important, Rhind said, because the company’s shares are no longer 'priced to perfection' as they were in previous periods.