Global share markets rose after Nvidia posted third-quarter earnings that beat Wall Street estimates, assuaging for now concerns about whether the high-flying valuations of AI firms had peaked.

On Wednesday, all eyes were on Nvidia, the bellwether for the AI industry and the most valuable publicly traded company in the world, with analysts and investors hoping the chipmaker’s third-quarter earnings would dampen fears that a bubble was forming in the sector.

Jensen Huang, founder and CEO of Nvida, opened the earnings call with an attempt to dispel those concerns, saying that there was a major transformation happening in AI, and Nvidia was foundational to that transformation.

“There’s been a lot of talk about an AI bubble,” said Huang. “From our vantage point, we see something very diff

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