On Wednesday night, Nvidia released its highly anticipated-slashed-dreaded quarterly earnings report — and Wall Street let out a sigh of relief, at least initially.

The multitrillion dollar chipmaker at the center of the AI boom reported a ludicrous $57 billion in quarterly revenue, netting it nearly $32 billion in profit. Compared to the same quarter from the year before, it amounted to a 62 percent surge in sales, and a further 65 percent increase in profit.

Nvidia’s stock spiked by over four percent when trading resumed on Thursday morning. Other tech stocks received a boost, too, as did the S&P 500 overall. The chipmaker’s “blowout” quarter calmed fears of an AI bubble bursting on the horizon. If the nearly $5 trillion behemoth responsible for providing the hardware used by AI makers

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