Nvidia erased all of its post-earnings gains Thursday, falling nearly 2% despite reporting a blowout quarter the day before. The stock had surged more than 6% in after-hours trading Wednesday after the company beat expectations with $57 billion in revenue, up 62% year-over-year, driven by soaring demand for its AI data center chips.

Sales from that division rose 66% to over $51 billion. CEO Jensen Huang dismissed concerns of an AI bubble, saying, “From our vantage point, we see something very different.” He described demand for the company’s new Blackwell systems as “off the charts” and noted that cloud GPUs are “sold out.”

Nvidia also projected fourth-quarter revenue between $63.7 billion and $66.3 billion, topping analyst expectations. But the optimism faded fast. By midday Thursday, Nvidia shares had reversed all gains, reigniting doubts about the staying power of the AI trade.

Tech stocks broadly followed the same pattern. Google slipped after an early 3% gain, Tesla gave back a 6% morning rally, and the S&P 500 turned negative after rising as much as 1.5%.

Bitcoin showed similar weakness. It briefly reclaimed the $92,000 level on Wednesday night but dropped below $87,000 midday Thursday.