Investors continue to underestimate artificial intelligence (AI), the secular tailwinds behind the chipmaker's supercharged growth.

Nvidia stock hit an intraday high Thursday after earnings from Microsoft and Meta Platforms reinforced expectations of continued investment in its artificial-intelligence chips. Nvidia shares reached a record $183.

Nvidia shares sold off sharply this spring, fueled by increased worry that spending on artificial intelligence infrastructure, such as Nvidia’s semiconductor chips, was peaking. The argument was that hyperscalers operating massive cloud data centers were overbuilding capacity and double-ordering chips,