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,

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.

Meta and Microsoft have been investing heavily in AI infrastructure in recent years, and are set to still shell out billions in capital expenditures.