Just when many investors thought that the AI trade as we knew it would go up in a poof of smoke, Jensen Huang’s GPU empire, Nvidia (NASDAQ:NVDA), posted a quarterly earnings result that was a lot better than expected.

The daily timeframe chart shows that the NVIDIA stock price has been in a strong uptrend in the past few years. It recently crossed the important resistance level at $200, bringing its market capitalization to over $5 trillion.

Two key reasons for Thursday's market reversal were increased concern that the Federal Reserve would not cut interest rates in December and jitters about an AI bubble not fully extinguished by Nvidia's earnings report.

Chipmakers including Nvidia and Intel are down along with much of the stock market Tuesday, as fears of an AI bubble grow.

Mizuho's Vijay Rakesh boosted his Nvidia price target to $245 from $235, with the new target 31% higher than current levels. Not only is Nvidia "the clear AI leader," but it's also growing quite quickly for its size.

Yet that wasn't the only impressive part of the business. Gaming sales, Nvidia's second-largest segment, soared by 30% year over year. And professional visualization, which now includes sales of Nvidia's Spark, which the company calls the world's smallest AI supercomputer, rocketed 26.5% sequentially over Q2.

The U.S. stock market fell following another jarring day on Tuesday, as worries keep dogging Nvidia, bitcoin and other Wall Street stars that their prices shot too high. After quickly sliding to a morning loss of 1.