Nvidia CEO says the company is in a no-win situation amid AI-bubble chatter, leaked meeting reveals

Nvidia CEO Jensen Huang told employees this week that the company has been pushed into a no-win situation by mounting fears of an AI bubble, even as it continues to post blockbuster results, according to audio of an internal all-hands meeting reviewed by Business Insider.

“The market did not appreciate our incredible quarter,” Huang said on Thursday, less than 24 hours after Nvidia reported another set of record earnings and said it had “visibility” into half a trillion dollars of revenue lined up for the rest of 2025 and 2026.

Instead of rewarding the beat, investors delivered a shocking reversal that saw shares briefly rising Thursday before turning lower, dragging down the broader AI trade by the end of the session.

Huang said expectations around Nvidia have become so extreme that Wall Street now sees danger in both directions.

“If we delivered a bad quarter, it is evidence there’s an AI bubble. If we delivered a great quarter, we are fueling the AI bubble,” he told employees. “If we were off by just a hair, if it looked even a little bit creaky, the whole world would’ve fallen apart.”

The comments offer a rare glimpse into how the face of the AI boom views the growing backlash to it, and how closely he is watching the market’s whiplash response.

“After another quarter of incredible growth and off-the-charts demand, Jensen’s message to the company was to stay focused and let the market take care of itself,” a spokesperson for Nvidia said in a statement.

On paper, Nvidia gave investors about everything they had asked for. The chipmaker reported another surge in sales of its data-center processors, the workhorses that power large AI models (and Nvidia’s revenues), and raised its guidance for the current quarter. It was the kind of performance expected to kick off another six-month rally, investors were saying.

Instead, the stock’s initial jump gave way to a broad selloff. Nvidia climbed as much as 5% early in Thursday’s session before closing down roughly 3%, as traders rotated out of the Big Tech names most closely associated with the AI boom.

The reversal extended what has become a bruising stretch for the so-called AI trade. After months of a breathless rally, investors are increasingly anxious that tech giants are spending too aggressively on data centers, GPUs, and networking gear, with no guarantee they can earn enough revenue to get those investments back. Some are also focusing on the complex, debt-heavy financing structures behind the AI infrastructure build-out, with credit markets starting to flash early warning signs.