Nvidia CEO Jensen Huang on Wednesday aimed to assure investors that the world's most valuable company can ‌keep up its blockbuster growth with the help of a broad base of customers and that new products will help it beat the $1 trillion in sales it has forecast for its flagship AI chips.

Shares fell 0.41% in premarket trading, however, a sign that investors believe Nvidia will face tougher competition even though it forecast second-quarter revenue above Wall Street estimates and announced an $80 billion share repurchase program.

Applied Digital surged about 9% in premarket trading after closing at $39.52, following the announcement of a major long-term lease agreement.

The stock has continued its strong monthly rally, gaining around 22%, although it still recorded a weekly decline of nearly 8%. The move reflects renewed investor focus on its expanding AI infrastructure pipeline.

The company said it has signed a 15-year take-or-pay lease with the same U.S.-based investment-grade hyperscaler previously partnered at Delta Forge 1.

The deal is tied to Polaris Forge 3, a new AI Factory campus designed for 300 MW of critical IT load supported by ~430 MW of grid power. The agreement carries about $7.5B in base contracted revenue and up to $18.2B including options.