Nvidia shares slipped 2.5% to $135.76 in morning trading.

Nvidia stock gained 3.3% on Thursday after a solid earnings report that underlined the strength of demand for the company's AI chips.

It briefly took the crown as the world's largest company by market cap during afternoon trading, but couldn't hold on. As of Thursday's close, Nvidia had a market cap of $3.396 trillion, just behind Microsoft's valuation of $3.409 trillion.

“Nvidia is undergoing a paradigm shift. It’s behaving more like a haven, not just a risky tech stock, similar to what Apple has been heralded as over the past two years,” wrote Hardika Singh, a strategist at Fundstrat, in a note titled “Is Nvidia Entering its Apple Era?”.

Being compared with Apple is normally a good thing for any technology company. Singh noted, though, that Nvidia’s rate of growth is inevitably diminishing as it becomes a larger business, while the stock is also becoming less prone to sudden surges.

“We’re still in the early innings of the AI revolution, which is still being led by Nvidia. We likely haven’t even identified scores of companies that will benefit from it in the coming years. But still the question becomes—will slowing down be good for Nvidia in the long run?,” Singh wrote.

Still, things are looking positive for AI infrastructure in general. Dell Technologies raised its profit outlook for the year in its own earnings on Thursday, saying it saw $12.1 billion in AI orders in the quarter, more than the entirety of AI shipments from last year.

Dell added that it has a backlog of AI orders worth $14.4 billion, with the majority of that being made up of systems powered by Nvidia's Blackwell hardware.