Nvidia's earnings report sparked some positive momentum for its stock on Thursday morning, sending it up as much as 5.1%, and bringing other technology stocks and the broader market up with it. By the afternoon,

The biggest U.S. retailer and private-sector employer posted solid quarterly results and raised its outlook. [Shares closed up nearly 6.5%](

Strong quarterly earnings from Nvidia and Walmart plus a better than expected September jobs report sent stocks soaring early Thursday.

This is why Nvidia says that instead of an AI bubble, the company sees what it calls a "virtuous cycle" of AI spending, with Nvidia in the center of it. Kress said that the company is on track for $500 billion in sales -- and that number could increase.

Nvidia reported quarterly results that handily topped Wall Street expectations, sending the stock sharply higher in after-hours trading.

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.

An early stock-market rally on Thursday has given way to broad-based selling as doubts about the artificial-intelligence trade re-emerged following the latest batch of earnings from Nvidia.

Nvidia is the poster child of the stock market's AI-driven ascent to record highs, so all eyes were laser-focused on its latest earnings report. The AI King delivered the goods, besting Wall Street analysts' top and bottom-line estimates, and offering bullish guidance. Investors reacted kindly... at first.