LOS ANGELES (AP) — Nvidia’s soaring profit beat Wall Street estimates — shaken by the chipmaker’s dominance that has cemented Nvidia’s place as the poster child of the artificial intelligence boom — but investors seemed less than impressed.

The company reported net income of $16.6 billion. Adjusted for one-time items, net income was $16.95 billion. Revenue rose to $30 billion, up 122 percent year-over-year and 15 percent quarter-over-quarter.

For comparison: According to FactSet, S&P 500 companies as a whole are only expected to see sales growth of 5 percent in the quarter.

However, Nvidia shares lost almost 4 percent in after-hours trading.

Nvidia has the artificial intelligence Sector to one of the stock exchanges largest companiesas tech giants continue to invest heavily in the chips and data centers companies need to train and run their AI systems.

The company reported adjusted earnings per share of 68 cents per share for the second quarter, up from 27 cents a year earlier.

Demand for generative AI products that can create documents, create images and act as personal assistants has boosted sales of Nvidia’s specialty chips over the past year. In June, Nvidia stood up briefly to become the most valuable company in the S&P 500. The company is now worth over $3 trillion.

In the first six months of the year, Nvidia’s share price rose nearly 150%. At that point, the stock was trading at just over 100 times the company’s earnings over the previous 12 months. That’s much more expensive than it’s ever been and than the S&P 500 in general. That’s why analysts are warning of a sell-off if Wall Street sees signs that demand for AI is waning.

The Santa Clara, California-based company got an early lead in the race for AI applications, thanks in part to founder and CEO Jensen Huang’s successful bet on the chip technology that powers the industry. The company is no stranger to big bets. Nvidia’s invention of the graphics processing unit (GPU) in 1999 helped grow the PC gaming market and redefined computer graphics.