Nvidia's quarterly outlook on Wednesday suggested demand from Microsoft, Amazon and other heavyweight tech companies racing to build out AI infrastructure remains robust, though the outcome failed to significantly quell fears of overspending in the booming industry.

Nvidia has led the artificial intelligence boom to become one of the stock market’s biggest companies, as tech giants continue to spend heavily on the company’s chips and data centers needed to train

Artificial intelligence-linked shares fell on Tuesday, in lead-up to AI bellwether Nvidia's quarterly earnings, which could offer clarity on demand and justify the sector's lofty valuations. Technology stocks globally sold off this week after a TD Cowen analyst note said Microsoft has canceled leases for sizeable data center capacity in the U.