The market's tepid reaction to NVIDIA's latest revenue forecast has reignited concerns about the sustainability of artificial intelligence spending momentum. The company announced on Wednesday that it expects current-quarter revenue to reach $108 billion, with a possible variance of plus or minus 2%. While the average analyst estimate stood at $105.2 billion, some industry observers had set their expectations even higher, exceeding the $110 billion mark.

The gross margin, representing revenue after deducting production costs, is projected to land at approximately 74%. Following the release of these figures, NVIDIA's stock slipped roughly 2% in after-hours trading, signaling that the market was not entirely won over by the company's projections.

The lukewarm response underscores the growing skepticism surrounding the artificial intelligence boom. After several years of rapid expansion, some investors are now beginning to question whether a potential bubble is forming in the sector. Additionally, NVIDIA's investment agreements with numerous companies across the AI economy have raised eyebrows, with concerns that circular trading arrangements could render the entire industry more vulnerable to instability.