Nvidia shares dropped more than 5% on Thursday, as investor concerns around its leadership in the artificial intelligence boom dampened enthusiasm over its earnings beat.

The company reported stellar quarterly results, but the numbers were not enough to assuage Wall Street amid an already fragile time for stocks. Companies across many industries, ranging from trucking to software, have been rattled this year on fears of AI disruption to their businesses. Elevated valuations and high capital expenditures have also set a high bar for these names.

“The debate has shifted away from near-term results and toward the sustainability of AI capex spending, amid concerns around its quantum, monetization and potential cashflow degradation,”…