Nvidia CEO Jensen Huang told employees this week that the company has been pushed into a no-win situation by mounting fears of an AI bubble, even as it continues to post blockbuster results, according to audio of an internal all-hands meeting reviewed by Business Insider.

Nvidia is king in AI chips, but custom ASICs are gaining ground with Google, Amazon, Meta, Microsoft and OpenAI now making their own.

The numbers couldn’t have come at a better time for Nvidia’s new infrastructure partners Brookfield and the Kuwait Investment Authority, which this week unveiled plans to amass a $100 billion portfolio of physical assets that underpin the delivery of AI, including AI factories, power stations and data centers.

Microsoft, Nvidia, and Anthropic seal a multibillion-dollar AI pact, scaling Claude on Azure with Nvidia chips to bring frontier models to more enterprises.

Nvidia shares were initially up after an earnings report that included raised revenue guidance for the next quarter. But shares closed 3% lower.

CEO Jensen Huang addresses the AI bubble and highlights Nvidia's new partnerships with Anthropic, OpenAI, and xAI.