"The odds were stacked against them," Adam Phillips of EP Wealth Advisors told CNBC.

Nvidia is the only megacap tech stock to notch gains this year as investors have turned cautious on the hefty amounts of spending on AI infrastructure.

As tech stocks slide and AI spending comes under scrutiny, investors are looking to Nvidia’s results for clues about whether the AI boom still has room to run.

Analysts remain bullish on Nvidia given strong AI capex expected this year, healthy AI compute demand and the stock's valuation relative to hyperscaler peers.

Expectations are sky high for the company's earnings report as demand for Nvidia's AI processors breaks records.

Nvidia shares weren't moving much in extended trading. But make no mistake, the chipmaker's earnings report was impressive.

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"The odds were stacked against them," Adam Phillips of EP Wealth Advisors told CNBC.

CNBC's Jim Cramer said Thursday that investors are skeptical about Nvidia's customers, not the company's technology leadership.

Meta will use AMD's chips and is reportedly interested in Google processors, while OpenAI is turning to Amazon silicon, as Nvidia faces increasing competition.