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 continues to prove the AI doubters wrong by delivering quarter after quarter of breakneck earnings growth, maintaining its high margins, and generating substantial excess cash flow despite increased spending.

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

Nvidia reported more eye-catching numbers for its fiscal third quarter Wednesday, with net income jumping 65% and revenue increasing 62% from a year earlier.

Nvidia’s blowout earnings Wednesday affirmed its place as the world’s most valuable company, thanks to “off the charts” sales of GPUs that excel at AI workloads. But as inference needs outpace training,

Nvidia has soothed worries about AI demand for now, and dispelled fears of a bubble bursting. Investors piled into tech and AI names after its Q3 results.

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.

Prosecutors have accused Brian Raymond, founder of AI infrastructure and consulting company Bitworks, and three others of selling coveted Nvidia chips to unspecified Chinese companies.