Shares of Nvidia (NASDAQ:NVDA) fell nearly 2% this morning, despite the company beating expectations with third-quarter revenue of $35.1 billion, a stunning 94% year-over-year and adjusted earnings per stock at $0.81, beating Wall Street forecasts. But here’s the catch: growth slows down. After triple-digit percentage increases earlier this year, Nvidia’s sequential growth is now at 17%. And in a market where insane demand for GPUs is the norm, investors are wondering: Has the AI-powered boom reached its peak?

However, CEO Jensen Huang is not putting on the brakes. In his words, the age of AI is in full swing, with Nvidia at the epicenter of a global AI revolution. Record data center revenues of $30.8 billion underscore Nvidia’s dominance in powering AI supercomputers from Denmark to Japan and driving innovations in sectors from telecom to robotics. But with competitors like AMD (NASDAQ:AMD) and Intel (NASDAQ:INTC) nipping at its heels, Nvidia is facing the double-edged sword of market saturation and sky-high expectations.

Looking ahead, Nvidia is forecasting fourth-quarter revenue of $37.5 billion, which sounds solid until you realize this isn’t the rocket growth we’ve seen. For investors, the big question is simple: Can Nvidia keep the AI ​​train on track, or is this the start of a slowdown? As share prices have fallen and growth is cooling, Nvidia remains a stock to watch, but the risks are increasing along with the hype.

This article first appeared on GuruFocus.