Nvidia Corporation delivered its second quarter fiscal 2025 earnings report on Wednesday after the market closed, showing revenue of $30 billion and earnings per share of $0.64. Those figures beat analyst expectations, which pegged expected revenue at $28.7 billion.

Notably, Nvidia’s revenue grew 122% year-over-year, as demand for its processors continues to surge. The company also announced a $50 billion stock buyback.

“Nvidia achieved record revenues as global data centers are in full throttle to modernize the entire computing stack with accelerated computing and generative AI,” said Jensen Huang, Nvidia’s founder and CEO, in a statement.

The earnings report—which was perhaps one of the most anticipated earnings releases in recent memory—serves as a signal as to whether the artificial intelligence boom over the past year and a half should continue. Strong earnings, in this case, would be a signal that demand is still high, whereas weak earnings, conversely, could be a signal that the rally is petering out.

Given Nvidia’s strong earnings, that doesn’t appear to be the case.

Before the earnings report was released, Nvidia shares were trading down between 2% and 3% most of Wednesday, at around $125 per share. Year to date, however, shares are up around 160%; and over the past five years, up nearly 3,000%. That growth is largely due to the company’s processors, which have powered much of AI’s rise in popularity.

Despite the expectations-beating earnings numbers, Nvidia shares were trending down—stock prices were down more than 5% as of 4:30 p.m. ET.