STORY: In May, Nvidia stunned investors by forecasting second-quarter revenue more than 50% above Wall Street estimates, and said it was boosting supply to meet surging demand for its artificial-intelligence chips, which are used to power ChatGPT and many similar services.

Shares of Nvidia, the world's most valuable listed semiconductor company, rocketed as much as 28% after that announcement to a record high. The gain increased Nvidia's stock market value by about $200 billion to over $950 billion, extending the Silicon Valley company's lead as the world's most valuable chipmaker and Wall Street's fifth-most-valuable company.

It also sparked a rally in other AI-related stocks.

"I'm not sure that can be repeated for a second quarter," said Haworth, "but we'll have to see."