Rumors of Nvidia's demise were greatly exaggerated. The AI chip king posted impressive results Wednesday night, and its overall growth prospects look as promising as ever. The stock’s 8.5% decline after earnings makes the opportunity all the more compelling for investors.

Gil Luria of DA Davidson highlighted increased competition from China and declining profit margins as concerns for Nvidia.

Key Takeaways Nvidia shares gave up early gains Thursday after the chipmaker reported earnings that topped Street estimates. Investors may have expected more from the AI darling.However, analysts said they're still bullish on the chipmaker's prospects,

Wall Street took a dim view of Nvidia's quarterly forecast on Thursday with investors pushing the stock down more than 8%, piling pressure on the "Magnificent Seven" stocks that have garnered market skepticism in the last three months.

Wall Street is once again fixated on Nvidia, as the main player in the artificial intelligence mania is set to report earnings after the bell Wednesday and give an update on demand for its semiconductors,