Chip-maker Nvidia (NASDAQ:NVDA) announced record revenues of $30bn over a three-month period, but shares have fallen.

The company has seen its stock market value rising to over $3 trillion thanks to the AI boom. Analysts had forecast sales growth for the company of $28.7bn for the three months to 28 July. It has surpassed this, with its revenues up by 122% on the comparable period last year.

However, Nvidia’s shares fell by 6% in after-hours trading.

“It’s less about just beating estimates now,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown. “Markets expect them to be shattered and it’s the scale of the beat today that looks to have disappointed a touch.”

Simon French, head of research at Panmure Liberum, said, “If you’re going to raise expectations that high then you’ve got to keep growing at spectacular rates.”

One of the reasons for the after-hours sell-off is that the company’s next generation of Blackwell chips has faced production delays.

Nvidia has first-mover advantage in AI technology, but rivals such as Intel (NASDAQ:INTC) could chip away at the market share if they can come up with a better product.