Nvidia earnings report in the spring of 2023, months after the launch of OpenAI’s ChatGPT, marked the start of a new era for both the chip maker and the broader market’s awareness of the likely effects of artificial intelligence. The company’s revenue forecast, nearly double Wall Street’s estimate, showed that the starting gun had been fired in a race to develop AI that would add more than $3.5 trillion in value to Nvidia stock over the next 2½ years. Skepticism about the AI trade is higher now than at any point since before Nvidia’s 2023 forecast.