Tech and cryptocurrency markets saw a boost in after-hours trading on Wednesday following Nvidia’s impressive third-quarter earnings, which eased fears of an AI-driven bubble in the sector.

Nvidia reported record revenue of $57 billion for Q3 ended October 26, up 62% year-over-year and surpassing Wall Street estimates of $54.7 billion. Net profit rose 65% to $31.9 billion, beating expectations, while guidance for Q4 revenue came in higher than anticipated at $65 billion, signaling continued strong demand for artificial intelligence solutions.

The earnings beat sparked a rally across tech and crypto stocks. Nvidia shares jumped over 5% in after-hours trading to $196, after closing the regular session at $186.52. Other tech giants—including Apple, Microsoft, Alphabet, Amazon, and Meta—also posted gains after the bell.

Crypto markets responded positively as well. Bitcoin, which had fallen below $89,000 for the first time since April, rebounded to around $91,500 following Nvidia’s announcement. Ethereum recovered above $3,000 after dipping under $2,900 earlier in the session. Major crypto exchanges like Coinbase, Bullish, and Circle Internet Group also saw slight gains post-trading.

Investors had been closely watching Nvidia’s earnings as a barometer for AI-related tech and crypto assets, with the results suggesting that enthusiasm for AI remains strong, supporting broader risk-on sentiment in the markets.