Nvidia CEO Jensen Huang on Wednesday aimed to assure investors that the world’s most valuable company can ‌keep up its blockbuster growth with the help of a broad base of customers and that new products will help it beat the $1 trillion in sales it has forecast for its flagship AI chips.

Shares fell 1.6% in extended trading, however, a sign that investors believe Nvidia will face tougher competition even though it forecast second-quarter revenue above Wall Street estimates and announced an $80 billion share repurchase programme.