Wall Street praised Micron's stellar Q1 earnings. Morgan Stanley said the results were among the biggest surprises in the history of the chip sector.

Rising depreciation expenses from the data center binge is a major worry. Alphabet, Microsoft and Meta combined for about $10 billion in depreciation costs in the final quarter of 2023. The figure rose to nearly $22 billion in the quarter that just ended in September. And it’s expected to be about $30 billion by this time next year.

Some prominent investors who have successful track records of calling other market declines have become vocal critics of the AI boom. Michael Burry and Jim Chanos are both shorting Nvidia stock, meaning they will make money if the price goes down further.

For a reading of Wall Street's shifting mood on the artificial intelligence investment boom, take a look at the daily fluctuations of Oracle stock, analysts say.