Despite clarification of news that carried negative implications for Nvidia (NASDAQ:NVDA) ahead of its earnings report later today, NVDA stock slipped modestly. As it turned out, Amazon (NASDAQ:AMZN) did not halt orders of the semiconductor giant’s most advanced chip the “Grace Hopper.”

Earlier, the Financial Times stated that Amazon Web Services (AWS) stopped ordering the so-called “superchip.” Instead, the business unit — which represents the world’s largest cloud computing provider – would wait for Nvidia’s latest Blackwell processor. The tech juggernaut announced Blackwell at its GPU Technology Conference.

At the time of the report, Amazon had no comment. Recently, though, an AWS spokesperson told Reuters that the transition from Hopper to Blackwell is related only to Project Ceiba. This project refers to a supercomputer that the two enterprises are jointly developing. However, AWS will continue to acquire Hopper chips to support the unit’s other services.

Leaving little room for misinterpretation, the spokesperson stated the following:

“To be clear, AWS did not halt any orders from Nvidia. In our close collaboration with Nvidia, we jointly decided to move Project Ceiba from Hopper to Blackwell GPUs, which offer a leap forward in performance.”

NVDA Stock Still Faces Big Questions

Prior to Amazon clarifying the record, some experts raised concerns about NVDA stock. In particular, Morgan Stanley analysts warned its clients that a “potential air pocket” may materialize within the product cycle. That is, other major enterprises may hold off on Hopper orders to wait for Blackwell, creating a lumpiness in the demand trajectory.

While the clarification is seemingly good news for NVDA stock, the market remains pensive about the underlying enterprise. Certainly, no questions exist about the tech stalwart’s relevance. However, after a string of robust earnings beats against increasingly rising expectations, the possibility of an eventual miss looms large.

For supporters of NVDA stock, the mainline thesis centers on artificial intelligence (AI). Experts claim that generative AI can boost productivity, thereby making the processors that power this innovation highly desirable. Further, AI now carries big implications for bolstering other non-tech industries, such as energy and power.

On the other hand, even with Amazon’s clarification, other enterprises may trim their Hopper orders, knowing that a superior iteration is around the corner. Further, Traders Agency’s Ross Givens stated in an interview with Fox Business that betting on NVDA stock at the current juncture would be a “foolish gamble.” Given the huge run, Nvidia offers big risks with arguably little upside.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.