Chipmaker Broadcom (AVGO) reported its first quarter earnings after the bell on Wednesday, beating expectations on the top and bottom lines and offering a better-than-anticipated Q2 outlook.

But that wasn’t enough to satisfy an already anxious Wall Street. Broadcom stock was largely flat on the news.

For the quarter, the company saw earnings per share (EPS) of $2.05 on revenue of $19.31 billion. That topped analysts’ estimated EPS of $2.03 and revenue of $19.26 billion.

For the second quarter, Broadcom said it sees revenue of about $22 billion. Wall Street was expecting $20.5 billion.

The company also approved a new $10 billion share buyback.

“Broadcom achieved record first quarter revenue on continued strength in AI semiconductor solutions,” CEO Hock Tan said in a statement. “Q1 AI revenue of $8.4 billion grew 106% year over year, above our forecast, driven by robust demand for custom AI accelerators and AI networking.”

Tan added that AI revenue growth is accelerating and that the company anticipates Q2 segment revenue of $10.7 billion.

The AI trade has had a rocky start to the year with investors questioning Big Tech’s massive investments in the technology. But at the same time, announcements from Anthropic (ANTH.PVT) and OpenAI (OPAI.PVT) have rocked software stocks, as analysts raise concerns about whether AI will crush existing industries ranging from software-as-a-service companies like Salesforce (CRM) to cybersecurity firms like CrowdStrike (CRWD).