The Nasdaq Composite tumbled 5% from its record high in the past week as investors were hit with worrisome economic data, including the worst consumer sentiment reading in 15 months. However, certain Wall Street analysts still think monster gains are possible in the next year for Arm Holdings (NASDAQ: ARM) and Axon Enterprise (NASDAQ: AXON).

Nvidia reported its fourth-quarter results after Wednesday's closing bell. Investors and analysts have focused on early sales of the company's new Blackwell line.

Nvidia's quarterly outlook on Wednesday suggested demand from Microsoft , Amazon and other heavyweight tech companies racing to build out AI infrastructure remains robust, though the outcome failed to significantly quell fears of overspending in the booming industry.