Long a Wall Street favorite, Nvidia has not outperformed the broader market recently, falling 3% over the last six months, worse than the S&P 500’s 7% return.

Nvidia stock was slumping Tuesday following a report about harsher curbs on chip sales to China ahead of a make-or-break quarterly earnings report. Shares of the semiconductor maker were down 2.7% to $126.

What happens with Nvidia matters for the entire U.S. stock market. The chip company has grown into the second-largest company on Wall Street, which means the stock’s movement carries more weight on the S&P 500 and other indexes than every company except Apple. The tech giant, based in Santa Clara, California, is now worth over $3 trillion.

The most anticipated report of the earnings season is just hours away, with Nvidia posting its fiscal fourth-quarter results after the market close on Wednesday. Here are the five things to focus on as the numbers arrive:

The vaunted chipmaker is a bellwether for tech stocks and the generative AI industry. But uncertainty has crept into views of the company.

AI giant Nvidia (NVDA) is set to release its Q4 FY25 results today. NVDA stock has gained about 65% over the past year, primarily due to the

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