Nvidia is due to report fiscal third-quarter earnings after Wednesday's closing bell. Investors will be looking to see if the company can stabilize the AI trade in the face of mounting concerns about rampant spending.

Wall Street shares have seen big swings this week as investors brace for all-important earnings from AI bellwether

Nvidia is up 33.1% since the beginning of the year, but at $184.03 per share, it is still trading 11.1% below its 52-week high of $207.04 from October 2025. Investors who bought $1,000 worth of Nvidia’s shares 5 years ago would now be looking at an investment worth $13,693.

Viewed through that lens, Nvidia looks compelling. But there are real risks.

Nvidia shares have fallen more than 12% since their recent peak on Oct. 29—the day it became the world's first $5 trillion company. It's the 16th time shares have "corrected," dropping 10% or more from a recent high,

Investors have lately been a bit sour on tech stocks, but not today: The tech-focused Nasdaq is in the green, and shares of Nvidia are gaining ahead of the highly anticipated release of the chip giant's earnings report.

Nvidia may be the most popular chip stock right now, but smart investors are beginning to look for growth elsewhere.

Investors have been jittery about the sustainability of the AI trade as hyperscalers plan massive capital expenditures, but Wedbush's Dan Ives said he thinks Wall Street is still underestimating Nvidia's opportunity.