What Happened? Shares of leading designer of graphics chips Nvidia (NASDAQ:NVDA) jumped 1.7% in the afternoon session after investor optimism grew ahead of its fiscal third-quarter earnings report, bolstered by a major new partnership with Microsoft and AI firm Anthropic.

Nvidia stock fell in premarket trading despite analysts raising price targets ahead of earnings, with the company holding $500 billion in cumulative orders.

Nvidia's upcoming earnings report is expected to trigger a $320 billion market value shift, with options predicting a 7% swing. As investors await results, the implications for AI technology and broader market trends are significant.

Nvidia Corp. (NVDA) will benefit as the Artificial Intelligence (AI) buildout continues. Amazon.com Inc. (AMZN) announced a $38 billion deal to provide OpenAI access to hundreds of thousands of Nvidia GPUs to be deployed by Amazon Web Services.

Investors worried about circular financing in the world of artificial intelligence got some more fodder this week, as Nvidia and Microsoft said they would invest in Anthropic, which plans to purchase chips from Nvidia and cloud capacity from Microsoft.