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Key Takeaways
Artificial intelligence (AI) chipmaker Nvidia ( NVDA ) is set to report earnings after the bell Wednesday, with expectations running high for the AI heavyweight.
Nvidia's quarterly results could lead to big moves in the company's share price and influence shares of several other AI stocks, including partners like Micron Technology ( MU ) and Arm ( ARM ), and affect the broader market .
Micron Technology provides Nvidia with memory solutions for its AI chips, while Nvidia uses Arm-based systems in a variety of its products.
Taiwan Semiconductor Manufacturing Company ( TSM ), which manufactures Nvidia chips, could also be affected by its earnings, as well as Dell Technologies ( DELL ), which uses Nvidia chips in its products.
Shares of Micron Technology, Arm, TSMC, and Dell have all climbed this year, along with shares of Nvidia, which were up 159% from the start of the year as of Tuesday's close. Arm shares jumped close to 75% over the same period, while TSMC was up 64%, Dell jumped 46%, and Micron gained 15%.
Shares of Nvidia closed 1.5% higher Tuesday amid rising expectations for the chipmaker's results. Other chip stocks also gained, with the PHLX Semiconductor Sector Index ( SOX ) rising 1.1%.
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