Long a Wall Street favorite, Nvidia stock has struggled recently, gaining 4% over the last six months, worse than the S&P 500’s 7% return.

Wall Street is once again fixated on Nvidia, as the main player in the artificial intelligence mania is set to report earnings after the bell Wednesday and give an update on demand for its semiconductors,

Nvidia has managed to exceed lofty expectations yet again, with the chip behemoth’s fourth-quarter results beating Wall Street’s forecasts as management also offered bullish guidance. Nvidia earnings are a bellwether for the entire gen AI trade.

Nvidia expects revenue of $43 billion, plus or minus 2% for the first quarter, compared with analysts' average estimate of $41.78 billion according to data compiled by LSEG.