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.

Nvidia Corp.’s stock still looks good to many Wall Street analysts ahead of the artificial-intelligence chip maker’s earnings Wednesday, even though the company isn’t expected to report the same level of revenue beat as it has done in the past few quarters.

For the first time since 2022, Nvidia stock is falling in the weeks leading up to the chip giant's earnings report. Since the end of last quarter, Nvidia stock has dropped 5.8%, including a 2.9% decline Tuesday.