By Adam Clark

Nvidia was slipping ahead of the open Tuesday but Wall Street remains confident in the artificial-intelligence trend ahead of tech earnings.

Nvidia shares were down 1.1% at $169.56 in premarket trading, falling along with the wider market. The stock fell 0.6% on Monday.

Among other chip makers, Advanced Micro Devices was down 1.2% and Broadcom was falling 0.9% in premarket trading.

The key catalyst for Nvidia stock and AI processor companies more generally over the coming weeks is likely to be earnings reports from technology companies, kicking off with Google-parent Alphabet on Wednesday.

"We go into the earnings season expecting healthy results and encouraging guidance from tech, supporting our bullish long-term view on AI," wrote Mark Haefele, chief investment officer of Global Wealth Management at UBS, in a research note. "Overall, we are expecting 12% profit growth from global tech in 2025 along with strong capital spending,"

Nvidia became the first company to ever close with a market capitalization over $4 trillion earlier this month and has since received the news it can resume selling artificial-intelligence chips to Chinese customers. However, U.S. companies remain its driving source of revenue.

"Today, the tailwind is squarely behind AI and tech infrastructure. Last quarter's earnings season confirmed as much: results came in better than expected, and it was surprising how confidently companies guided higher despite all the uncertainty around trade policy and macro risks," said Ken Mahoney, CEO at Mahoney Asset Management.

Write to Adam Clark at adam.clark@barrons.com

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July 22, 2025 05:58 ET (09:58 GMT)

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