Nvidia’s Shaken Aura of Invincibility Is Set for Earnings Test

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Nvidia Corp.’s earnings are set to dictate whether artificial intelligence can regain its status as the key driver behind Wall Street gains — or trigger more weakness after the Magnificent Seven group of technology stocks fell into correction territory.

The chipmaker’s fourth-quarter earnings, due after Wednesday’s close, may be its most critical yet, coming after China-based startup DeepSeek scrambled the outlook for AI infrastructure needs. Investors are bracing for heightened volatility, with options data showing the implied move in the stock is 9.9% in either direction, the most on an earnings day since 2022.