The almost $3 trillion rally in Nvidia Corp. shares over the roughly two years since ChatGPT’s unveiling has virtually rewired the US stock market, giving the artificial intelligence chipmaking giant an outsized influence on a bevy of equity indexes.
Wall Street witnessed that sway during the equities rout earlier this month and the subsequent rebound, in which the S&P 500 Index recovered $4 trillion in market capitalization between Aug. 5 and Aug. 23 as Nvidia’s stock price soared more than 28% in just three weeks. Now, with the company’s earnings scheduled to arrive after the market close Wednesday, traders will be glued to their monitors in preparation for any wild swings.