DeepSeek shook the market, hitting Nvidia's shares hard and more recently leading to scrutiny of major OpenAI investor Microsoft's AI spending plans. Nvidia earnings on Wednesday after the close will be a key read on how the AI infrastructure leader sees the market for AI chips and data centers developing as the cost of large language models comes down.

The world's second most valuable company has been the top beneficiary of an AI-driven spending spree by big technology companies over the past two years.

Alibaba, ByteDance, and Tencent are driving demand for NVIDIA H20 chips, fueling China’s AI boom despite U.S. export restrictions.