Nvidia earnings “can dictate the near-term direction of the market,” according to Bank of America strategists.

The chip maker’s earnings day has become a major event on Wall Street, drawing comparisons with Fed meetings and key economic reports for their influence over the broader market.

It's becoming Wall Street's quarterly pulse check on the AI economy: Nvidia's earnings report is on deck tomorrow afternoon. Why it matters: The chipmaker has become a proxy for the status of the budding AI economy,

Nvidia reports earnings after the bell on Wednesday. The focus will be on how quickly it can ramp up Blackwell sales in the face of any technical challenges.

Nvidia is on a historic run as its GPU chips are the technology industry’s tool of choice for making and deploying generative artificial intelligence software.