NVIDIA shares fell 0.1% on Wednesday as investors stayed cautious after a selloff the day before. That drop was sparked by reports that OpenAI missed its internal revenue and user goals. For NVIDIA, performance is closely tied to sentiment about AI demand, as its chips power most large AI models. Across the semiconductor sector, trading was mostly quiet as everyone waited for quarterly results from four major tech companies, whose spending decisions significantly influence future AI infrastructure investments.

Advanced Micro Devices rose 0.5%, and Broadcom gained 0.3% in premarket trading, adding stability after all three chip stocks fell Tuesday amid the OpenAI report, which raised questions about the strength of AI investment. OpenAI responded that its business is performing well across all areas.

Earnings reports from Alphabet, Amazon, Microsoft, and Meta Platforms are expected on Wednesday. These are key for chip stocks, as their spending plans will indicate if the AI infrastructure buildout remains strong. Investors seek signs to ease concerns from the OpenAI news.

NVIDIA’s stock is especially sensitive to any sign that big spending on GPU-based AI infrastructure is slowing down, since demand from major cloud providers is the key driver of its sales. The company’s value depends on strong, long-term demand from cloud companies investing heavily in AI training and inference. If any of the four tech giants report better-than-expected results and raise their spending forecasts, it could help restore confidence and boost momentum in the chip sector by signaling continued robust investment in AI.