Broad market moves were muted on Wednesday as investors rotated into AI names ahead of Nvidia NVDA earnings.
The S&P 500 rose 0.2%, the Nasdaq Composite climbed 0.5% and the Dow slipped 0.3%, according to market data.
Alphabet GOOGL led gains, jumping about 5% after rolling out its Gemini 3 model, lifting tech sentiment.
Alphabet’s jump offset earlier losses across chip suppliers, which have seen heavy selling amid concern over AI capex sustainability this week.
Nvidia NVDA gained more than 2% in early trade as traders prepared for results after the close. Analysts expect strong data-center revenue, but the company faces a high bar on guidance.
Market watchers say Nvidia’s outlook on hyperscaler spending will set near-term direction for AI-exposed stocks. Some strategists warn valuation pressure remains and cautious guidance could spark more selling in chips.
Retailers and other cyclicals showed mixed reactions to earnings, keeping the market tone fragile.
Investors will focus on Nvidia’s report and management comments after the bell for clues on enterprise AI spending and year-end momentum.
