Crucial Nvidia results to set the course for faltering ‘Magnificent Seven’

Nvidia’s much-awaited results – seen as a barometer of AI chip demand – on Wednesday could prove to be a turning point for the artificial intelligence stocks that have fueled the market’s rally in the last two years.

Investors have raked in big gains from the AI boom led by the so-called “Magnificent Seven”, a group of tech giants that includes Nvidia, Microsoft and automaker Tesla, since the debut of ChatGPT in November 2022″ hailed as AI’s “iPhone moment”.