U.S. stocks were stagnant on Wednesday as investors awaited the release of chipmaker Nvidia’s (NVDA) earnings report, which is seen as crucial to maintaining confidence in the broader market.

The Dow Jones Industrial Average (^DJI), the benchmark S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) were all little changed at the open.

Nvidia’s share prices are caught in cautious trading ahead of the release of its second-quarter results after the market close on Wednesday. The $3.2 trillion AI giant’s report will serve as a litmus test for AI spending and the technology sector and could ultimately move the entire market.

Traders expect the chipmaker’s shares to fluctuate by almost 10% in either direction, depending on whether hopes for another successful quarter are realized. Wall Street is forecasting Nvidia’s profit to be up about 109% and revenue to be up 99% year-on-year. In particular, updates on possible delays to Nvidia’s new Blackwell chip are in focus.

Nvidia shares have risen by around 160 percent so far this year. After a bumpy start to the week, shares remained little changed in premarket trading on Wednesday.

In the technology sector, Apple (AAPL) took the unusual step of cutting 100 jobs in its digital services group, a day after the iPhone maker announced the replacement of its longtime CFO.

While Nvidia is the star of the results list, eyes are on Salesforce’s (CRM) results to find out if software companies are starting to see a return on their AI investments. Meanwhile, CrowdStrike’s (CRWD) report should shed light on the cost of the fallout from July’s global Windows outage.