Nvidia reported its fiscal first-quarter results after Wednesday’s closing bell. Investors are focused on the company's ability to withstand restrictions on its China business, as well as Nvidia’s overall trajectory with its new Blackwell lineup.

AI chip giant Nvidia, the second-most valuable company in the world, could move the entire stock market when it reports quarterly results after markets close on Wednesday.

Nvidia stock is trading at a lower-than-average valuation as earnings approach. According to Dow Jones Market Data, Nvidia is trading at 28.4 times earnings expected over the next 12 months. That's lower than its five-year average of 40.