Shares of Nvidia, the semiconductor giant at the heart of the AI trade, have gained about 34% this year, and closed up 1.02% on Monday at $179.81. The S&P 500 fell 0.43% to 6,439.32 on the day and was up 9.5% year-to-date.

Wall Street’s faith in the artificial intelligence boom that has powered US equities markets to record highs will be put to the test on Wednesday when $4tn chipmaker Nvidia unveils its hotly anticipated quarterly earnings report.