Nvidia stock was falling on Thursday ahead of earnings from one of its big rivals, which could shed light on strength of demand for artificial intelligence chips. Shares fell 0.4% to $141.40 in early trading.

Nvidia is slated to report fiscal first-quarter results after the market closes Wednesday, with Wall Street expecting another record quarter from the world's second-most valuable company.

FactSet estimates see first-quarter earnings of $0.73 per share and revenue of $43.3 billion, up 66 percent from a year ago. While that sounds strong in a vacuum, it’s a slowdown from the triple-digit expansion Nvidia posted in 2024, when revenue was up 262 percent year-over-year the same quarter.