Semiconductor stocks have been among the biggest winners from the generative AI boom, as tech companies scramble to secure as much computing power as possible to train and deploy their AI models. For context,

U.S. stocks were mixed on Monday afternoon. Investors are turning their attention to Nvidia’s upcoming earnings — the first time the AI chipmaker is reporting results since a breakthrough by Chinese AI startup DeepSeek sparked a selloff in Nvidia and other tech stocks last month.

Palantir stock declines for a fourth consecutive day, Nvidia, the leading maker of AI chips, reports earnings later this week, and Alibaba plans to invest more than $52 billion on artificial intelligence over the next three years.

What happens with Nvidia matters for the entire U.S. stock market. The chip company has grown into the second-largest company on Wall Street, which means the stock’s movement carries more weight on the S&P 500 and other indexes than every company except Apple. The tech giant, based in Santa Clara, California, is now worth over $3 trillion.