Nvidia (NVDA) shares closed in the red on Wednesday as investors continued to retreat from AI stocks due to a mix of seasonal caution and valuation concerns. The selloff arrives only days ahead of Nvidia’s fiscal second-quarter earnings report scheduled for Aug.

Nvidia remains the dominant AI chipmaker in the market, but where is the stock headed for the rest of this year and into the next?

While most of AI's power players have already reported, the ultimate industry bellwether, Nvidia (NASDAQ: NVDA), has yet to step up to the plate. The semiconductor giant is scheduled to announce results on Aug. 27, and expectations could not be higher.