Long a Wall Street favorite, Nvidia has not outperformed the broader market recently, falling 3% over the last six months, worse than the S&P 500’s 7% return.

U.S. stocks have lagged their European peers this year, amid fading megacap tech gains, tariff uncertainty and renewed inflation risks, but many on Wall Street see a comeback for American markets over the coming months.

Artificial intelligence-linked shares fell on Tuesday, in lead-up to AI bellwether Nvidia's quarterly earnings, which could offer clarity on demand and justify the sector's lofty valuations.