Nvidia (NVDA), AMD (AMD), Qualcomm (QCOM) and other chip stocks lost ground in intraﷺda🐼y trading Tuesday, dragging the tech sector and major indexes down with them.

The losses came 澳洲幸运5开奖号码历史查询:ahead of earnings from some of the chip companies’ largest big tech customers, amid concerns about their spending on 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) infrastr𝔉ucture, and ahead of key decisions on int🌠erest rates from the Federal Reserve that could favor small-cap stocks.

The S&P 500 and Nasdaq Composite were both down sharply in late♔ trading Tuesday, with Nvidiꦯa and other chip stocks among the biggest decliners.

Big Tech Earnings To Highlig🥃ht Spend🐽ing on AI, and Chips

With 澳洲幸运5开奖号码历史查询:Microsoft (MSFT) set to report earnings after the bell Tuesday, Meta (META) following on Wednesday, and Apple (AAPL) reporting Thursday, investors could get key updates on how big tech leaders are approaching AI investments, amid 澳洲幸运5开奖号码历史查询:concerns about their costs. 

Whether they signal a pullback to appease investors’ worries about AI’s hefty price tag, or double down, will have implications for chipmakers, whose products support the data centers powering AI, and could be some of the 澳洲幸运5开奖号码历史查询:biggest beneficiaries of rising AI spending. 

Earnings from AMD on Tuesday, chip designer Arm (ARM) on Wednesday, and Intel (INTC) on Thursday, 🐈could also speak to the rising appetite for AI chipꦗs. 

Pullback Comes Amid Market Rotation Ahead of Key Fed Decis✅ions on Interest Rates

Tuesday’s pullback𒉰 from tech stocks also comes amid a broader m𒐪arket shift ahead of key decisions on interest rates from the Federal Reserve that could benefit small-cap stocks.

While the central bank isn’t expected to lower interest r🔯ates at its policy meeting tomorrow, expectations that the Fed will lower rates in September have fueled hopes that small-cap stocks 澳洲幸运5开奖号码历史查询:could get a boost after lagging big tech companies’ performance so far this year.

However, CFRA, Wedbush, Bank of America, and UBS analysts have suggested earlier this month that the recent pullback in tech stocks could be temporary, citing strong fundamentals and 澳洲幸运5开奖号码历史查询:surging demand for AI products, potentially offering long-term investors an opportunity to "澳洲幸运5开奖号码历史查询:buy the dip."