S&P 500 futures were marginally higher Wednesday as investors waited for Nvidia’s quarterly earnings announcement.

Futures tied to the broad market index traded just above the flatline, along with Nasdaq-100 and Dow Jones Industrial Average futures.

Wall Street is keeping an eye on Nvidia to gauge the broader sustainability of the broader tech and AI trade. The semiconductor giant — slated to report after the close — has surged 159% in 2024, raising questions of how much more room there is for the stock to run.

Focal points for investors include the delivery schedule for Nvidia’s Blackwell chips and an update on the demand for AI.

“It’s hard to say that there’s not a lot of optimism priced into the market tomorrow,” Erin Browne, Pimco managing director and portfolio manager, told CNBC’s “Closing Bell” on Tuesday.

Browne noted that other AI stocks are trading around 10% below their all-time highs. Nvidia’s current valuation is not expensive relative to the five-year average, she added.

“So while certainly there’s a lot of optimism priced in, I think that they still can deliver upside and surprise the market to the upside,” Browne said.

Nordstrom advanced 7% after the retailer posted adjusted earnings in the second quarter that surpassed expectations. Semiconductor developer Ambarella jumped nearly 20% on upbeat revenue guidance in the third quarter. PVH, owner of Calvin Klein, slumped more than 7% on a disappointing outlook for the current quarter.

Elsewhere, a regulatory filing showed that Warren Buffett’s Berkshire Hathaway sold shares of Bank of America once again. The conglomerate dumped more than 24 million shares for $981.9 million in earlier sessions.

Wall Street is coming off a mixed session, with the S&P 500 and Nasdaq rising nearly 0.2% each. The 30-stock Dow, meanwhile, added just 0.02%.