Nvidia is expected to post earnings per share of $1.22 on revenue of $7.42 billion when it reports. Nvidia shares have suffered some fallout from the abandoned acquisition of Arm, which failed for the most part due to regulatory challenges. IBM, Microsoft (MSFT) and Amazon (AMZN) all reported strong performances from their cloud divisions. Cloud revenues have been strong so far from every major earnings report this quarter. This has led to shortages of semiconductor chips. The semiconductor space has been a top performer in 2021 due to surging demand from lockdown activities, namely working from home and gaming. Nvidia releases its Q4 2021 earnings after the close on Wednesday. NVDA shares are down nearly 10% this year but are still up 70% in the last 12 months. Riskier assets and growth stocks then outperformed to play catch up as these have been the hardest hit sectors this year. This was the result of some news flow suggesting Russia was pulling back some forces from the Ukraine border. Nvidia (NVDA) shares rallied nearly 10% on Tuesday as the company benefited from a more favorable risk backdrop. Nvidia shares were a top performer in 2021 but so far have struggled in 2022.NVDA stock rallied over 9% on Tuesday as Russia's tension eased.

Nvidia stock is set to report earnings after the close on Wednesday.

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