On Thursday, following Nvidia's third-quarter earnings disclosure, the NVDX ETF suffered a 6.27% loss, significantly exceeding the 3.15% loss that NVDA incurred. At the same time, NVDX appears to be attempting to build support at around $17. Combined with an uptick in accumulative volume, the bulls may be intrigued by the leveraged fund.

This is why Nvidia says that instead of an AI bubble, the company sees what it calls a "virtuous cycle" of AI spending, with Nvidia in the center of it. Kress said that the company is on track for $500 billion in sales -- and that number could increase.

The fate of Wall Street's staggering bets on artificial intelligence will rest squarely on Nvidia on Wednesday when the chipmaker reports results, with investors seeking signs that bubble worries are overblown.

Nvidia has defied fears of an artificial intelligence (AI) bubble after the US tech giant reported a boom in sales.

Chief executive Jensen Huang said sales for some of Nvidia's AI components were "off the charts" [] Chip giant Nvidia has reported stronger-than-expected revenues, easing investor concerns about heavy artificial intelligence (AI) spending that have unsettled markets.

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It’s been a rollercoaster couple of weeks for the world as a US government shutdown left investors in the dark about what was really going on in the world’s largest economy.