DeepSeek shook the market, hitting Nvidia's shares hard and more recently leading to scrutiny of major OpenAI investor Microsoft's AI spending plans. Nvidia earnings on Wednesday after the close will be a key read on how the AI infrastructure leader sees the market for AI chips and data centers developing as the cost of large language models comes down.

Chinese companies are ramping up orders for Nvidia's H20 artificial intelligence chip due to booming demand for DeepSeek's low-cost AI models, six people familiar with the matter said. The surge in orders,