Nvidia reported fiscal third-quarter earnings after Wednesday's closing bell, with a revenue beat of more than $2 billion. Investors will be looking to see if the company can stabilize the AI trade in the face of mounting concerns about rampant spending.

AI pioneer Nvidia was again the heaviest weight on the market. The chipmaker's drop of 3.2% brought its loss for the month to nearly 11%, putting it in "correction" territory, or when a stock falls at least 10% from its previous high. The company is scheduled to report is third-quarter financial results on Wednesday.

Nvidia reported quarterly results that handily topped Wall Street expectations, sending the stock sharply higher in after-hours trading.

Nvidia soothed investors worried about an AI bubble with record sales and robust guidance. "AI is going everywhere," CEO Jensen Huang said.

Let’s delve into the details of each of the evaluated factors, but first, for a quick background: With a $917 Bil market cap, Eli Lilly offers pharmaceuticals globally, focusing on treatments for cancers, rheumatoid arthritis, psoriasis, and other autoimmune disorders.

Chipmakers including Nvidia and Intel are down along with much of the stock market Tuesday, as fears of an AI bubble grow.

Nvidia spent $12.46 billion to buy back its stock during the three months to Oct. 26. That's up from $9.72 billion in the previous quarter, and more than the $11 billion spent in the same quarter a year ago.

This is a significant adjustment, but it’s important to note that the stock was initially priced at $31 during its remarkable June IPO

A beat-and-raise quarter usually sends stocks higher, not lower. Wix investors brushed off strong numbers to focus on execution problems.