Nvidia (NASDAQ: NVDA) stock is gaining ground in Wednesday's trading ahead of its soon-to-be-released fourth-quarter results. The artificial intelligence (AI) leader's share price was up 4.6% as of 11:45 a.

Nvidia stock is bouncing back from its latest slide, but the move higher today could reshape how the market reacts to tonight’s earnings report. With Nvidia up 4.7% today, the stock is leading a broader market rally.

Wall Street looks like it will recoup some losses from the previous day when markets were rattled by more hints of a downtrodden U.S. consumer, with an eagerly anticipated quarterly earnings report from Nvidia after the bell.