Nvidia's profit report next week could steer the U.S. stock market's course, as investors seek confirmation that the AI-driven investment trend, which has powered equities for two years, is intact after last month's panic-selling triggered by the Chinese startup DeepSeek.

In a recent interview, Microsoft CEO Satya Nadella said something curious that should give Nvidia investors pause. While Microsoft is investing heavily in AI computing capacity, Nadella essentially predicted an oversupply sometime in the next few years.

Nadella said the lesson was how “you have to not only get the tech trend right, you also have to get where the value is going to be created with that trend.”