Investing.com -- Nvidia will report its first-quarter earnings after the close on Wednesday, with Wall Street watching closely to see whether another strong beat can refocus investor attention on artificial intelligence, or whether rising bond yields will continue to overshadow the results.

In a note to clients, Wolfe Research analyst Chris Senyek framed the print as a market test, noting that while Nvidia has beaten both revenue and earnings consensus estimates consistently over the past two years, "the relative price action (+1 day) after reporting has been weak."

Senyek told investors that "today's report presents a test for markets and whether another 'double beat' is yet again a reason for investors to sell the news."

Meanwhile, William Blair analyst Sebastien Naji expects Nvidia "will report another beat-and-raise quarter this week, with second-quarter revenue guidance likely to exceed $90 billion."

Naji believes investor focus will center on Nvidia's non-GPU opportunities, including its networking business, the stand-alone Vera CPU rack opportunity and early traction for its Groq-based LPX chip.

William Blair argued that those details will be key to reinforcing the view that Nvidia is "not just a chip company, but a system-level infrastructure company" capable of sustained revenue growth even as capital expenditure shifts to other parts of the technology stack.

The firm rates the stock Outperform with a fair value estimate of approximately $300.

Nvidia shares have lagged both the Philadelphia Semiconductor Index and the S&P 500 semiconductors year-to-date.