One stock to rule them all! One stock to — maybe you know where I’m going with this. I might be stretching the One Ring metaphor a bit much here, but I’ll submit that right now, there is just one stock that people are very much paying attention to right now, and which very much drives the market in this jittery moment on Wall Street.

And that’s, of course, Nvidia: the premier designer of semiconductors used to develop, teach and run AI on computers around the world.

The company reports its earnings on Wednesday after the closing bell, and traders are expecting another stellar quarter. All eyes will be on the details — and CEO Jensen Huang’s comments — for clues about whether we’re at risk of an AI stock bubble.

Investors are looking for Nvidia revenue and earnings to be up more than 50% year-over-year.

“Nvidia is the foundation not just of the tech world, not just of AI revolution, but I’d say the stock market,” said Dan Ives, managing director at Wedbush Securities and well-known bull on Nvidia.

That might sound a bit hyperbolic, but ever since the AI stock boom kicked off, Ives said, Nvidia’s been way out in front.

“It’s starting off with trillions of dollars being spent on data center buildout, GPUs, capacity. But where it’s ultimately going — robotics, autonomous. It’s year three of an 8-to-10-year buildout,” he said.

So far, year three is going strong, based on the other tech earnings out this quarter, said Angelo Zino, tech analyst and senior vice president at CFRA Research.

“Thus far, it’s been most of Nvidia’s customers that have reported — the Microsofts, Metas, Alphabets and Amazons of the world, and for the most part we’ve seen in-line to better-than expected results,” he said.

How frothy the AI sector has become is giving some investors the jitters, said eMarketer analyst Jacob Bourne.

“There is just rising concern that we’re in this AI bubble. And Nvidia is such a lynchpin for the AI sector, that it would be very much implicated in any kind of market correction,” he said.

Dan Ives, on the other hand, predicts continued growth and strength across the AI sector. 

“It’s easy to call a bubble from the 25th floor of a New York City office building. But we’re out there around the world — in Taiwan, in China, in Asia — trying to understand what demand looks like. And it’s not a bubble,” he said.

Still, many Americans are increasingly worried AI will be a job-killer.

“A lot of these junior-level type jobs in a lot of different industries, AI in many respects can replace,” said Angelo Zino at CFRA.

So companies may well cut workers to pay for the AI that could boost productivity for those who remain.