As one of the world’s largest businesses, Nvidia’s performance often sets the tone for the broader tech and semiconductor markets. A strong beat on analyst expectations could spark a rally across the space, with several industry players poised to benefit from positive sentiment.

Washington’s efforts gave Chinese companies “the spirit, the energy and the government support to accelerate their development,” said Jensen Huang.

Nvidia shares were down slightly in premarket trading on Wednesday, without some of the customary excitement around the chip maker’s earnings. Doubts about its China sales look to be weighing on the stock.