Nvidia stock was slumping Tuesday following a report about harsher curbs on chip sales to China ahead of a make-or-break quarterly earnings report. Shares of the semiconductor maker were down 2.7% to $126.

What happens with Nvidia matters for the entire U.S. stock market. The chip company has grown into the second-largest company on Wall Street, which means the stock’s movement carries more weight on the S&P 500 and other indexes than every company except Apple. The tech giant, based in Santa Clara, California, is now worth over $3 trillion.

Nvidia (NASDAQ:NVDA) has turned beat-and-raise earnings into a routine, but will the streak continue when the AI chip giant reports its fiscal