While most of AI's power players have already reported, the ultimate industry bellwether, Nvidia ( NVDA 0.94%), has yet to step up to the plate. The semiconductor giant is scheduled to announce results on Aug. 27, and expectations could not be higher.

Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. NvidiaNVDA looms large this week after Friday's big stock market rally on Fed Chief Jerome Powell's dovish Jackson Hole speech.

Nvidia remains the dominant AI chipmaker in the market, but where is the stock headed for the rest of this year and into the next?

Nvidia Stock Is Poised to Benefit From Rising Use of AI in Defense Systems and Global Surge in Defense Spending Global defense priorities are shifting to include greater spending on advanced technologies, such as artificial intelligence (AI). These trends should benefit Nvidia, which is the dominant provider of AI chips and related technologies.

Nvidia shares fell 2.5% to $167.03 this week, marking a modest pullback as investors rotated out of AI-heavy semiconductor stocks. Despite strong long-term fundamentals, the dip follows comments from CEO Jensen Huang downplaying the near-term impact of silicon photonics—a much-hyped next-gen tech.

When Nvidia, the chip producer, reports earnings next week, investors expect the S&P 500 to have a bigger reaction than when the Fed chair delivers a big speech on Friday.

Commerce Secretary Howard Lutnick told CNBC the U.S. government wants a stake in Intel in exchange for CHIPS Act grant money promised under Biden.

Nvidia's stock was falling 3.2% in recent trading, enough to push it below its 20-day moving average ($178.49) -- a short-term trend tracker -- for the first time since April 23. That snaps an 80-session streak above the 20-DMA,

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Veeva soared in late May when the company reported results for the April-ended quarter. Revenue came in at $759 million, up 17% and nicely above the $728 million estimate from analysts at the time. Subscription revenue increased 19% to $634.8 million, while operating margin expanded to nearly 31%.