Nvidia (NASDAQ: NVDA) stock is heading lower in Tuesday's trading. The company's share price was down 1% as of 1 p.m. ET against the backdrop of a 0.5% decline for the S&P 500 index and a 1.1% decline for the Nasdaq Composite index.

For the first time since 2022, Nvidia stock is falling in the weeks leading up to the chip giant's earnings report. Since the end of last quarter, Nvidia stock has dropped 5.8%, including a 2.9% decline Tuesday.

Nvidia has led the artificial intelligence boom to become one of the stock market’s biggest companies, as tech giants continue to spend heavily on the company’s chips and data centers needed to train