NVIDIA Corp (NASDAQ:NVDA) stock gained less than half a percent on Wednesday as dip-buyers lean into large-cap tech leadership, even as risk appetite remains mixed across the tape. The Nasdaq is down 0.05%, while the S&P 500 has shed 0.45% and Technology is still up 0.5%.The stock drew fresh attention after a report said China plans to allow leading AI companies to buy a limited number of H200 chips. • NVIDIA stock is taking a breather. What’s next for NVDA stock?China May Ease Access For Top AI FirmsTech strategist Dan Ives maintained a bullish view of AI semiconductor stocks, telling CNBC that investors still underestimate the long-term earnings power of major chipmakers such as NVIDIA.Ives Sees AI Chip Demand ContinuingIves said the AI revolution remains in its "third inning" and expects upcoming earnings to confirm continued AI monetization and demand. He also said strong memory-chip trends in Asia support the broader AI infrastructure buildout.Technical AnalysisNvidia is trading 1.8% below its 20-day SMA ($201.37) and 5.6% below its 50-day SMA ($209.39), which keeps the near-term trend under pressure even as the longer-term structure holds up above the 200-day SMA ($191.37). The 20-day SMA, which is below the 50-day SMA, reinforces that the recent rebound attempts have been losing traction.Earnings & Analyst OutlookLooking further out, the next major catalyst for the stock arrives with the Aug. 26 (estimated) earnings report.