Meta will use AMD's chips and is reportedly interested in Google processors, while OpenAI is turning to Amazon silicon, as Nvidia faces increasing competition.

As tech stocks slide and AI spending comes under scrutiny, investors are looking to Nvidia’s results for clues about whether the AI boom still has room to run.

Expectations are sky high for the company's earnings report as demand for Nvidia's AI processors breaks records.

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"The odds were stacked against them," Adam Phillips of EP Wealth Advisors told CNBC.

Meta will use AMD's chips and is reportedly interested in Google processors, while OpenAI is turning to Amazon silicon, as Nvidia faces increasing competition.