The world's most valuable company beat forecasts as revenues jumped 85%. Yet rising competition and efforts to diversify beyond big tech left investors cautious, sending shares lower in late trading.

Nvidia reports results on Wednesday, as an exceptionally strong first quarter for U.S. corporate profit growth winds down.

All eyes are on Nvidias April quarter earnings as investors assess whether the AI chip giant can sustain its explosive growth momentum. Strong AI spending by Big Tech firms is…