Shares of leading designer of graphics chips Nvidia (NASDAQ:NVDA) fell 3.5% in the afternoon session after investors took some profits off the table as markets awaited signals on future monetary policy from the Federal Reserve's Jackson Hole symposium later in the week.

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.

Nvidia is up 31% this year. The Nasdaq Composite dipped 1.5% on Tuesday, and the Magnificent Seven exchange-traded fund—which includes Nvidia and other hot artificial-intelligence plays—fell 1.6%. Nvidia lost $155 billion in market cap today,