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.

The heaviest weight on the market was Nvidia, whose chips are powering much of the move into AI. It sank 3.5%.

The S&P 500 slipped 0.4% and is on track for a third straight modest loss after setting its all-time high last week. The Dow Jones Industrial Average was up 8 points, or less than 0.1%, as of 11:50 a.m. Eastern time, and the Nasdaq composite was down 1%.

Appaloosa's billionaire boss reversed course in the second quarter by becoming a big-time buyer of Nvidia stock and a seller of the hottest AI-networking company.