Anthropic will buy services from Microsoft and Nvidia, which are investing in the company. That could stoke additional concerns about circular financing among AI players.

The fate of Wall Street's staggering bets on artificial intelligence will rest squarely on Nvidia on Wednesday when the chipmaker reports results, with investors seeking signs that bubble worries are overblown.

Nvidia's earnings report on Wednesday could trigger a $320 billion swing in the chipmaker's market value — the largest post-earnings move ever for the AI giant — as investors seek signals about whether the artificial intelligence boom is accelerating or cooling.