Under the partnership, Nvidia and Microsoft will invest up to $15 billion in Anthropic, a competitor to OpenAI whose models are popular with coders and businesses. Anthropic, in turn, said it would buy $30 billion of computing capacity from Microsoft Azure running on Nvidia AI systems.

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.