By Arsheeya Bajwa

(Reuters) -AI chipmaker Nvidia ( NVDA ), the dominating force behind the rally in the S&P 500 index since 2023, is set to report second-quarter earnings on Wednesday after U.S. market close. Wall Street is holding its breath, and will scour the company's commentary for signs of a slowdown.

Here is what to watch out for when the world's most valuable firm reports results:

1. While investors and analysts expect Nvidia ( NVDA ) to outperformmarket expectations on Wednesday, a key question is - by howmuch? After quarters of blazing triple-digit growth in 2024, thepace of Nvidia's ( NVDA ) revenue increases has slowed and the company isbeating Wall Street estimates by smaller and smaller margins.For its second quarter ended July, the company is expected toreport second-quarter revenue rose 53.2% to $46.02 billion,according to LSEG data, a far cry from the 122% growth rate itreported in the same period a year earlier. Gross margin - stilleye-popping - is shrinking too. 2. Are concerns about the AI rally overblown? OpenAI CEO SamAltman recently said investors were "overexcited about AI". Techfirms including Meta and Microsoft - big buyers of Nvidia's ( NVDA )chips - are spending liberally on their AI plans, and even ifthey are starting to see the green shoots of returns, the samecannot be said about most other companies. Nvidia's ( NVDA ) commentaryabout demand will either put investors at ease or prompt aselloff in AI-related shares.  3. Will China buy Nvidia ( NVDA ) chips? The chipmaker recentlyagreed to pay the U.S. federal government 15% of the sales itmade in China in exchange for export licenses. But Beijing hascautioned domestic companies to limit purchases over securityconcerns. Reports have emerged that Nvidia ( NVDA ) has told somesuppliers to suspend production of its China-special H20 chips.Commentary from Nvidia's ( NVDA ) management on the potential for sellingto China will be important for gauging future demand.  4. The company's product roadmap to address the China marketis key, after U.S. President Donald Trump indicated he mightallow Nvidia ( NVDA ) to sell a scaled-down version of itsnext-generation advanced Blackwell chip to Beijing. Reuters hasreported Nvidia ( NVDA ) is developing a new AI chip for China based onthe Blackwell architecture that will be more powerful than theH20 model it is currently allowed to sell there. 5. Supply of Nvidia's ( NVDA ) latest chips has fallen short ofbooming demand. A production ramp-up of its top-of-the-lineBlackwell processors has proven to be challenging. Investors arewatching out for commentary on how Nvidia's ( NVDA ) supply chains arepowering up to deliver its sought-after processors.