Nvidia stock is bouncing back from its latest slide, but the move higher today could reshape how the market reacts to tonight’s earnings report. With Nvidia up 4.7% today, the stock is leading a broader market rally.

Shares of Nvidia (NASDAQ: NVDA) gained ground on Wednesday, climbing as much as 5.6%. As of 11:37 a.m. ET, the stock was up 4.5%. The catalyst that sent the artificial intelligence (AI) chipmaker higher was a report that suggested demand remained high for the company's processors in an important market.

Legendary value-stock investor Bill Nygren, co-manager of the Oakmark Fund OAKMX, says that the S&P 500 “looks more like a growth fund today than it ever has” — but he adds that the benchmark U.S. stock index isn’t overpriced.