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.

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.

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.