Nvidia stock has traded in a tight range ahead of the AI chipmaker's fiscal first-quarter report, due late Wednesday.

The market also wanted to hear about how the US’s ban on most chip exports to China is impacting revenue. The hit to Nvidia’s revenue is huge: the company said that it will hurt revenue in the current quarter to the tune of more than $8bn,

Nvidia beat quarterly sales expectations as customers stockpiled its AI chips before fresh U.S. curbs on China exports took effect, but the same restrictions will slice off $8 billion in sales from the company's current quarter,