A stock-market reset is underway in the technology sector, with investors trimming positions ahead of Nvidia’s upcoming earnings. Top tech names, heavily exposed to AI, have lost momentum after a strong run - highlighting concerns around valuation sustainability and profit delivery. According to strategists, this could mark a shift from speculative exuberance to a more disciplined build-out phase, where only capital-efficient AI players survive. The larger test lies in Nvidia’s guidance: will it support continued capex or trigger broader profit-taking?