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Nvidia earnings will likely provide the final springtime test of the market's surprising May rally as investors look to the last of the so-called Magnificent 7 tech giants to deliver outsized revenue gains and record quarterly profit.

Nvidia  , the undisputed leader in AI-chip production, is expected to post net income of $13.2 billion, or $5.63 a share, for the fiscal first quarter ended in April. That's a fivefold increase from the tally in the year-earlier period.