The tumultuous excitement around artificial intelligence has boosted NVIDIA’s market value by about $400 billion this year, but the company will soon face a major test.

The chip maker is due to report its quarterly earnings on Wednesday, which will be scrutinized for evidence that AI computing spending has been a major sales driver.

Analysts believe the market will be looking less at actual performance and more at what the company’s stock represents in terms of context for further growth.

After NVIDIA’s stock doubled this year, bringing its market value to $759 billion, investors are preparing questions for the semiconductor maker, which is used in computers for AI applications. Its stock currently leads the S&P 500 and Nasdaq 100.

The company has yet to provide evidence that AI-related demand is generating enough revenue for it to justify such record share gains.

NVIDIA’s data center revenue in the first quarter is expected to be $3.9 billion, up just 4 percent from the same period a year ago.

But growth in spending on AI computing components may not show up until the current quarter, and NVIDIA’s revenue guidance for the quarter is likely to exceed Wall Street’s average estimate by about $200 million to $300 million due to AI-related demand, analysts say.

Earlier we reported that Apple could become the first company to be worth more than $3 trillion.