Third-quarter earnings season is almost over, but the main event is still to come, with Nvidia scheduled to release its fiscal third-quarter results after the market closes on Wednesday.

Nvidia is set to report its third-quarter earnings after the bell Wednesday, with analysts forecasting a 56% year-on-year surge in sales. Richard Kelly, Head of Global Strategy at TD Securities, tells CNBC investors should be cautious around soaring AI valuations,

Nvidia is likely to report a more than 56% jump in its fiscal August-October quarter revenue to $54.92 billion, according to data compiled by LSEG, stated a Reuters report.

But one major revenue opportunity has eluded Nvidia in recent times, and that's the Chinese market. U.S. export controls have blocked Nvidia's high-powered chips from that market, and China itself has added to the challenge -- China has banned foreign-made chips, according to several press reports.

Arm Holdings Plc plans to start incorporating Nvidia Corp.’s NVLink technology into chip designs for AI data centers, tightening the relationship between two influential semiconductor companies.

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Nvidia’s earnings call on Wednesday is like “the Super Bowl for not just tech investors, but investors around the world,” said Dan Ives, global head of tech research at Wedbush Securities, a wealth management, brokerage and advisory firm. “There’s fears of a bubble; we believe those are not warranted."

Analysts see demand for high-grade AI hardware from Nvidia increasing in the coming quarters, staying upbeat even as investors fret over the AI trade.