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According to Evercore technical strategist Rich Ross, the performance of Nvidia's stock heavily influences the broader market. Over his 30-year career, Ross has been consistently recognized for his expertise in market technical analysis.

The decline in Nvidia's stock this year has mirrored a downturn in the overall stock market. The dominance of the AI trade, spearheaded by Nvidia's success, has been a significant driving force behind the stock market's upward movement in recent years.

Ross noted that the AI theme, particularly with companies like Nvidia and Broadcom, has impacted various sectors, contributing to the market's overall performance.

Despite the disappointment in Nvidia's stock performance this year, investors who have profited from it in the past are concerned about factors like the US-China trade dispute and potential AI infrastructure oversupply. Nvidia's cautious projection for the first quarter also added to investor anxiety.

Nvidia's stock is currently trading below key moving averages, indicating a loss of trader momentum. With Nvidia holding a significant weight in the S&P 500, the market has also been affected by its decline.

Investors are now eagerly awaiting Nvidia's annual GTC event, where CEO Jensen Huang has the opportunity to potentially alter the course of the stock and the market during the financial analyst meeting scheduled for Wednesday in San Jose, California.