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CNBC's Jim Cramer said Tuesday that Nvidia now sits at the very heart of the AI ecosystem, making its earnings a referendum on the broader AI trade.

Cramer told viewers that headwinds including competitive pressure, data-center pushback, memory supply constraints, and questions about AI funding have not shaken his confidence in the chipmaker, according to CNBC.

Nvidia is scheduled to report its second-quarter results after the closing bell on Wednesday alongside Salesforce and CrowdStrike. Nvidia's valuation has crossed the $5 trillion threshold, making it the top constituent in the S&P 500, and investors are looking to its quarterly figures for clues about the direction of equities more broadly.

Analysts polled by FactSet forecast Nvidia will post $2.09 per share in earnings on revenue of $92.28 billion.

Wednesday also brings the release of July's personal consumption expenditures price index β€” the Federal Reserve's preferred measure of inflation β€” at 8:30 a.m. ET. Economists expect a 0.1% rise month-over-month and a 3.6% year-over-year increase for July.

Also on investors' radar this week is Federal Reserve Chair Kevin Warsh's speech on Friday at the central bank's annual symposium in Jackson Hole, Wyoming. Piper Sandler's head of central bank policy Kurt Lewis said in a note to clients that he expects Warsh to focus on high-level economic topics rather than offer concrete guidance on interest rates.