The Nasdaq last closed at a record in late October, right before Big Tech earnings reports fueled debate on Wall Street about an AI bubble. Its last record closing high—23,958.47—came on Oct. 29, right before earnings reports from tech giants amplified the debate on Wall Street about an AI bubble, dragging on tech stocks. The Nasdaq has almost recovered from those losses, but earnings reports on Wednesday evening could revive AI bubble worries. A few of Wednesday’s earnings reports hint at one of the biggest risks facing the AI rally this earnings season: high expectations. Most vital to the AI trade, however, may be whether Big Tech can convince investors their data center spending is paying off.