The S&P 500 rose on Wednesday following a four-day slide centered around technology as investors looked ahead to Nvidia's upcoming earnings.

The broad market index gained 0.38% to close at 6,642.16, while the Nasdaq Composite advanced 0.59% to settle at 22,564.23. The Dow Jones Industrial Average climbed 47 points, or 0.1%, to finish at 46,138.77.

Alphabet was among the winners of the day, rising about 3% and hitting a new all-time high. Shares were rallying around optimism about its new generation of AI, Gemini 3, which it rolled out Tuesday.

Fellow "Magnificent Seven" member Nvidia saw a boost of roughly 3% ahead of its third-quarter results scheduled for after the bell. Analysts largely expect that the company — the largest in the broad-market index — will meaningfully beat Wall Street's expectations and forecast strong sales growth driven by demand for its AI chips and other infrastructure.

"It's more challenging for a stock to outperform on the day of its earnings, when the stock has run up into earnings, so it's actually probably a healthy thing that Nvidia has pulled back a bit over the past several days, and that's, to some degree, maybe reset expectations, or it's actually brought in a little bit of doubt," said Michael Sheldon, senior portfolio manager at Washington Trust Wealth Management.

"It is probably a healthier environment for the stock to report their earnings today and increases the odds that a positive report will be greeted with a positive market reaction," he added.

The AI chip darling has a high bar to beat. Investors have taken profits from their tech holdings in recent days, reflecting heightened concerns that the AI boom has run up the valuations of Nvidia and other hyperscalers at an unsustainable pace.

"People are just starting to ask the question, as they should, 'You guys are committing to spending trillions of dollars into your data centers and your AI capabilities and everything else, when are we going to see the results of that?'" Scott Welch, chief investment officer at Certuity, told CNBC. "It's not a question that they're doubting them. It's just that it's a question of timing."

"There's nothing wrong with the AI trade, but it may not go to the moon tomorrow," Welch continued. "There's never, ever in history been an experience where markets have gotten this elevated and not corrected."

Tuesday's session saw the Dow and S&P 500 notch their fourth consecutive losing days, with the S&P 500 logging its longest slide since August. The tech-heavy Nasdaq recorded its fifth negative day in six sessions. Bitcoin briefly dropped below $90,000 on Tuesday before recovering, while gold prices rose from a one-week low.