Nvidia (NVDA) is set to release its second quarter earnings on Wednesday afternoon. Given the stock's outsized role in the recent bull market, Wall Street will be watching the results closely.

Russell Investments president and chief investment officer Kate El-Hillow joins Morning Brief to give insight into how Nvidia's earnings will impact the market.

El-Hillow states AI's impact will be felt beyond the major tech names: "The application of it into different sectors... it's in the consumer areas, it's in the service areas where you can start to see it actually being applied. It's going to take longer for that to play out versus what we've seen with this hardware investment on the capex spend that's been happening, but it hasn't been priced in yet. So we do see more of an opportunity there."

If Nvidia's earnings outperform, El-Hillow believes "It gives you more conviction around the broadening out. If you know that there's still spending happening from a capex perspective, and people are trying to build out the infrastructure to do this, you feel more confidence that the only reason you're going to be doing that is because you see opportunity in terms of buyers on their end starting to invest more. So I do think it ends up giving that next push into a broadening of the rally."

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This post was written by Nicholas Jacobino