Two chipmakers reporting earnings in the coming days will give investors insight into how demand for artificial intelligence infrastructure is holding up a few weeks ahead of Nvidia’s results.

Advanced Micro Devices is set to report results Tuesday after market close while Arm Holdings will give its earnings figures postmarket on Wednesday. Though chipmaking stocks have taken a hit this year — the Philadelphia Semiconductor Index is down 14% — underlying results may show a stronger foundation for the AI trade than recent stock performance indicates. AMD shares slipped as much as 3.1% Tuesday, while Arm fell more than 3% before paring most of those losses.

Part of that is because the engine for AI infrastructure — spending from the biggest technology companies racing to build to utilize AI — hasn’t slowed down. Companies including Meta Platforms, Alphabet and Microsoft have pledged that they’ll either keep up previously announced spending or plow even more into AI as the look to assuage investor concerns that an uncertain macroeconomic backdrop would see them trimming capital expenditures, instead.