This article first appeared on GuruFocus.

Weak near-term catalysts kept pressure on Nvidia (NASDAQ:NVDA) shares, with investors watching progress on China sales and the broader health of the artificial intelligence market. The stock slipped about 1% in Monday premarket trading and is down roughly 4% over the past week.

A wave of robotics and autonomous-driving announcements at CES failed to spark fresh momentum, even as analysts point to strength in Nvidia’s core AI business.

Truist Securities analyst William Stein said company executives repeatedly stressed that AI demand remains solid across hyperscalers, neocloud providers, sovereign customers, and China-focused offerings such as the H200 chip. Nvidia CEO Jensen Huang echoed that view at CES, calling demand for the China-tailored H200 very high and saying he does not expect pushback from Chinese regulators.

Reuters previously reported that Nvidia holds orders for more than two million H200 chips, a figure that implies about $54 billion in potential revenue. Still, uncertainty lingers after Beijing officials asked some tech firms to pause orders while they assess purchases of domestic chips alongside Nvidia hardware.

Investors may gain more clarity later this week when Taiwan Semiconductor Manufacturing (TSM), Nvidia’s key supplier, reports earnings. Until then, Nvidia shareholders appear set to wait for clearer signals.