Nvidia shares have pulled back from record levels in Wednesday action, ahead of the company's fiscal first-quarter earnings report.

The stock is off 1.3% in Wednesday trading to a recent $940.86, with about a half hour left of trading. That's off from its record close of $953.86 achieved on Tuesday.

Nvidia shares opened slightly higher on the day, and they traded as low as $932.49 earlier in the session.

While Nvidia shares are down on the day, the PHLX Semiconductor Index is in positive territory, up 0.5%. Chip stocks got some positive commentary from Analog Devices, an analog company that reported better-than-expected results and discussed improving trends.