Chipmaker Nvidia (NASDAQ:NVDA) will report its quarterly results after the close on Wednesday, with options traders preparing for a major shift in market capitalization. Implied volatility, according to ORATS, an options analysis tool, indicates a stock price movement of 8.5%, implying an estimated $292 billion change in market value.

The proposed action fits with Nvidia’s historical fluctuations following its gains over the past three years. However, given Nvidia’s valuation, which has skyrocketed to $3.44 trillion, such a move exceeds the total market cap of most S&P 500 companies and marks one of the largest possible value swings in history.

While actual price moves following Nvidia’s earnings results have often fallen short of market expectations, the larger-than-expected moves have typically been higher, said Matt Amberson, founder of ORATS. Strategist Christopher Jacobson of Susquehanna Financial Group also pointed to a higher chance of an upside surprise.

The results are crucial because Nvidia’s leadership in the AI ​​hardware industry, especially in generative AI, is an indicator of broader market trends. With future guidance closely watched for supply chain and growth prospects, analysts are forecasting third-quarter revenue of $33.13 billion, up 82.8% year-over-year.

This article first appeared on GuruFocus.