Options markets are pricing in a potentially massive move in Nvidia’s market value after the chipmaker reports second-quarter earnings, with traders expecting a 5.4% swing in either direction.

That implied move would represent roughly $280 billion in market capitalization, an amount larger than the individual value of most companies in the S&P 500.

Despite the scale, the expected move is smaller than ahead of Nvidia’s previous earnings report and below the company’s average post-earnings volatility over the past three years. Analysts say that may reflect growing confidence that Nvidia’s financial performance has become more predictable as the AI boom matures.

Investors will focus closely on revenue guidance, AI chip demand, profit margins and spending by major cloud providers. Nvidia remains the dominant supplier of processors used to train and operate advanced AI systems, making its results a key indicator for the broader AI infrastructure market.

The earnings report also comes amid wider pressure on technology stocks from rising bond yields, higher energy costs and concerns over the enormous capital required to build AI data centers.

Nvidia has recently expanded its role in financing that infrastructure, including partnerships aimed at mobilizing more than $500 billion in capital for AI projects.