Long a Wall Street favorite, Nvidia stock has struggled recently, falling 3% over the last six months, worse than the S&P 500’s 7% return.

Nvidia options pricing on Wednesday afternoon suggested traders expect shares to move roughly $10, or about 8%, in either direction around Wednesday’s earnings, which would be the stock's biggest post-earnings move since May.

Nvidia reports fiscal fourth-quarter results after Wednesday's closing bell. Investors will be focused on early sales of the company's new Blackwell line.