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U.S. stock futures rose slightly in early trading Wednesday as investors prepared after-hours for what could be one of the most important corporate events in years: the release of AI chipmaker Nvidia’s highly anticipated second-quarter results.

Share prices follow Nvidia’s (NVDA) Progress and exceptional growth throughout most of the past year as investors view the chipmaker as a key indicator of AI investment demand.

Nvidia shares, which have fallen from their record high in June but have still gained more than $1.22 trillion in value since the end of December, are responsible for about a third of the Nasdaq 100’s 18.4 percent gain so far this year.

Option prices suggest that markets are eagerly awaiting the release of the company’s second-quarter update, expected after the close, and suggest a likely move of around 9.8%, or $305 billion.

This would be the largest implied volatility in Nvidia earnings in more than three years and the largest daily move in market value ever recorded.

Wall Street is hoping that Nvidia’s earnings and the numbers the company will deliver on AI demand in the second half of the year will justify both its lofty $3.2 trillion valuation and the hundreds of billions of dollars of planned investments by tech giants like Amazon. (Amazon) Google (GOOGLE) Meta-platforms (META) and Microsoft (MSFT) .

Related: Nvidia earnings key to market rally after Fed lays interest rate cards on the table

And with the S&P 500 just 0.77 percent below its July all-time high and the Federal Reserve set to make a series of interest rate cuts in the coming months starting in September, stock prices are poised to either consolidate their hard-won gains from August or fall back in the fall months amid mounting election uncertainty.

With stakes reaching their peak, Wall Street will begin trading cautiously. Futures contracts tied to the S&P 500 are pointing to a modest five-point gain at the open, and those tied to the Nasdaq are priced in for a 20-point gain.

The Dow Jones Industrial Average, which recorded its second consecutive record close last night and thus gained around 9.4 percent since the beginning of the year, is expected to be 25 points higher.

In the bond market, the yield on 2-year benchmark bonds fell to 3.863 percent after a solid auction of $69 billion worth of new paper yesterday, while the yield on 10-year bonds fell to 3.825 percent at the start of the New York trading session.

Other Wall Street analysts:

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In Europe, the regional Stoxx 600 benchmark hit a one-month high of 520.91 at the start of the Frankfurt session, while the UK’s FTSE 100 was little changed at 8,346.98 points.

In Asia, the Nikkei 225 closed 0.2 percent higher overnight in Tokyo, while the region-wide benchmark MSCI ex Japan rose 0.03 percent by the close of trading.

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