Nvidia is set to report its first-quarter earnings today, Wednesday, after the market closes, with traders anticipating significant volatility in its share price. The options market is pricing in a potential 8.7% to 9% move, which could translate to a $200 billion swing in market capitalization. This expected move is slightly less aggressive compared to the historical average of 12% over the past eight quarters. Analysts predict Nvidia's earnings per share (EPS) to be $5.58, an increase of 411.9% year-over-year, and revenue to reach $24.59 billion, up 242% year-over-year. Nvidia, with a $2.3 trillion valuation, is expected to power 10% of S&P500 profits this year. If these expectations are met, it would mark one of the largest single-day market cap changes in history, second only to Nvidia's previous $247 billion swing. Nvidia is currently the world's third-largest company.