Options traders are primed for a nearly $300-billion swing in Nvidia's market value following the chipmaker's quarterly results on Wednesday, U.S. options market data showed.

The chip maker’s earnings day has become a major event on Wall Street, drawing comparisons with Fed meetings and key economic reports for their influence over the broader market.

Nvidia results have become a major Wall Street event, drawing comparisons with Federal Reserve meetings and key economic reports for their influence over the broader market. The chip maker is due to report Wednesday.