According to reports, Nvidia's upcoming earnings report to spark a more than $300 billion swing in the shares of the world's most dominant artificial intelligence chipmaker.

Traders expect a move of about 9.8 percent in the company's stock, this is larger than the movement expected before NVIDIA's earnings announcement over the past three years and well above the average post-earnings stock price movement over the same period This is well above the 8.1 percent that the company's stock has moved in the past three years.

Moreover Nvidia’s market capitalization of about $3.11 trillion, a 9.8 percent swing in the shares would translate to about $305 billion, likely the largest expected earnings move for any company in history.

According to LSEG data, such a move would exceed the market capitalization of 95 percent of S&P 500 components, including Netflix and Merck.

The company's chips are widely seen as the gold standard in artificial intelligence, and the results have a significant impact on the overall market. The stock is up about 150 percent since the beginning of the year, accounting for about a quarter of the S&P 500 index's 18 percent gain since the beginning of the year.

“It alone has been a huge contributor to the overall profitability of the S&P 500. It's the Atlas holding up the market,” says Steve Sosnick, chief strategist at Interactive Brokers.

Options prices suggest that traders are more concerned about missing out on a significant rally than being hit by a significant decline in NVIDIA.

According to the Susquehanna Financial analysis of options data, traders give the stock a seven percent chance of rising 20 percent or more.

“The options are just reflecting how the stock is actually moving. It is just a function of continued uncertainty/optimism with regards to AI and the ultimate size of the opportunity coupled with NVIDA having become such a widely followed stock among institutional and retail,” Christopher Jacobson, a strategist at Susquehanna Financial Group, which makes markets in the securities of Nvidia.