Nvidia is expected to report Q3 earnings per share (EPS) of $0.74 on revenue of $33.2 billion, according to analysts' estimates compiled by Bloomberg. That works out to an 83% year-over-year increase on both the top and bottom lines compared to the same period last year when Nvidia saw EPS of $0.40 on revenue of $22.1 billion.

Options traders price in Nvidia's quarterly results as a more pivotal event for the broader market than the upcoming interest rate decision or the monthly inflation and jobs reports.

T-REX 2X Long NVIDIA Daily Target ETF (NVDX) – NVIDIA exposure: 200% Strive U.S. Semiconductor ETF (SHOC) – NVIDIA exposure: 26.4% VanEck Vectors Semiconductor ETF (SMH) – NVIDIA exposure: 23.7% Grizzle Growth ETF (DARP) – NVIDIA exposure: 21.1% Technology Select Sector SPDR Fund (XLK) – NVIDIA exposure: 14.6%