(Bloomberg) -- Nvidia Corp.’s earnings due Wednesday is such a big event in markets that Goldman Sachs Group Inc.’s trading desk has called it “the most important stock on planet earth.”

With options positioning implying about a 11% move in either direction, AI poster-child Nvidia could shake up financial markets given its influential weighting on indexes and crowded long positions in the stock. Just Nvidia alone has been responsible for one-third of the Nasdaq 100 Index’s gains this year.

“Everyone is in the pool and there are positioning warning signs,” Goldman tactical specialist Scott Rubner wrote in a note to clients on Tuesday. “The bar is high, and by high I mean a big beat is expected.”

Read more: Nvidia Options Signal Nearly $200 Billion Swing After Earnings

Traders are bracing for more volatility after Nvidia tripled in value over the past year — pumped by an unrelenting artificial intelligence frenzy that’s propelled broader markets. Nerves are already running high, with the stock falling 4.4% on Tuesday, dragging megacap peers down with it. 

Read more: Nvidia Report Will Show Whether Rally Was Justified: Preview

--With assistance from Jan-Patrick Barnert and Carly Wanna.

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