Investors are anticipating outstanding results from Nvidia NVDA -0.74% decrease; red down pointing triangle, the world’s most valuable company, which has contributed to the S&P 500 achieving yet another record close.

The chip manufacturer’s earnings report, set to be released after the market closes on Wednesday, serves as a crucial benchmark for the AI-driven bull market that has propelled U.S. stock indexes upward this year. Nvidia is projected to announce record-breaking revenue and adjusted operating income.

"That is the only thing in the equity market that matters today," remarked Joseph Brusuelas, chief economist at RSM.

According to data from Option Research & Technology Services, investors are anticipating a 6.2% fluctuation in Nvidia’s stock following its report. The company’s stock reached a record high of $164.10 on Wednesday.

The S&P 500 increased by 0.2% to 6481.4, marking its 19th record close of the year. The tech-heavy Nasdaq composite also saw a slight rise of 0.2%, while the Dow Jones Industrials gained 147.2 points to finish at 45565.2, its second-highest close in history.