Shares of Nvidia (NASDAQ: NVDA) gained ground on Wednesday, climbing as much as 5.6%. As of 11:37 a.m. ET, the stock was up 4.5%. The catalyst that sent the artificial intelligence (AI) chipmaker higher was a report that suggested demand remained high for the company's processors in an important market.

Nvidia options pricing on Wednesday afternoon suggested traders expect shares to move roughly $10, or about 8%, in either direction around Wednesday’s earnings, which would be the stock's biggest post-earnings move since May.