(Reuters) -U.S. stock index futures were slightly higher on Wednesday, having clocked declines at the start of the week, with investor focus on Nvidia’s earnings later in the day which could prove to be a make-or-break moment for the AI trade.

Nvidia’s earnings, which are due after markets close on Wednesday, are seen as a litmus test for the AI-driven rally that has pushed markets to record highs this year.

Options data from analytics firm Option Research & Technology Services (ORATS) showed an implied move of about 7% for the stock in either direction after the results.

A Reuters analysis found the options-implied move would represent the largest one-day market value change following earnings for the company.

Societe Generale analysts note Nvidia’s earnings come “at a juncture of inc

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