By Joseph Adinolfi and Christine Idzelis

Nvidia options haven't traded this cheaply ahead of the company's earnings report since 2021

Nvidia will report earnings after the closing bell on Wednesday.

Nvidia's quarterly earnings announcement has been a major stock-market event ever since the artificial-intelligence boom began in earnest with the introduction of ChatGPT in late 2022.

But as the company prepares to report its latest quarterly results after the closing bell on Wednesday, options traders are pricing in a notably muted reaction - even as the potential signal to be gleaned from Nvidia's (NVDA) latest numbers and guidance remains as important as ever for its own shares and for the broader U.S. equity market.