ETFs that allow investing in Nvidia (NASDAQ:NVDA) are showing mixed reactions on Wednesday pre-market ahead of the Jensen Huang-led company's earnings call.

What Happened: According to Benzinga Pro, at the time of writing, Direxion Daily Semiconductor Bull 3x Shares (NYSE:SOXL) was trading higher by 1.14%, while Direxion Daily Semiconductor Bear 3x Shares (NYSE:SOXS) was down by 0.85%.

VanEck Semiconductor ETF (NASDAQ:SMH) was trading 0.40% higher, and ETF Opportunities Trust T-Rex 2X Long NVIDIA Daily Target ETF (BATS:NVDX) also increased by 1.09%.

Meanwhile, GraniteShares 2x Short NVDA Daily ETF (NASDAQ:NVD) fell by 1.20%, whereas GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) gained 0.98%.

Why It Matters: Investors are keenly observing Nvidia ahead of its earnings report, which is anticipated to significantly impact the market. A Morgan Stanley analyst expressed confidence in Nvidia's ability to meet high expectations, despite potential delays in Blackwell shipments. The analyst, Joseph Moore, maintained an Overweight rating and a $144 price target for Nvidia shares.

Moreover, Goldman Sachs highlighted the potential for a significant market value fluctuation, estimating a possible $298 billion swing following Nvidia's second-quarter earnings report. This projection is based on options pricing data, which suggests a potential 9% move in Nvidia stock in either direction.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari