As Nvidia’s earnings release approaches, the VIX has shown almost no signs of panic and is only slightly above this year’s low. According to Sina Finance, the contrast suggests the broader market could be vulnerable to potential volatility as this major risk event unfolds later today.

The company’s shares fell after each of the past four quarterly earnings reports. Two VIX spikes in June and July also coincided with declines in Nvidia shares, and traders are watching guidance on the company’s relationship with its largest customer as a possible source of risk.

Nvidia’s share price also moves in the same direction as South Korea’s KOSPI index. While that is not surprising, the article said the marginal effect is negative, with the Korean benchmark having faced more downside than upside since it fell below its 50-day moving average in early July.

Despite its reduced status as a leader in the artificial intelligence theme, Nvidia remains the world’s most important stock in terms of portfolio impact. The article said these factors point to an asymmetric tendency for the VIX to move higher as Nvidia’s earnings call approaches.