Meta Platforms (META) is set to report second-quarter results after the market closes Wednesday, with traders anticipating the stock could test record highs following the report.

Recent options pricing suggests traders expect the Facebook and Instagram parent’s stock could move more than 5% in either direction from Tuesday afternoon’s level just above $708 by the end of the week. The high end of that range would put Meta shares above $746, above Meta’s record close at $738.09 on June 30. At the low end, the stock could slip to $670. Since the start of this year, Meta stock has gained about a fifth of its value.

Meta shares have moved roughly 4% the day after releasing its quarterly results in three of its last four quarters, with one smaller move of about 1.5% after fourth-quarter results were reported in January. Last quarter, shares rose as the tech giant topped estimates and committed to its plans to spend tens of billions of dollars on artificial intelligence efforts, evidenced by Meta’s reported recent hiring spree for a new “superintelligence” division with nine-figure offers to some AI developers and executives.

Wall Street analysts are largely bullish on Meta stock, with 25 of the 27 analysts tracked by Visible Alpha calling it a “buy,” along with just two “hold” ratings. Their average target of $754.96 would mark another record high.

Meta is expected to report rising revenue and profits as it invests heavily in AI. Analysts have said that signs of returns on Meta’s AI investments will be a key area of focus for investors after the company made several high-profile hires to support its AI goals.