Here we go again….
It wasn’t too long ago that Nvidia’s quarterly earnings paled in significance compared to the Apples and Teslas of this world. Of course, all that changed in May 2023; so much so, that the chipmaker’s earnings are now one of the most important events on the macro calendar.
Expectations are high, with the stock posting its highest-ever closing price of $954 yesterday. But this event is bigger than Nvidia — way bigger. Today’s number will decide the fate of the Nasdaq and the S&P500 which are both trading at record prices. That’s no overreaction — The S&P500 had its best day of the year after the last earnings call, rallying a whopping 2%.
So yes, a lot is riding on the crown prince of AI delivering the goods in just a few hours.
Let’s dive into what the option market expects….
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