NVIDIA is scheduled to report quarterly earnings after the U.S. market closes on May 20, 2026, with investors closely watching whether AI-chip demand and earnings momentum can continue to outpace guidance. The stock last traded at $222.32.
Consensus expectations point to another blockbuster quarter:
Revenue is projected at $78.80 billion, up 81.9% year-over-year.
Earnings per share are expected to reach $1.758, up 88.4% from a year earlier.
EBIT is forecast at $51.67 billion, representing 90.9% annual growth.
Source: Tiger Trade App
Options Market Prices in a 7% Earnings Move
Options expiring on May 22, 2026 — the first expiration following earnings — imply elevated volatility around the event.
Current implied volatility for the weekly tenor stands at 80.62%, suggesting options traders are pricing in a one-standard-deviation move of approximately ±7.31% through expiration. In practical terms, the market is assigning a roughly 68% probability that NVDA shares trade within a range of about $206 to $239 after earnings.
Large Options Flows Point to Bullish Positioning
Over the past three trading sessions, Nvidia’s options tape has reflected aggressive bullish positioning ahead of earnings, with institutional-sized flows concentrated in near-dated calls alongside selective downside hedging.
Key takeaways:
Near-dated call buying has dominated flows, with net premium paid on call purchases reaching roughly $31.9 million.
Short-term implied volatility remains elevated, with buyers showing strong urgency ahead of the print.
Positioning suggests a layered strategy combining “near-term upside bets, medium-term hedging, and long-dated premium harvesting.”
Key Block Trades
Aggressive Near-Term Bullish Bets
May 22 $205 Calls: Traders bought 9,867 contracts for approximately $22.63 million in premium. As deep in-the-money calls, the trade represents a highly directional wager on a strong post-earnings rally.
Source: Tiger Trade App
May 22 $210 Calls: Another 11,509 contracts changed hands on the buy side for roughly $20.70 million, reinforcing the bullish near-term view through additional in-the-money call exposure.
Source: Tiger Trade App
June Downside Protection
June 18 $235 Puts: Buyers accumulated 2,700 contracts worth around $5.49 million. The in-the-money puts appear designed as protection against a post-earnings pullback or broader volatility spike, indicating that some traders are pairing aggressive upside exposure with tactical hedges.
Source: Tiger Trade App
Long-Dated “Income Collection” Trade Signals Structural Bullishness
September 2027 $200 Puts: One notable trade involved the sale of 2,400 contracts, generating approximately $7.23 million in premium income.
The short put position — far out in time and below spot — suggests traders see a low probability of Nvidia shares falling beneath $200 over the longer term. The structure effectively monetizes time decay while expressing a constructive long-term outlook on the stock.
Source: Tiger Trade App
Bottom Line
Recent block activity in Nvidia options paints a clear picture: traders are leaning bullish into earnings through aggressive purchases of near-dated in-the-money calls, while simultaneously using medium-dated puts for selective downside protection.
At the same time, selling long-dated out-of-the-money puts indicates that some investors remain structurally optimistic on Nvidia’s longer-term trajectory and are willing to harvest premium while maintaining that view.
Strategy Watch
For options sellers looking to capitalize on elevated earnings volatility, the implied post-earnings range of roughly $206 to $239 may serve as a reference framework.
Selling deep out-of-the-money options outside that range — such as puts below $200 or calls above $245 — could carry a relatively lower probability of assignment.
However, investors unwilling to assume the unlimited risk or high margin requirements associated with naked option selling may consider defined-risk structures such as short strangles or iron condors.
These strategies allow traders to benefit from volatility compression while capping downside exposure within predetermined limits.
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