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Dominic Chu outlines the current trade setup for Nvidia ahead of its earnings release after today’s market close.
He notes that the options market is implying a potential move of plus or minus 5.7 percent in Nvidia shares, while the average move over the last eight quarters has been plus or minus 4.7 percent. Of those quarters, Nvidia closed higher three times and lower five times. Additionally, 91 percent of analysts hold a Buy or equivalent rating on the stock.
Recent trading activity has also featured notable gains in other chipmakers. Genevieve Roch-Decter reported that Intel shares rose 27% premarket to $84.76, targeting a new all-time high set in August 2000. The move came ahead of key market milestones for the company.