Nvidia options price $280 billion post-earnings swing, below May's implied move

Options traders expect a $280 billion swing in Nvidia's market value after its second-quarter earnings report Wednesday, reflecting investor focus on AI demand. The implied 5.4% move is below the 6.5% priced before May's report. The expected move exceeds the market value of about 90% of S&P 500 constituents but remains below Nvidia's historical average post-earnings swing of 7.4%. Analysts note actual moves have frequently fallen short of options pricing, suggesting the era of massive earnings surprises may be over. Nvidia shares fell for a seventh straight session Monday but are up 11.7% this year. The pullback coincides with rising Treasury yields pressuring tech stocks, while investors await Fed Chair Kevin Warsh's Jackson Hole speech.