The chip giant reported another quarterly beat-and-raise after last night’s close
Nvidia Corp (NASDAQ:NVDA) reported quarterly results, and it’s one of the biggest drivers of price action on Wall Street today. The artificial intelligence (AI) darling and semiconductor manufacturer had one of this earnings season’s most highly-anticipated reports, and the firm did more than live up to expectations.
Specifically, Nvidia beat sales and earnings expectations for the third quarter, and provided a better-than-expected forecast for the current quarter. Revenue rose 94% on an annual basis, amid elevated demand for its powerful AI chips. So far in 2024, NVDA is up 191.5%, making it the most valuable publicly traded company.
In the 10 days leading up to the earnings call, options traders were speculating heavily on Nvidia stock, and that interest in premium is carrying over into today’s trading.
A consistent member on Senior Quantitative Analyst Rocky White’s list of stocks that attracted the most options volume over the last two weeks, 40,868,414 calls and 21,821,890 puts were traded for NVDA. During this time period, the November 150 call saw the most activity, followed at a distance by the 148 call in the same monthly series.
Today, options traders are even more excited following the earnings event. More than 3.3 million calls and 1.68 million puts have already crossed the tape, double the amount typically seen at this point in trading. The most popular contract, the weekly 11/22 150-strike call, is seeing new positions being sold to open.
Despite the top- and bottom-line wins, NVDA was last seen 0.7% lower at $144.87, brushing off an earlier jump to a record-high $152.89. Support form the 30-day moving average remain in place if the equity pulls back any further today, with an additional layer of support from the $145 level in place as well. Along with its hefty year-to-date lead, Nvidia stock also boasts a nearly 20% quarter-to-date gain.