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Goldman Sachs says Nvidia’s (NASDAQ:NVDA) results this week are “arguably the most important single stock earnings print in years.”
There is an 11% implied move for NVDA, according to Brian Garrett, Goldman managing director for cross asset sales.
“The quantum of market cap priced for gain or loss is equivalent to stock number 37 in the SP500 (SP500) (SPY) (IVV) (VOO) ($200bn+).”
Garrett notes that the last time this happened (2021) marked a “decent top” in the S&P, although he also says that the Fed was on a “different warpath.”
Garrett also highlights strong retail appetite for call options, with almost 60% of every option traded in the market is a call option. That’s one of the highest ratios since 2021.
The Google trend search for “call options” his a two-year high.
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