YouTube: Nvidia calls trade at 2x puts pre-earnings

Nvidia goes into its May 20 earnings report with bullish options positioning already in place. A YouTube market video published ahead of the release said Nvidia call volume was running at roughly twice put volume before results. Nvidia is scheduled to report first-quarter fiscal 2027 results on Wednesday at 2 p.m. Pacific time, according to its investor relations website. That call-heavy setup matters because options volume shows where traders are concentrating short-term bets, not because it guarantees the stock will rise. Cboe says its implied-earnings-move data is designed to measure the price move options markets are assigning to an upcoming earnings event. In practice, that means a bullish skew and elevated event pricing can exist at the same time. (investor.nvidia.com) ### Why are traders focused on calls before Nvidia reports? The YouTube video’s central data point was simple: Nvidia calls were trading at about two times puts ahead of earnings. That kind of ratio usually indicates heavier positioning for upside exposure, though some of that activity can also reflect hedging by short sellers or multi-leg options strategies rather than outright bullish bets. The video framed the imbalance as a notable pre-earnings signal rather than a forecast. (datashop.cboe.com) Nvidia’s size also raises the stakes. The company’s investor site showed its stock at $220.61, delayed 20 minutes, on May 20. With Nvidia carrying outsized weight in AI-linked trading and major indexes, options activity around its report tends to draw attention beyond the stock itself. ### Does a 2-to-1 call-put split mean the stock is set up to rally? (youtube.com) A 2-to-1 call-put split does not by itself predict the post-earnings direction. Options flow captures demand for contracts, but it does not show whether traders are buying premium, selling it, or pairing positions against stock or other options. A high call count can therefore reflect bullish speculation, hedging, or volatility trading. (investor.nvidia.com) Cboe’s description of implied-earnings-move data points to the other side of the setup: the market is also pricing the size of the reaction. When implied volatility is elevated into an earnings event, options buyers can still lose money after the report if the actual move is smaller than what premiums had already priced in. That dynamic is commonly referred to as post-earnings volatility compression. (youtube.com) ### Why does implied volatility matter as much as direction? The options market prices two things at once: direction and magnitude. A trader can be right that Nvidia will rise after earnings and still see a call option lose value if the move is smaller than the market had expected before the release. That is why pre-earnings call demand and elevated implied volatility often appear together. (datashop.cboe.com) YouTube coverage around Nvidia’s report has reflected that tension. One recent video focused on how to trade the stock before earnings, while another warned that buying calls into earnings could backfire because options were expensive heading into the event. Those videos do not provide official market data, but they show the same theme appearing across retail-facing options commentary ahead of the release. (datashop.cboe.com) ### What is the next concrete milestone for traders? Nvidia said on April 29 that it would host its first-quarter fiscal 2027 conference call on Wednesday, May 20, at 2 p.m. PT, or 5 p.m. ET. The quarter ended on April 26, 2026, the company said. The webcast is being carried on Nvidia’s investor relations site, where the company said it would post material financial information and related disclosures. (investor.nvidia.com) (youtube.com)