"The market has high expectations for NVIDIA's earnings report right now (see Image 1)! But recently, there have been some notable large movements in the options market. One of them is a put option expiring mid-next year, with a strike price of $140 and a whopping value of $54.84 million. This follows a low-buy logic, collecting premiums—those premiums could easily amount to several million. Another two trades are set for mid-January next year, with values of $30.76 million and $46.08 million respectively. These are primarily bearish put options with a strike price of $180. Theoretically, this looks like a hedging strategy with a bearish outlook. Overall, in terms of mid-term trends, the market still leans slightly bearish on NVIDIA. After all, it hasn’t even outperformed the S&P 500 this year. Year-to-date, NVIDIA is up 11.7%, while the S&P 500 is up 11.8%. Plus, it has significantly underperformed the Philadelphia Semiconductor Index, which is up 61%. Since I’ve recently shifted most of my portfolio to the crypto market, I personally don’t really want NVIDIA’s earnings report to be too good—meeting expectations is enough. This way, AI won’t siphon off too much from crypto. Otherwise, the hard-earned breakout momentum in crypto could face yet another round of ups and downs! This post is sponsored by @binancezh: "Binance Stocks: Global assets, zero time lag, one-click access"!