Nvidia Bulls Face Volatility Test as Earnings Loom After $235 Surge

Nvidia shares trade near recent highs amid heightened options activity ahead of fiscal Q1 earnings due May 20. The stock surged above $235 following U.S. approval for H200 chip sales to China, lifting market capitalization close to $5.45 trillion. Strong AI-driven momentum from hyperscaler capex exceeding $650 billion and strategic investments over $40 billion underpins the rally, yet recent articles flag pullbacks, rising volatility implying a 6% post-earnings swing, and risks from custom chips by major customers. Consensus revenue sits near $78 billion. Historical patterns show long-term holders benefit despite near-term swings, with median one-year post-earnings returns of 87.6%.