Nvidia could see more than 9% upside on its reporting day

The options market is implying more than 9% of upside to Nvidia (NASDAQ:NVDA) as its reporting day comes close, according to Goldman Sachs’ Rubner.

Nvidia’s (NVDA) $3.1T company report earnings on Wednesday, and Scott Rubner, Goldman Sachs’ FICC & Equities strategist, said in a note that the options market is implying a 9.35% move up on its earnings day, or about a $298B market swing.

“The bar for Nvidia (NVDA) this earnings season is a lot lower than it has been in recent quarters given fundamental selling in tech (XLK),” he said.

Nvidia’s (NVDA) weight in the S&P 500 (SP500) is 6.5%.

The stock is up 10.69% from a month ago, and up 156.13% year-to-date. It is down 1.89% from yesterday, however, and still 0.83% from five days ago.