NVDA's implied move for August 27th is ~5.4% Implied vol is at 40.8, the lowest pre-earnings volatility setting in the past two years. Last August, it printed at a similar level (~41) before crushing to 31 after the earnings date.  NVDA's 20-day moving average of total retail notional has fallen to $2.8B, one of its lowest levels in two years.  Revenue guidance has beaten Street consensus by an average of 4% over the past four quarters, while the stock has traded down 3%/5% on average over the subsequent 7/30 days. The put-call skew is relatively low compared to 1y levels, sitting around 0.02. Options markets are not pricing in significant tail risk into earnings(zerohedge)