A leveraged "whale" has just placed a high-conviction bet on Nvidia (NVDA) ahead of the chipmaker's next earnings report.
The trader has opened a 10x long worth about $1.66 million on onchain derivatives platform Hyperliquid.
Trader, known as @CL207, went long 9,000 units of xyz:NVDA, a synthetic Nvidia stock contract, with liquidation sitting around $174.89 per share - roughly 6% below the current price.
A synthetic stock is a derivative that mirrors the price of an underlying equity without conferring real-world ownership of shares.
Hyperliquid offers synthetic stocks by creating on-chain perpetual contracts that track the price of real-world equities. These contracts let traders get price exposure to assets like Nvidia without owning the actual shares, using decentralized price feeds and collateral posted directly on the blockchain.
Related: What are tokenized stocks? Explained
Hyperliquid whale bets big on synthetic Nvidia stock
According to onchain data from the trader's Hyperliquid address, the xyz:NVDA position was opened with 10x isolated leverage at an entry price just above $184.
The notional value sits at roughly $1.66 million, with modest unrealized profit so far as NVDA trades higher intraday. Because the liquidation level is only a few standard deviations below spot, even a routine post-earnings swing could wipe out most of the margin if the stock gaps lower.
Nvidia is scheduled to report quarterly results after the U.S. market close, shortly after 4 p.m. ET, with traders watching for fresh signals on AI-driven demand across data centers and gaming.
Explosive Nvidia growth in data centers and revenue
The aggressive long comes after Nvidia delivered a string of blockbuster reports. For the fourth quarter of fiscal 2025, Nvidia posted record revenue of $39.3 billion, up 78% year-over-year, while data-center revenue surged 93% to $35.6 billion, according to a Feb. 26 earnings release from the company.
In its first quarter of fiscal 2026, revenue climbed to $44.1 billion, up 69% from a year earlier, with data-center sales hitting $39.1 billion, up 73% year-over-year, the firm said in a May 28 update.
Nvidia founder and CEO Jensen Huang said at the time:
"Global demand for NVIDIA's AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year."
Those growth rates, alongside commentary that "AI is advancing at light speed" and that demand for Nvidia's Blackwell AI supercomputers is "amazing," help explain why some traders are comfortable leaning long into the print despite the risks.
Options market prices in 7% to 10% Nvidia earnings swing
The whale's risk is magnified by what traditional markets are already expecting.
Nvidia options "implied about a 7% move for the stock in either direction after it announces its quarterly results," data from Option Research & Technology Services showed, according to a Nov. 18 Reuters report .
The Kobeissi Letter, a widely followed macro newsletter, noted that Nvidia's forward P/E has actually fallen this year despite a 35% rally.
"The stock is literally getting cheaper as it goes up… Options imply a 7.5% move, or a ±$330 billion swing," the publication wrote , calling it one of the biggest implied earnings reactions ever.
When such volatility is already priced in, staking a 10x leveraged synthetic-stock long amounts to a double-down on both direction and magnitude of the move. A classic high-risk, high-reward whale trade.
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At the time of writing, NVDA is trading around $187.16 on Nasdaq, up 3.2% on the day, with a market capitalization near $4.55 trillion, according to data from TradingView.
This story was originally reported by TheStreet on Nov 19, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
