joining us now, we want to bring in David Bull. He's the Bay Crest Managing Director Equity Derivatives. David, it's great to talk to you again. So talk to me just about the size of this reaction. What should we be expecting?

Well, like you said, options are expecting about a 7% move which is a little bit less than what we've options have expected in previous earnings reports over the last two years. And exactly, I'm wondering aloud if this singular report which used to be a massive focus for the market just matters a little bit less than it used to. Now, I'm looking back at the last three times in video reported earnings. QQQ the Nasdaq ETF was about flat that day. If you go back to the end of 2023, early 2024, um, cues were up or down 2% three out of the four times and in video reported those times. Lately, it just hasn't been driving the overall market action as much as it used to. And then specifically for Nvidia, this 7% implied move is a lot. That's like $240 billion of market cap that are expected to be created or destroyed. But Nvidia is such a overall volatile stock that that's only about double or two and a half times as much as it's supposed to move on a normal trading day. So it it's a big event, but I'm starting to think that it might not be a one-day surge like it used to if you go back one and a half two years, but it might really set the stage for what the next month is going to look at. So I'm looking at this as a one month event essentially, not really just the one day jump move this time around.

And so with that in mind, what what do you think is the core driver of that move here? Is is it demand? Is it ultimately saying, you know what, deep seek's not an issue and we're still a beneficiary even if deep deep seek or other language learning models out there are successful. What is it from your your analysis?

To me, the setup it it it it coincides with what I just said. Maybe it's less of more of a muted reaction because we already tested the low on this deep seek news. We almost we had the dress rehearsal about a month ago or three weeks ago where we saw what happens if the stock goes down 17%. Well, we saw the dip buyers stepped in in size. There were some put buyers that came into hedge those positions, but anybody that was feeling a little bit wishy-washy about potential gains they're sitting on in the Nvidia stock, they had the chance to hit bids on that day that move lower and then new buyers stepped in. So the the setup I'm seeing from clients is that it's certainly less over owned than it was over the last two years. The numbers are likely to be pretty strong, but how good could it be with, you know, the rest of their major customers already reporting big CAPEX numbers. I think the sense is what can they say that's going to really drive Nvidia up another 20% in one day? But if anything, this could be an overhang removed and the stock could then grind higher over the next over the next, you know, couple weeks or a month.