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The single most important earnings announcement of the just-concluded quarter is now at hand, with NVIDIA preparing to divulge its quarterly financial performance this afternoon. And, the options market is pricing in swoon-worthy moves as a result.

Depending on how you calculate it, the options market is currently expecting NVIDIA stock to move between $10.5 (based on the extrinsic values of at-the-money options) and $13.05 (based on the bid prices of at-the-money call and put options) by Friday.

Since each $4 move in NVIDIA shares is roughly equal to Intel's entire market capitalization of around $100 billion, the options market is currently expect

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