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Nvidia Surges Past $5.7 Trillion Market Cap as China Trade Hopes Mount

Nvidia's stock has rallied 20% since May 5, buoyed by reports that the U.S. cleared several Chinese firms to purchase the chipmaker's H200 processors for artificial intelligence applications. The semiconductor giant's market capitalization now stands just shy of $5.7 trillion following a 4.4% jump Thursday. Options traders holding bullish calls ahead of next week's earnings report are in-the-money, with $40 billion in options delta exposure against $4 billion in total premium heading into Friday's expiration. The top ten most popular Nvidia options expire today, with the 235-strike call representing $114 million in premium and nearly $5 billion in delta. The company reports earnings May 20 after market close. Implied volatility for the earnings announcement exceeds 7.5%, more than double the median move.