BY ANDREW GIOVINAZZI
August 28th, 2025
Nvidia Corp (Ticker: NVDA) has reported its latest earnings. While the results may not have fully satisfied bullish expectations, the company continues to post staggering growth figures.
Earnings are still growing at a 50% clip, and revenue remains up roughly 100% year-over-year.
For context, NVDA generated $61 billion in revenue in 2023 and is on pace to exceed $220 billion by 2025 — an extraordinary trajectory. Despite some disappointment in the immediate reaction, NVDA remains a market leader.
I will say this — NVDA’s earnings came without any meaningful contribution from China. The outlook there remains uncertain, and NVDA is clearly taking a cautious stance. If that situation clears up, we could easily see the stock pushing toward $200.
As expected, the VIX dropped following NVDA’s report — no surprise there.
But with the VIX now at year-to-date lows, options premiums are at their peak.
Let’s go find the ones worth trading.
The VIX Oct future is trading over $19
That means while the VIX is trading around $14, the implied underlying value is closer to $19. Want to buy a $14 call? It’ll cost you $5. Yep — the VIX is at $14, and the 14 call is pricing in $5. The market is clearly expecting realized volatility well above current levels. Meanwhile, 14 puts are trading for next to nothing.
The reason is simple: the October VIX futures are trading significantly higher than the VIX cash index.
It’s likely we’ll be trading this curve in Ripzone on Friday. I expect the VIX to move into the 13s as the market shifts into a new phase heading into the final quarter of the year — and it won’t look anything like Q1.
To Your Trading Success,
AG