$280 billion is the market-value swing options traders are pricing for Nvidia after Wednesday's second-quarter earnings, implying a 5.4% move in either direction on Thursday.
That expected move is below the 6.5% implied before May earnings and under Nvidia's 7.4% average post-earnings swing over the last 12 quarters, suggesting investors see fewer shock upside surprises.
Nvidia shares have fallen for seven straight sessions even though they remain up 11.7% this year, roughly in line with the S&P 500's 11.8% gain while the Philadelphia SE Semiconductor index has climbed 61%.
The pullback has coincided with broader pressure on growth stocks from rising Treasury yields, with the 30-year yield still above 5% after touching a 19-year high last week.
Jackson Hole is now the next macro focus, as investors look to Fed Chair Kevin Warsh's speech for signals on rates and the economic backdrop shaping demand for technology stocks.