Nvidia; as expected; delivered strong EPS. The stock is up about 8.5%, which is largely in-line with the options-implied earnings move. While AI-exposed semis {UBXXSEMA Index } and AI winners {UBXXAIW Index} are rallying alongside Nvidia, the rest of the market is seeing rater lackluster moves. Interestingly; SPX options had priced 70bp for Thursday, which did occur pre-market. Since then; long gamma hedging is pushing the market closer to unchanged. Said differently; Nvidia earnings are reinforcing the AI bull story but are not enough to lift the overall market given equity positioning has already increased over the past few weeks. - UBS
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