A leveraged “whale” has just placed a high-conviction bet on Nvidia (NVDA) ahead of the chipmaker’s next earnings report. The trader has opened a 10x long worth about $1.66 million on onchain derivatives platform Hyperliquid.

Nvidia is scheduled to release its quarterly results shortly after the closing bell today, and investors are expecting big things from the company at the center of the AI boom.

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The daily timeframe chart shows that the NVIDIA stock price has been in a strong uptrend in the past few years. It recently crossed the important resistance level at $200, bringing its market capitalization to over $5 trillion.

What Happened? Shares of leading designer of graphics chips Nvidia (NASDAQ:NVDA) jumped 1.7% in the afternoon session after investor optimism grew ahead of its fiscal third-quarter earnings report, bolstered by a major new partnership with Microsoft and AI firm Anthropic.

Executives unveiled plans at a Wednesday gathering expected to feature President Trump.

In the deal announced Tuesday, Nvidia and Microsoft will invest up to $10 billion and as much as $5 billion, respectively, in AI developer Anthropic ( ANTH.PVT ). Anthropic will buy $30 billion of compute capacity from Microsoft Azure, and Anthropic and Nvidia will collaborate on design and engineering, the companies said.

Chipmakers including Nvidia and Intel are down along with much of the stock market Tuesday, as fears of an AI bubble grow.