Something to note with Nvidia’s previous $8.1 billion outlook is that this had already been lowered past Wall Street estimates and includes an estimated reduction of approximately $500 million.

Year-to-date, the equity is up 19.4%.If you’ve been following along with the financial reports for NVIDIA (NVDA) you may be interested, and potentially dismayed, to hear the company released an early look at Q2 earnings data which indicates a noticeable revenue dip with revenue set at $6.7 billion, far below its original outlook of $8.1 billion. However, the stock appears to be running into some pressure at the $630 region, which is keeping it from heading back up toward its April 15 record high of $648.56. On the charts, NVDA recently bounced off the $540 level with additional support from the 200-day moving average. The most active option is the weekly 5/28 650-strike call, followed by the 625-strike call in the same series, with new positions being opened at both. So far, 78,000 calls and 47,000 puts have crossed the tape. Options traders are chiming in as well, with overall volume running at triple what's typically seen at this point. No fewer than 17 analysts have chimed in with price-target hikes, including several all the way to $750 from BMO, Craig-Hallum, Evercore ISI, and BofA Global.

The stock is brushing off a slew of bull notes this morning too. At last check, NVDA was down 1.2% to trade at $620.85. The chip manufacturer's revenue surge for these crypto mining chips could be putting some investors off, as market demand for cryptocurrency remains volatile. Nvidia said it gained $155 million in revenue during the first quarter from processors created specifically for mining cryptocurrency, though its more stable gaming segment was still its biggest driver. The company also raised its second-quarter forecast above estimates, citing strong demand for flagship gaming and AI chips for data centers. Nvidia Corporation (NASDAQ:NVDA) entered the earnings confessional last night after the close, reporting first-quarter earnings of $3.66 per share - higher than the anticipated mean of $3.28 - as well as revenue in line with expectations.

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