It may still be the most important stock in the world but unlike last quarter and the quarter before, positioning does not feel as crowded at ~$125 today as it was the last time it was here in June, and according to Goldman trader John Flood (full note here), positioning this time is a 8.5 out of 10 compared to 9+ into prior prints. So, ever so slightly less concentrated than it has been over the past year, even if Jensen got to a sign a tit for the first time ever.
JPMorgan is not far off and in its NVDA earnings preview (available to pro subs in the usual place), JPM tech specialist Josh Meyers writes that Positioning is 8 out of 10.
