I would not chase aggressively at these levels. NVIDIA is still fundamentally dominant, but the setup into earnings is becoming dangerously consensus-heavy.

The bull case is obvious: Blackwell demand remains extreme, inference demand is accelerating, and Wall Street keeps lifting targets toward $300+. Analysts expect roughly $78-79B revenue with another major beat likely. 

But expectations are now almost perfection-priced. NVDA has rallied ~20% in a month into earnings, and markets are already pricing a very high probability of a beat. 

My base case:

Earnings likely beat

Guidance likely strong

Initial reaction could still be volatile or even “sell the news”

$235 is psychologically important. A clean hold probably opens $250 quickly due to momentum and options positioning. But if earnings/guidance are merely “great” instead of “spectacular,” a sharp pullback toward $215-220 would not surprise me.

So personally:

Long term: still bullish

Short term: prefer adding on weakness rather than chasing vertical momentum into print.