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Futubull Volatility Hunter | Trump Names Dell, Sparking Volatility! How to 'Earn Effortlessly' Premiums from Dell Technologies, Marvell Technology, and Snowflake During Earnings Season?

Hello everyone, and welcome to the latest episode of 'Futubull Volatility Hunter'!

This week, three core 'pick-and-shovel' stocks in the artificial intelligence supply chain—— $Marvell Technology (MRVL.US)$ 、 $Dell Technologies (DELL.US)$as well as$Snowflake (SNOW.US)$ will release their financial results in quick succession, drawing significant market attention.Precisely because they serve as foundational enablers of AI development, the business metrics within their earnings reports will not only be pivotal in determining whether their share prices can rise, but also represent key evidence for validating whether the AI industry is truly generating profits at this stage.

Currently, due to starkly divergent market views on their future earnings trajectories, implied volatility for all three companies in the options market has surged to its highest levels in nearly two years (all sitting above the 96th percentile of their historical ranges).This high-risk, high-premium market sentiment presents an ideal window for options sellers. Next, Futubull will provide a detailed breakdown of the key focal points in these companies’ upcoming earnings reports and explore how investors can strategically leverage today’s elevated option premiums to generate income, acquire desired shares at a discount, or hedge existing positions against downside risk.

This Week's Hottest Earnings Calendar

[May 27, after U.S. market close] Marvell Technology (MRVL)

Market sentiment toward Marvell Technology has been extremely bullish recently. A symbolic event is that NVIDIA CEO Jensen Huang will appear as a special guest at Marvell’s keynote speech during Computex in Taipei. This public endorsement from an industry giant has sent a strong positive signal to the market. Over the past year, driven by the 'dual-engine' narrative of AI ASICs and optical interconnects, the company’s stock price has risen more than 131% from its lows.

However, now that the concept has gained broad recognition, financial markets are looking to validate actual business results:How much of the AI custom chip (ASIC) order backlog has actually materialized?

In this earnings report, the criteria for assessing performance are very clear:the progress in converting ASIC orders into revenue, whether demand for custom chips from hyperscale cloud providers (AWS, Google, Microsoft) is accelerating as expected, and whether the revenue contribution from optical interconnects is increasing.

[May 27, after U.S. market close] Snowflake (SNOW)

Snowflake’s upcoming earnings report reflects a stark divergence in market sentiment. On the positive side, analysts expect the company’s revenue this quarter to grow by over 30% year-over-year. Such growth is exceptional across the software-as-a-service sector. However, this rapid revenue expansion comes with substantial cash burn—its net loss is projected to reach $1.3 billion.

This pattern—where faster revenue growth leads to larger losses—has prompted investors to question: when will this business model actually become profitable? Therefore, the key focus of this earnings report iswhether its path to profitability has become clearer.

Another noteworthy context:Ahead of its earnings release, Snowflake just signed the OneGov data framework agreement with the U.S. General Services Administration. This may not directly show up in this quarter's financial figures, but management's guidance and commentary are worth watching.

[May 28, after U.S. market close] Dell Technologies (DELL)

In the past month alone, Dell Technologies’ stock price surged twice to record highs: on May 8, it jumped 13% in a single day after being publicly highlighted by former U.S. President Trump; then on May 22, it rose another 16% in one day following news that personal computers received tariff exemptions.

In this earnings report, the market will closely monitor three key metrics:AI server order backlog, shipment cadence, and guidance for the next quarter.If these three metrics perform strongly, the recent stock surge will be backed by solid fundamentals; if growth falls short of expectations, the prior price rally—driven by policy and sentiment—will face serious scrutiny.

IV Structure Analysis

Marvell Technology (MRVL)

Reference date: May 26

Implied volatility (IV) absolute value = 89.8%, IV/HV = 1.39x,The premium structure is notably pronounced.Marvell Technology has been deeply tied to the AI custom chip (ASIC) narrative in recent years, exhibiting extremely high stock price elasticity, with its historical volatility (HV) already as high as 64.4%—meaning this isn't a case of 'a quiet stock suddenly becoming expensive,' but ratherThe options market is currently pricing in implied volatility that is 39% higher than the stock’s actual expected movement.Its implied volatility (IV) percentile stands at 96%, with a rank of 81—both near their one-year highs.which means option sellers are receiving the highest premiums,but also face higher requirements for cushioning against adverse moves. The tail end of Q1 earnings season, combined with heightened visibility expectations for AI chip orders, is the primary driver keeping IV elevated.

Snowflake (SNOW)

Reference date: May 26

IV/HV = 1.50x, indicating the options market is significantly overestimating actual volatility for this underlying asset—the market is willing to pay a 50% premium for volatility embedded in this option.An IV percentile of 98% means that on 98% of trading days over the past year, implied volatility was lower than it is today—not just a typical high level,but pricing approaching historical peaks.An IV rank of 88 further confirms that the current implied volatility is also in the high range within its absolute one-year interval,offering rich premiums for option sellers.

Dell Technologies (DELL)

Reference data date: May 26

IV rank of 94 and IV percentile of 98%—an absolute high level.but IV/HV = 0.95x,options are actually trading at a discount.This means Dell itself has been a highly volatile asset recently, and option prices are reasonable with no additional premium.For option sellers, Dell’s appeal lies in the substantial absolute premium received; however, it must be understood that this premium largely reflects compensation for bearing genuine stock price volatility risk, rather than excess premium from overpriced options.

Limited-time high IV premium option strategy

Marvell Technology (MRVL)

Sell Put Strategy Reference

Suggested strike price: $172.5 (anchored near the 20-day moving average of $171.23 with a buffer zone)

Reference expiration date: 2026-05-29

Suggested premium: approximately $387.5 per contract, equivalent to a reduced holding cost of $3.875 per share (actual prices can be found in the Futubull app under: Stock – Options Chain)

Covered Call Strategy Reference

Suggested strike price: $220 (approximately 10% above the upper Bollinger Band at $193.63, allowing sufficient buffer space)

Reference expiration date: 2026-05-29

Suggested premium: approximately $537.5 per contract, equivalent to a reduced holding cost of $5.375 per share (actual prices can be found in the Futubull app under: Stock – Options Chain)

Comprehensive scenario analysis of earnings

Snowflake (SNOW)

Sell Put Strategy Reference

Suggested strike price: $150 (anchored near the 20-day moving average of $152 with a buffer zone)

Suggested expiration date: June 18, 2026

Suggested premium: approximately $567.5 per contract, equivalent to a reduced holding cost of $5.675 per share (actual prices can be found in the Futubull app under: Stock – Options Chain)

Covered Call Strategy Reference

Suggested strike price: $190 (approximately 10% above the upper Bollinger Band at $173.22, allowing sufficient buffer space)

Reference expiration date: 2026-05-29

Suggested premium: approximately $545 per contract, equivalent to a reduced holding cost of $5.45 per share (actual prices can be found in the Futubull app under: Stock – Options Chain)

Comprehensive scenario analysis of earnings

Dell Technologies (DELL)

Sell Put Strategy Reference

Reference strike price: $240 (anchored near the MA20 at $234.41 with a buffer zone)

Reference expiration date: June 18, 2026

Reference premium: approximately $507.5 per contract, equivalent to a reduction in holding cost of $5.075 per share (actual prices can be checked in the Futubull app under Individual Stocks > Options Chain)

Covered Call Strategy Reference

Reference strike price: $350

Reference expiration date: June 18, 2026

Reference premium: approximately $1000 per contract, equivalent to a reduction in holding cost of $10 per share (actual prices can be checked in the Futubull app under Individual Stocks > Options Chain)

Comprehensive scenario analysis of earnings

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Risk Warning

An option is a contract that gives the holder the right, but not the obligation, to buy or sell an asset at a fixed price at any time on or before a specific date. The price of an option is influenced by various factors, including the current price of the underlying asset, the strike price, the time to expiration, and implied volatility. Implied volatility reflects the market's expectation of the option’s volatility over a certain period in the future. It is derived inversely from the Black-Scholes (BS) pricing model and is generally considered an indicator of market sentiment. When investors expect greater volatility, they may be more willing to pay higher prices for options to help hedge risks, leading to higher implied volatility. Traders and investors use implied volatility to evaluate.Option priceto enhance attractiveness, identify potential mispricing, and manage risk exposure.

Disclaimer

This content is for reference only and should not be considered as an offer, solicitation, invitation, or advice to buy or sell any investment product or make any investment decision. It should also not be interpreted as professional advice. Options contracts are derivative products and may not be suitable for all investors. You should carefully consider your own investment experience, investment objectives, financial resources, and other relevant conditions before deciding whether to participate in such transactions. The risk of loss in trading options contracts can be substantial. In some cases, losses may exceed the initial margin deposited. Even if you have set contingent orders, such as 'stop-loss' or 'limit' orders, they may not prevent losses. Market conditions may render such orders unexecutable. You may be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account resulting from such liquidation. Therefore, before trading, you should study and understand index options and carefully consider whether such trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon expiration.

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