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Polymarket Traders Missed Nvidia’s October Drop. Here’s What They Predict for November.


Quick Read

  • Polymarket traders predicted Nvidia would close October near $224, but shares finished at $205, a 10% miss in an otherwise 79% accurate record.

  • With shares at $208, Polymarket gives Nvidia a 70% chance of hitting $216 and just 18% odds of reclaiming $240 in November.

  • Nvidia’s November 17 earnings loom large, with memory cost pressures and excluded China data center revenue flagged as key downside risks.

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Polymarket traders expected Nvidia (NASDAQ:NVDA) to end October near $223.81. The stock instead closed October 30 at $204.64, a 10.4% decline from its September 30 close of $228.38, after reaching $240 during the month. The contract for an October close above $210 averaged 0.767 before resolving No. Across 467 resolved Nvidia markets, the crowd’s favored outcome was correct 78.8% of the time, making October a notable miss in an otherwise accurate record.

How Polymarket Is Pricing November

Each contract trades between zero and one, and its price is the crowd’s implied probability. These odds are a snapshot from midday Monday, November 2, and they move quickly. Shares trade at $207.66, with 28 days left in November.

Polymarket Traders Missed Nvidia's October Drop. Here's What They're Betting on for November
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A “hit” market resolves Yes if the stock reaches a price at any point in the month. A “close above” market depends on where it ends. In the November hit market, which has traded $10,100.70, $216 trades at 0.70, $224 at 0.48, and $240 at 0.18. On the downside, $184 trades at 0.315 and $160 at 0.07. The end-of-November close market prices $200 at 0.64 and $220 at 0.32, but it has traded only $102.50, so it is thin.

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NVDA prediction tracker
NVDA Prediction Tracker — 24/7 Wall St.

Fundamentals Backing the Upside Strikes

Second-quarter fiscal 2027 revenue reached $96.22 billion, up 105.85% year over year. Non-GAAP EPS of $2.22 beat the $2.09 consensus. Cash stood at $22.44 billion against debt-to-equity of 0.073.

NVDA earnings explorer
NVDA Earnings Explorer — 24/7 Wall St.

Earnings Are November’s Biggest Event

Nvidia’s next quarterly report is scheduled for Tuesday, November 17, after the close. Management guided third-quarter revenue to $108.0 billion plus or minus 2%. Gross margin is the share of sales left after paying to make the products, and Polymarket prices a 73% to 75% adjusted margin at 0.81. On the August call, the CFO warned memory price increases “exceeded our prior expectations.” That cost pressure, along with guidance that excludes China data center revenue, are risks that could pull shares toward the downside strikes.

Wall Street Looks a Year Out

Wall Street’s sentiment is bullish, with a consensus target of $328.95. That target covers about 12 months, while the Polymarket figures cover only November, so the two measure different horizons. An AI model’s base case projects $216.97 by December 1.

NVDA price target
NVDA Price Target — 24/7 Wall St.
NVDA analyst ratings
NVDA Analyst Ratings — 24/7 Wall St.

Recent Swings Make the Odds Look Reasonable

Shares fell 11.6% over the past month. Touching $224 would require about an 8.1% gain, a smaller move than October’s swing.

What the Crowd Is Signaling

Polymarket traders see more room for a modest move than a return to October’s high. The earnings report and AI spending sentiment following last week’s selloff could quickly reset those odds, and October showed that these small markets can be wrong. (All that AI capex still has to be powered, cooled, and networked by somebody, and we rounded up seven of those non-chipmaker suppliers in a free report.)

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