The article discusses strategies for hedging stock market risk using options on NVIDIA Corporation (NVDA) ahead of its first-quarter earnings report. It highlights the potential impact of NVIDIA’s earnings on the broader market, given its significant market capitalization and influence in the semiconductor industry. The article suggests considering options trades that allow investors to benefit from a move in either direction, such as straddles or strangles. It also provides specific option trade examples, including buying the NVDA 05/26 300-310 straddle for a debit of around $18.50 or the NVDA 05/26 290-320 strangle for a debit of around $12.50. The article emphasizes the importance of managing risk and considering various scenarios when trading options around earnings events.