Earnings are set to hit the tape in a tight window on Thursday and options markets are already sketching out how violent the post-print reaction could be. For retail traders, implied moves can be a quick gut-check on whether the setup is a "grind" or a "gap," especially when guidance risk is high.

This watchlist leans heavily toward tech, from networking and wafer-fab equipment to AI infrastructure, with the marquee name being Cisco Systems. The countdown below runs from the calmest options setup to the biggest implied swing.

7. Applied Materials | Mkt Cap: $311B | Implied Move: 7.48%

Applied Materials Inc. (NASDAQ: AMAT) reports fourth quarter of 2026 results after the closing bell.

Wall Street is looking for $4.05 in earnings per share on $10.30 billion in revenue, compared with $2.17 in EPS on $6.80 billion a year ago. That is a big year-over-year step-up that puts extra weight on both the print and the outlook.

Options are pricing in a 7.48% move, the smallest implied move in this lineup, but with a $311 billion market cap, that still leaves $23.3 billion of market value at stake.

Applied Materials sits at the center of the semiconductor wafer-fab equipment cycle, with a portfolio that touches nearly every corner of the WFE stack. The stock carries a Buy consensus rating, and the stock is trading well below the 180-day average analyst price forecast. In November, B. Riley Securities reiterated its Buy rating and cut its price forecast, while Morgan Stanley reiterated its Equal-Weight rating and cut its price forecast.

Shares have rallied in 2026, up 38.6% year-to-date, but they trade 12% below the 200-day moving average after the 50-day moving average crossed below the 200-day in November. The stock is also about 47% below the 52-week high of $739.67.

6. Cisco Systems | Mkt Cap: $390B | Implied Move: 7.88%

Cisco Systems (NASDAQ: CSCO) reports first quarter of 2027 results after the closing bell.

Consensus estimates call for $1.32 in earnings per share on $18.12 billion in revenue, versus $1.00 in EPS on $14.88 billion in the prior-year period. Investors will likely weigh not just the quarter, but the durability of demand across networking and software.

The options market is implying a 7.88% move. With Cisco Systems valued at $390 billion, that translates to $30.8 billion of market value at stake around the report.

Cisco Systems is the world's largest provider of networking equipment and also one of the largest software companies, so the quarter can read through to enterprise spending and infrastructure refresh cycles. The stock has a Buy consensus rating, and the share price sits well below the 180-day average analyst price forecast. In November, Morgan Stanley downgraded the stock to Equal-Weight and cut its price forecast, and in September Bernstein initiated coverage with a Market Perform rating.

Cisco Systems has rallied in 2026, up 29.1% year-to-date, yet it is still trading 2.9% below the 200-day moving average. The shares sit about 24% below the 52-week high of $130.37.

5. Figure Technology | Mkt Cap: $5.4B | Implied Move: 12.31%

Figure Technology Solutions, Inc. (NASDAQ: FIGR) reports third quarter of 2026 results before the opening bell.

Analysts are modeling 28 cents in earnings per share on $247.33 million in revenue, compared with 34 cents in EPS on $156.37 million a year ago. That is a mix of softer EPS expectations but sharply higher sales that could put the focus on growth quality and margins.

Options are pricing in a 12.31% move, with $662 million of market value at stake based on Figure Technology Solutions' $5.38 billion market cap.

Figure Technology Solutions is pitching blockchain-powered infrastructure for next-generation lending, trading and investing, including areas tied to consumer credit and digital assets. The stock carries a Buy consensus rating, and the 180-day average analyst price forecast sits well above where the stock trades. In November, Keefe, Bruyette & Woods reiterated its Outperform rating and cut its price forecast, while in October Freedom Capital Markets initiated coverage with a Buy rating.

The stock has pulled back in 2026, down 46.6% year-to-date and trading 26.8% below the 200-day moving average. The shares sit about 69% below the 52-week high of $78.00.

4. Intuitive Machines | Mkt Cap: $2B | Implied Move: 12.57%

Intuitive Machines, Inc. (NASDAQ: LUNR) reports third quarter of 2026 results before the opening bell.

The Street expects a 12 cent per share loss on $245.88 million in revenue, compared with a 6 cent per share loss on $52.44 million a year ago. That is a dramatic revenue ramp that makes execution and forward visibility central to the reaction.

Options traders are implying a 12.57% move, putting $249 million of market value at stake for Intuitive Machines given its $1.98 billion market cap.

Intuitive Machines operates as a space infrastructure and services company focused on enabling sustained human activity beyond Earth, a business where contract timing and milestone delivery can swing quarterly results. The stock has a Buy consensus rating, and shares trade well below the 180-day average analyst price forecast. In November, B. Riley Securities reiterated its Buy rating and cut its price forecast, and Keybanc reiterated its Overweight rating and cut its price forecast.

Intuitive Machines has pulled back in 2026, down 33.9% year-to-date, and it trades 36.4% below the 200-day moving average after the 50-day moving average crossed below the 200-day in August. The shares sit about 74% below the 52-week high of $46.75.

3. Ondas | Mkt Cap: $3.4B | Implied Move: 12.96%

Ondas Inc. (NASDAQ: ONDS) reports third quarter of 2026 results before the opening bell.

Consensus calls for a 14 cent per share loss on $148.04 million in revenue, versus a 3 cent per share loss on $10.10 million in the year-ago quarter. That is a huge top-line jump that raises the stakes for how investors interpret demand and scaling.

The options market is pricing in a 12.96% move, with about $440 million of market value at stake based on Ondas' $3.39 billion market cap.

Ondas develops and supports software-defined radio technology and operates across Ondas Networks and Ondas Autonomous Systems, putting it in the communications equipment lane where adoption curves can be lumpy. The stock carries a Buy consensus rating and is trading well below the 180-day average analyst price forecast. In October, Citizens initiated coverage with a Market Outperform rating, and in August Ladenburg Thalmann reiterated its Buy rating and raised its price forecast.

Ondas has pulled back in 2026, down 49.5% year-to-date, and it trades 33.7% below the 200-day moving average after the 50-day moving average crossed below the 200-day in July. The shares sit about 62% below the 52-week high of $15.28.

2. Nebius Group | Mkt Cap: $37B | Implied Move: 14.87%

Nebius Group (NASDAQ: NBIS) reports third quarter of 2026 results before the opening bell.

Wall Street is bracing for a 69 cent per share loss on $907.53 million in revenue, compared with a 40 cent per share loss on $146.10 million a year ago. That is a growth-heavy profile where guidance can matter as much as the quarter itself.

Options are pricing in a 14.87% move, which is sizable for a $37.3 billion company and leaves $5.55 billion of market value at stake around earnings.

Nebius Group is a vertically integrated cloud provider focused on AI and high-performance computing, and it is a carve-out of the previous Russian tech firm Yandex following sanctions tied to the Ukraine-Russia war. The stock carries a Buy consensus rating, and the share price sits well below the 180-day average analyst price forecast. In November, Citigroup reiterated its Buy rating and cut its price forecast, and in October Rosenblatt initiated coverage with a Buy rating.

Nebius Group has rallied in 2026, up 49% year-to-date, but it is trading 16.3% below the 200-day moving average. The shares sit about 50% below the 52-week high of $299.86.

1. Cerebras Systems | Mkt Cap: $23B | Implied Move: 15.12%

Cerebras Systems Inc. (NASDAQ: CBRS) reports third quarter of 2026 results after the closing bell.

Analysts expect a 14 cent per share loss on $214.70 million in revenue. With no prior-year EPS or revenue figures listed here, the spotlight shifts even more to the trajectory implied by the current quarter's expectations and whatever the company says next.

Options are pricing in a 15.12% move, the widest implied move in this set, with $3.54 billion of market value at stake based on Cerebras Systems' $23.4 billion market cap.

Cerebras Systems designs AI infrastructure for training and inference, building what it describes as the world's largest semiconductor along with the systems needed to power and cool it. The stock carries a Buy consensus rating, and the 180-day average analyst price forecast sits well above where the stock trades. In November, Morgan Stanley, Wedbush and UBS cut their price forecasts.

Cerebras Systems has declined in 2026, down 69.9% year-to-date, and the shares sit about 75% below the 52-week high of $386.34.