A short seller unveiled a bearish Nvidia call, predicting the company is being cut out of China at a time when analysts see the market as key to its future.

Shares of NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) are trading at $236 in Thursday afternoon action, up 4.5% on the session. The move extends a rally that has lifted the chipmaker 20% over the past month and 27% year to date.

Overbought warnings come ahead of a massive tech and retail earnings lineup.

Bets in prediction markets overwhelmingly favor Nvidia beating expectations for Q1. Among the Wall Street analysts who cover Nvidia, the consensus estimates heading into the Q1 report call for revenue of $78.

Well, Jensen Huang is no astronaut, but he’s also no stranger to pricey gadgets, and the blistering success of Nvidia has his chipmaking behemoth hurtling toward uncharted space: a $6 trillion market capitalization.

UBS is getting bullish on Nvidia ahead of the chipmaker's quarterly results next week. The investment bank has a buy rating on the semiconductor name. It raised its price target on shares to $275 from $245,

But Reuters says NVIDIA has yet to make any deliveries.

Nvidia’s chief executive Jensen Huang has been lobbying for a long time for the ability to export advanced semiconductor chips to China in the face of opposition from both Washington and Beijing. It appears a breakthrough might have been made.