NVDA Stock: Unusual Put Activity Surfaces as NVIDIA Trades Near 52-Week High Territory

By TrendSpider Editor

Two unusual put contracts totaling $1,207,920 in combined premium hit the tape for NVIDIA Corporation, drawing attention to potential hedging or bearish positioning as the stock trades at $182.485. NVDA has staged a significant recovery from its 52-week low of $86.63, and with a 52-week high of $212

NVDA Stock: Unusual Put Activity Surfaces as NVIDIA Trades Near 52-Week High Territory

Two unusual put contracts totaling $1,207,920 in combined premium hit the tape for NVIDIA Corporation, drawing attention to potential hedging or bearish positioning as the stock trades at $182.485. NVDA has staged a significant recovery from its 52-week low of $86.63, and with a 52-week high of $212.19 still overhead, options traders appear to be taking defensive postures at key strike levels. The stock edged up 0.31% in the most recent session, but the unusual put flow suggests at least some institutional participants are preparing for downside risk.

Key Drivers of the NVDA Stock Move

• Main Catalyst: Two unusual put contracts were flagged today, with a combined total premium of $1,207,920 across a near-term strike and a longer-dated deep out-of-the-money strike. The near-term contract is a PUT at the $180 strike expiring March 30, 2026, while the second is a PUT at the $125 strike expiring October 16, 2026.
• Bull Case: NVDA is trading at $182.485, well above its 52-week low of $86.63, reflecting a more than doubling from trough levels. The $180 put is only marginally in play given current prices, and the $125 strike remains deeply out of the money, suggesting these contracts may represent tail-risk hedges rather than high-conviction directional bets against the stock.
• Bear Case: The $180 strike put expiring March 30, 2026 carries an open interest ratio of 667%, signaling that today's volume is dramatically outsized relative to existing open interest. With only 12 days until expiration, a contract of this size and urgency may reflect near-term concern about a pullback from current levels. The $125 put, while far out of the money, represents a sizable $430,000 premium outlay for protection extending into October 2026.

The forward setup for NVDA remains closely tied to the broader AI infrastructure spending cycle, and any softness in data center demand or capital expenditure guidance from hyperscalers could pressure the stock toward the $180 level where options traders are now positioned. The 52-week high of $212.19 stands roughly 16% above the current price, leaving meaningful room for upside if sentiment holds, but the unusual put flow into a near-term expiry warrants monitoring heading into the final two weeks of March. The combination of a short-dated high-volume put and a longer-dated deep out-of-the-money contract suggests a two-horizon risk management strategy, either by a single large participant or multiple independent actors flagged in the same session.

NVDA Unusual Options Activity

Two unusual put contracts were identified in today's session, with no unusual call activity reported.

• Contract 1: Type: PUT | Strike: $180 | Expiry: March 30, 2026 | Volume: 2,288 | Open Interest: 667% above existing OI | Status: Out of the Money
• Contract 2: Type: PUT | Strike: $125 | Expiry: October 16, 2026 | Volume: 1,000 | Open Interest: 89% above existing OI | Status: Out of the Money

The $180 put expiring March 30, 2026 is the more pressing of the two given its imminent expiration and its open interest ratio of 667%, indicating today's volume is nearly seven times the pre-existing open interest at that strike. The $125 put expiring in October carries an 89% OI ratio, indicating above-average but comparatively less extreme volume relative to its existing positioning.

NVDA Seasonality

Mid-to-late March has historically been a transitional period for semiconductor stocks as the market digests first-quarter earnings previews and any forward guidance revisions heading into spring. Elevated put activity in late March around key technical levels has at times preceded short-term consolidation phases for high-momentum names like NVDA.

NVDA Relative Performance

NVDA gained 0.31% in the most recent session. The stock currently sits at $182.485, positioning it in the upper half of its 52-week range of $86.63 to $212.19. The proximity to the $180 strike on the near-term put contract suggests options traders are watching this price level as a near-term support or decision point relative to where the stock is trading today.