NVDA Stock: Unusual Put Activity Targets Near-Term Downside as NVIDIA Slips 1.59%
By TrendSpider Editor
Three unusual options contracts, all puts, have surfaced in NVIDIA Corporation's options flow today, with a combined premium of approximately $1.55 million and a notable skew toward near-term in-the-money strikes. NVDA shares are currently trading at $164.85, down 1.59% on the session, sitting well
NVDA Stock: Unusual Put Activity Targets Near-Term Downside as NVIDIA Slips 1.59%
Three unusual options contracts, all puts, have surfaced in NVIDIA Corporation's options flow today, with a combined premium of approximately $1.55 million and a notable skew toward near-term in-the-money strikes. NVDA shares are currently trading at $164.85, down 1.59% on the session, sitting well off the 52-week high of $212.19 but meaningfully above the 52-week low of $86.63. The concentration of bearish options activity against a backdrop of session weakness adds a layer of caution to the near-term technical picture.
Key Drivers of the NVDA Stock Move
- Main Catalyst: Three unusual put contracts were flagged today across two expiration dates. Two contracts expire April 2, 2026, targeting the $170 and $165 strikes respectively, both currently in the money. A third, larger contract targets the $145 strike expiring September 18, 2026, and is currently out of the money. Total unusual options premium across all three contracts came in at roughly $1.55 million.
- Bull Case: NVDA remains well above its 52-week low of $86.63, trading at $164.85, representing a substantial recovery off the floor. The $145 September put is out of the money, meaning the market would need to decline considerably from current levels for that position to pay off, which could suggest it is being used as portfolio insurance rather than an outright directional bearish bet.
- Bear Case: Both near-term puts, the $170 strike and the $165 strike expiring April 2, 2026, are already in the money, indicating the options market is pricing meaningful downside risk into the very near term. With NVDA already down 1.59% today and the stock sitting nearly $47 below its 52-week high of $212.19, momentum remains under pressure heading into the end of Q1 2026.
The forward setup for NVDA into April is worth watching closely. The two in-the-money puts expiring April 2, just three days from today, suggest at least some institutional participants are positioning for continued weakness or protecting existing long exposure through the end of this week. The September $145 put, carrying the largest premium of the three at over $1.1 million, points to one trader willing to pay for downside protection well into the second half of 2026. Whether this reflects conviction in a broader AI spending slowdown narrative or simply hedging activity against a large equity position remains an open question, but the absence of any unusual call activity today is notable. There are zero unusual calls flagged in today's flow, making this an exclusively bearish unusual options session for NVDA.
NVDA Unusual Options Activity
- Contract 1: Put | Strike: $170 | Expiry: April 2, 2026 | Volume: 500 | Open Interest: 3% OI ratio | Status: In the Money | Premium: $293,000
- Contract 2: Put | Strike: $165 | Expiry: April 2, 2026 | Volume: 500 | Open Interest: 2% OI ratio | Status: In the Money | Premium: $140,000
- Contract 3: Put | Strike: $145 | Expiry: September 18, 2026 | Volume: 1,073 | Open Interest: 6% OI ratio | Status: Out of the Money | Premium: $1,116,027
All three contracts are puts. Total unusual contracts flagged: 3. Total combined premium: $1,549,027. Call count: 0. The September contract accounted for the overwhelming majority of premium spent, representing roughly 72% of total unusual options flow for the session.
NVDA Seasonality
Historically, the final days of March and early April can bring elevated volatility for large-cap technology names as portfolio managers rebalance heading into the new quarter. For a high-beta name like NVDA, end-of-quarter repositioning may be amplifying today's options flow and session weakness.
NVDA Relative Performance
NVDA is trading at $164.85 today, down 1.59% on the session. The stock is currently sitting roughly 22% below its 52-week high of $212.19, though it remains nearly 90% above its 52-week low of $86.63, reflecting the magnitude of the recovery from last year's lows while also underscoring how far the stock remains from its peak. Today's decline, combined with one-sided bearish options flow, suggests NVDA is underperforming on a relative basis to start the final week of Q1 2026.