NVIDIA Options Traders Pile Into ITM Calls Worth $1.3M as NVDA Slips Nearly 2%
By TrendSpider Editor
Three unusual call contracts totaling $1,297,375 in premium hit the tape for NVIDIA Corporation on Wednesday, with traders targeting in-the-money strikes at $205 and $210 even as shares pulled back 1.94% to $210.70. The activity is notable for its conviction, with one of the $210 strike contracts pr
NVIDIA Options Traders Pile Into ITM Calls Worth $1.3M as NVDA Slips Nearly 2%
Three unusual call contracts totaling $1,297,375 in premium hit the tape for NVIDIA Corporation on Wednesday, with traders targeting in-the-money strikes at $205 and $210 even as shares pulled back 1.94% to $210.70. The activity is notable for its conviction, with one of the $210 strike contracts printing at 356% of open interest, signaling aggressive positioning rather than routine hedging. NVDA currently sits well above its 52-week low of $132.92 and is approaching the upper half of its 52-week range, with a high of $236.54 overhead.
Key Drivers of the NVDA Stock Move
- Main Catalyst: Three unusual call contracts were flagged today, all in-the-money, covering strikes at $205 (exp. June 18, 2026) and $210 (exp. June 1, 2026), with total premium of $1,297,375. The largest single contract by volume was the $210 June 1 call with 1,057 contracts at 356% of open interest.
- Bull Case: All three contracts are in-the-money calls, reflecting directional bullish bets with real intrinsic value. The $205 strike call carries a $670,175 premium, making it the single largest premium outlay of the three, and the two $210 calls together represent 1,568 contracts printed aggressively against low open interest, suggesting fresh institutional conviction in near-term upside.
- Bear Case: Despite the bullish options flow, NVDA shares are down 1.94% on the session to $210.70. The $210 calls expiring June 1, just five days away, leave almost no time for the trade to work if selling pressure continues. With the 52-week high at $236.54 still meaningfully above current levels, the stock has room to run but also has not yet shown the momentum to break to new highs.
The forward setup for NVDA is shaped by a tug-of-war between near-term price weakness and what appears to be institutional confidence in a quick recovery or continued grind higher. The June 1 expiration on two of the three contracts means whoever put on those trades needs a move back above $210 to hold value into expiry. The June 18 contract at the $205 strike offers more runway. NVIDIA remains one of the most actively traded names in the options market given its central role in AI infrastructure spending, and the concentration of premium in ITM calls rather than speculative out-of-the-money strikes suggests this is not lottery-ticket buying. Traders should watch how NVDA behaves around the $210 level over the next several sessions, as it is both a key options strike and a near-term technical pivot.
NVDA Unusual Options Activity
Three call contracts were flagged as unusual on Wednesday, May 27, 2026, with a combined premium of $1,297,375:
- Call | Strike: $205 | Expiry: June 18, 2026 | Volume: 601 | Open Interest: 3% | ITM | Premium: $670,175
- Call | Strike: $210 | Expiry: June 1, 2026 | Volume: 1,057 | Open Interest: 356% | ITM | Premium: $422,800
- Call | Strike: $210 | Expiry: June 1, 2026 | Volume: 511 | Open Interest: 172% | ITM | Premium: $204,400
No put contracts were flagged in today's unusual activity scan. The absence of bearish positioning in the unusual flow reinforces the one-sided bullish character of today's options activity, even as the stock declined on the session.
NVDA Seasonality
Late May and early June have historically been an active period for NVIDIA as the company approaches its fiscal second quarter and major industry events tied to AI and data center demand. Options traders positioning in early-June expirations may be anticipating a near-term catalyst or a post-pullback mean reversion in the stock.
NVDA Relative Performance
NVDA's 1.94% decline on Wednesday puts it as an underperformer on the session, though the stock remains elevated within its 52-week range of $132.92 to $236.54, currently trading at $210.70. The fact that large-premium call buyers stepped in during today's weakness suggests some market participants view the dip as an opportunity rather than the start of a larger move lower.