NVIDIA Unusual Options Activity: A $6.36M Deep ITM Call Signals Long-Term Conviction

By TrendSpider Editor

A deep in-the-money call option expiring January 2028 with a striking $6,361,221 in premium is turning heads in NVIDIA's options market today, pointing to significant long-term bullish positioning in the stock. NVDA is trading at $204.95 on Thursday, June 11, 2026, up 2.26% on the session, and sits

NVIDIA Unusual Options Activity: A $6.36M Deep ITM Call Signals Long-Term Conviction

A deep in-the-money call option expiring January 2028 with a striking $6,361,221 in premium is turning heads in NVIDIA's options market today, pointing to significant long-term bullish positioning in the stock. NVDA is trading at $204.95 on Thursday, June 11, 2026, up 2.26% on the session, and sits within a 52-week range of $140.855 to $236.54, meaning shares are currently trading in the upper half of that range but remain well below the annual high. Taken together, today's unusual options flow and the intraday price gain suggest that at least one large player is making a substantial directional bet on NVIDIA's continued strength well into 2028.

Key Drivers of the NVDA Stock Move

• Main Catalyst: Three unusual options contracts were flagged today with a combined total premium of $6,496,619. The dominant trade is a January 21, 2028 $130 call with 681 contracts changing hands, an open interest ratio of 22%, and $6,361,221 in premium, representing the overwhelming majority of today's unusual flow. Two shorter-dated contracts also printed: a June 12, 2026 $197.50 put with 1,191 contracts and $34,539 in premium, and a June 12, 2026 $207.50 call with 751 contracts and $100,859 in premium.
• Bull Case: The $130 strike January 2028 call is deep in the money with NVDA at $204.95, and the 22% open interest ratio suggests this is a relatively fresh, large position. The willingness to commit over $6.36 million in premium to a call that does not expire for more than 18 months reflects strong conviction that NVIDIA will remain at elevated price levels or continue climbing from here. The same-session 2.26% price gain adds near-term momentum to that thesis.
• Bear Case: The near-dated June 12, 2026 $197.50 put, expiring just one day from now, had the highest raw contract volume of the three flagged trades at 1,191 contracts, even though its premium was a modest $34,539. That activity could reflect hedging or short-term downside protection ahead of a potential pullback from current levels. At $204.95, NVDA is also trading roughly $31.59 below its 52-week high of $236.54, suggesting overhead supply remains a factor.

The forward setup for NVDA is constructive based on today's flow, with the massive long-dated call dominating the premium picture and the stock maintaining upward momentum near the midpoint of its annual range. The near-term expiry contracts on both sides of the market, the $197.50 put and the $207.50 call expiring June 12, suggest short-term traders are watching $197.50 as near support and $207.50 as an immediate resistance level heading into Friday's session. The $207.50 call, currently out of the money with NVDA at $204.95, needs only a modest additional move to finish in the money by tomorrow's close, making the next 24 hours a meaningful short-term test for the stock.

NVDA Unusual Options Activity

Three contracts were flagged as unusual today across NVIDIA's options chain, totaling $6,496,619 in combined premium:

• Put | Strike: $197.50 | Expiry: June 12, 2026 | Volume: 1,191 | Open Interest: 10% | Status: OTM | Premium: $34,539
• Call | Strike: $207.50 | Expiry: June 12, 2026 | Volume: 751 | Open Interest: 7% | Status: OTM | Premium: $100,859
• Call | Strike: $130.00 | Expiry: January 21, 2028 | Volume: 681 | Open Interest: 22% | Status: ITM | Premium: $6,361,221

NVDA Seasonality

Mid-June has historically been an active period for institutional repositioning in large-cap technology names ahead of mid-year portfolio rebalancing, which may help explain the appearance of both a long-dated conviction call and short-duration hedging contracts appearing in the same session. The presence of the January 2028 call also places the expiry well past NVIDIA's next several earnings cycles, suggesting the buyer is looking through near-term volatility.

NVDA Relative Performance

NVDA's 2.26% gain on June 11, 2026 places it in a strong position relative to its recent trading range, with shares at $204.95 sitting comfortably above the 52-week low of $140.855 but still approximately 13.4% below the 52-week high of $236.54. The combination of today's price gain and the heavily premium-weighted bullish options flow suggests NVIDIA is outperforming on a relative basis within the semiconductor space on this session.