NVIDIA Sees Unusual Bullish Options Activity as $4M Call Bet Targets $220 by December 2027

By TrendSpider Editor

A cluster of unusual call activity in NVIDIA Corporation (NVDA) is drawing attention Tuesday, with the most notable contract representing a $4,022,536.80 premium outlay on a $220 strike call expiring December 17, 2027, signaling a long-horizon bullish conviction from a large market participant. NVDA

NVIDIA Sees Unusual Bullish Options Activity as $4M Call Bet Targets $220 by December 2027

A cluster of unusual call activity in NVIDIA Corporation (NVDA) is drawing attention Tuesday, with the most notable contract representing a $4,022,536.80 premium outlay on a $220 strike call expiring December 17, 2027, signaling a long-horizon bullish conviction from a large market participant. NVDA shares are trading at $199.455 today, up 2.30% on the session, and sit within a 52-week range of $151.49 to $236.54, meaning the $220 target would represent roughly a 10% move from current levels but remains well below the 52-week high. Across all four unusual contracts flagged today, total premium collected reached $4,252,354.70, with all contracts on the call side and zero puts logged.

Key Drivers of the NVDA Stock Move

• Main Catalyst: Four unusual call contracts were flagged today across multiple strikes and expirations, with the dominant trade being a $220 strike call expiring December 17, 2027, carrying 1,042 contracts in size at just 13% of open interest, suggesting this is a fresh, aggressive position rather than a roll of existing exposure.
• Bull Case: The sheer premium weight of $4,022,536.80 on the December 2027 $220 call, combined with two near-term calls at the $200 and $205 strikes expiring July 1 and July 2, 2026, suggests layered bullish conviction spanning both the very short term and the long duration, a structure often associated with institutional positioning rather than speculative retail flow.
• Bear Case: The $205 calls expiring July 1, 2026, just one day away, carry only $27,181.30 in premium at 8% of open interest, and the $205 calls expiring July 2 show just $46,036.60 in premium at 1% of open interest. With NVDA at $199.455, these near-term contracts are out of the money and face significant time pressure, and a failure to breach $205 by Wednesday would render them worthless.

The forward setup for NVDA remains closely tied to its artificial intelligence infrastructure narrative, which has been the primary engine behind the stock's climb from the 52-week low of $151.49. The concentration of premium in the long-dated December 2027 contract at $220 suggests at least one participant is positioning well beyond the near-term noise and into a multi-quarter outlook for continued demand growth. The two near-term $205 calls expiring this week add a short-fuse element to the picture, implying some traders expect a catalyst or continued momentum before the week closes. With the stock sitting at $199.455 and the $200 ITM call expiring July 2 already in the money, the tape reflects a market leaning decidedly toward the upside heading into the final session of June.

NVDA Unusual Options Activity

The following four unusual contracts were flagged in NVDA today, all on the call side:

• Call, $200 strike, expiring July 2, 2026: Size of 600 contracts, open interest utilization of 1%, in the money.
• Call, $205 strike, expiring July 1, 2026: Size of 1,003 contracts, open interest utilization of 8%, out of the money.
• Call, $205 strike, expiring July 2, 2026: Size of 601 contracts, open interest utilization of 1%, out of the money.
• Call, $220 strike, expiring December 17, 2027: Size of 1,042 contracts, open interest utilization of 13%, out of the money.

Total premium across all four contracts was $4,252,354.70, with a put count of zero and a call count of four, representing a fully one-sided bullish sweep in terms of unusual contract classification.

NVDA Seasonality

Late June and early July have historically represented a transitional period for semiconductor stocks as investors look ahead to second-quarter earnings reports and updated guidance on data center capital expenditure cycles. The placement of near-term calls expiring in the first two days of July suggests some traders may be positioning for a momentum continuation into the new quarter.

NVDA Relative Performance

NVDA's 2.30% gain on Tuesday puts it ahead of the broader market on the session. The stock is currently trading at $199.455, roughly 31.6% above its 52-week low of $151.49 but still approximately 15.7% below its 52-week high of $236.54, leaving meaningful room for the $220 target embedded in the longest-dated unusual call contract to come into play before expiration in December 2027.