NVDA Stock Sees Unusual Deep ITM Put Buying Totaling $1.24M With Strikes Far Above Current Price

By TrendSpider Editor

NVIDIA Corporation is drawing attention Monday after two unusual put contracts surfaced, combining for $1,241,375 in total premium on deep in-the-money puts with a $460 strike expiring in December 2028. NVDA shares are barely moving on the session, up just 0.19% to $225.58, but the options activity

NVDA Stock Sees Unusual Deep ITM Put Buying Totaling $1.24M With Strikes Far Above Current Price

NVIDIA Corporation is drawing attention Monday after two unusual put contracts surfaced, combining for $1,241,375 in total premium on deep in-the-money puts with a $460 strike expiring in December 2028. NVDA shares are barely moving on the session, up just 0.19% to $225.58, but the options activity stands out sharply against a 52-week range of $164.07 to $236.54, with the current price sitting well below the $460 strike. The scale and structure of these contracts raise questions about what sophisticated traders may be positioning for over the next two-plus years.

Key Drivers of the NVDA Stock Move

• Main Catalyst: Two deep in-the-money put contracts on NVDA with a $460 strike expiring December 15, 2028 printed with combined premium of $1,241,375. The first contract had a size of 15 with open interest utilization of 1,000%, and the second had a size of 38, also at 1,000% OI. Both are flagged as unusual due to the extreme open interest percentage.
• Bull Case: The contracts expire in December 2028, more than two years away, meaning they could represent a long-dated hedge against an existing long position in NVDA rather than an outright directional bet. A holder of significant NVDA stock at higher cost basis levels could be buying protection without any near-term bearish intent, and the stock remains near the top of its 52-week range at $225.58.
• Bear Case: Both contracts are deeply in the money relative to the current price of $225.58, meaning they carry immediate intrinsic value. The $460 strike is more than double where NVDA currently trades, and the 1,000% open interest reading on both contracts suggests these are not routine trades. A total of $1,241,375 in premium deployed on puts at this strike signals that someone is paying a significant cost to protect against or profit from extended downside over the next two years.

The forward setup for NVDA is not without complexity. The stock is currently trading near the upper end of its 52-week range, between $164.07 and $236.54, which means any macro or sector-level pressure could test recent support levels. The use of December 2028 expiries suggests the trader behind these contracts is thinking on a much longer horizon than typical options activity, possibly in anticipation of a major structural shift in AI chip demand, competitive dynamics, or broader semiconductor cycle conditions. NVDA has remained one of the most actively traded names in the market as demand for AI infrastructure continues to shape earnings expectations and valuation debates heading into the back half of 2026.

NVDA Unusual Options Activity

Two unusual put contracts were flagged in NVDA on Monday, August 17, 2026, both targeting the same strike and expiry with a combined total premium of $1,241,375:

• Contract 1: Put | Strike: $460 | Expiry: December 15, 2028 | Volume: 15 | Open Interest: 1,000% | Status: In the Money | Premium: $351,225
• Contract 2: Put | Strike: $460 | Expiry: December 15, 2028 | Volume: 38 | Open Interest: 1,000% | Status: In the Money | Premium: $890,150

The 1,000% open interest reading on both contracts is a significant flag, indicating volume that vastly exceeds existing open interest. No call-side unusual activity was reported on the session, making this a purely put-driven flow event with zero unusual calls to offset it.

NVDA Seasonality

Mid-August has historically been a mixed period for semiconductor stocks as the market transitions from summer trading conditions into the more active fall earnings season. Long-dated options activity initiated in this window often reflects positioning ahead of year-end catalysts, including NVDA's fiscal third-quarter reporting cycle.

NVDA Relative Performance

NVDA is up 0.19% on the session as of Monday, August 17, 2026, a virtually flat showing that keeps the stock within close range of its 52-week high of $236.54. At $225.58, the stock sits significantly above its 52-week low of $164.07, reflecting a recovery of more than 37% from that trough and positioning NVDA near the stronger end of its recent trading band despite today's muted price action.