NVDA Options Traders Bet on a Rebound With $1.27M in Bullish Call Activity Despite a 2.91% Pullback

By TrendSpider Editor

Two unusual call contracts totaling $1,277,784.20 in premium hit the tape for NVIDIA Corporation on Thursday, October 8, 2026, even as shares slipped 2.91% to $230.565. The activity is concentrated at the $235 strike, suggesting options traders are positioning for a near-term recovery above current

NVDA Options Traders Bet on a Rebound With $1.27M in Bullish Call Activity Despite a 2.91% Pullback

Two unusual call contracts totaling $1,277,784.20 in premium hit the tape for NVIDIA Corporation on Thursday, October 8, 2026, even as shares slipped 2.91% to $230.565. The activity is concentrated at the $235 strike, suggesting options traders are positioning for a near-term recovery above current levels. With NVDA trading closer to its 52-week high of $243.37 than its 52-week low of $164.27, the stock remains in a strong longer-term uptrend despite today's pressure.

Key Drivers of the NVDA Stock Move

• Main Catalyst: Two unusual call contracts were flagged on NVDA today, both targeting the $235 strike. The larger of the two expires October 16, 2026, with a size of 5,000 contracts and a premium of $1,244,500. A second, shorter-dated call expires October 9, 2026, with a size of 922 contracts and a premium of $33,284.20. Combined, the two contracts represent $1,277,784.20 in total premium.
• Bull Case: Both contracts are calls, indicating a directional bet to the upside. The dominant contract carries 5,000 contracts in size against an open interest utilization of just 12%, implying this is fresh positioning rather than a closing trade. At $230.565, the $235 strike sits only about 1.9% out of the money, making it a relatively near-the-money wager on a quick recovery.
• Bear Case: Both contracts are out of the money, meaning they expire worthless if NVDA fails to clear $235 before their respective expirations. The October 9 contract expires tomorrow, giving it essentially no room for the trade to develop. Meanwhile, today's 2.91% decline is the immediate headwind, and the broader session sentiment may be working against a rapid bounce.

The options flow sets up an interesting short-term test for NVDA. The October 16 contract gives traders just over a week for NVDA to recover from today's drop and push through $235, while the October 9 contract is essentially a same-week lottery ticket. The clustering of both contracts at the same strike suggests a coordinated or conviction-driven view that $235 is an achievable near-term target. Traders will be watching whether today's pullback represents a buyable dip within the broader uptrend or the beginning of a more sustained reversal off the 52-week high zone.

NVDA Unusual Options Activity

• Contract 1: Call | Strike: $235 | Expiry: October 16, 2026 | Volume: 5,000 | Open Interest Utilization: 12% | Status: OTM | Premium: $1,244,500
• Contract 2: Call | Strike: $235 | Expiry: October 9, 2026 | Volume: 922 | Open Interest Utilization: 3% | Status: OTM | Premium: $33,284.20

Both contracts are calls at the same $235 strike, with a combined total premium of $1,277,784.20. The low open interest utilization on both contracts points to new, speculative positioning rather than hedging or closing activity. The dominant bet is the October 16 expiry, which accounts for over 97% of total premium spent.

NVDA Seasonality

October has historically been a pivotal month for semiconductor stocks, often marked by heightened volatility as the market digests earnings previews and macro data heading into the fourth quarter. Near-term call positioning in early October can sometimes reflect traders front-running expected positive catalysts later in the month.

NVDA Relative Performance

NVDA's 2.91% decline on October 8, 2026, underperforms in the context of its longer-term positioning. At $230.565, the stock sits approximately 40.2% above its 52-week low of $164.27 and roughly 5.3% below its 52-week high of $243.37, indicating that despite today's session weakness, NVDA remains near the top of its annual range and has significantly outperformed broader market benchmarks over the trailing year.