Today’s NVDA option order flow showed a very large trade in the March 20, 2026 $200 calls. The trade was a sweep order worth about $11M in premium. It involved 6,806 contracts purchased at the ask for $16.09 each, signaling strong conviction from the buyer.
At the time of the trade, total volume for the contract reached 7,410 contracts, compared to an open interest of 37,056. This yields a V/OI ratio of about 20%, which is significant. With NVIDIA’s stock trading around $184.71 at the time, these calls are slightly out-of-the-money and represent a long-dated bet with nearly half a year until expiration. The size and aggressiveness of this trade highlight institutional-scale positioning in NVDA into 2026.
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The NVDA $200C calls expiring March 20, 2026 have seen a steady buildup of interest with strong volume spikes and rising open interest. On September 26th, 2025, volume reached 4,490 contracts with open interest climbing by +2,484 to over 33,000, confirming new accumulation. The momentum continued into September 29th, where volume was lighter at 1,472 contracts but OI jumped by +3,860. These metrics signal strong commitment to holding positions.
Most recently, on September 30th, volume spiked to 8,679 contracts, with OI hitting 37,056. Meanwhile, the contract price closed at $16.93, up sharply from $12.65 just days earlier. Implied volatility has risen slightly from nearly 40% to 41%, suggesting traders are adding exposure while pricing in moderate risk. Overall, this pattern shows consistent institutional demand building in NVDA’s long-dated $200 calls, with both volume and OI trending higher alongside rising contract prices.
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Today’s NVDA option order flow also showed heavy positioning in the November 21, 2025 $200 calls. Specifically, two large sweep buys, which executed at the ask, were detected. Each block trade represented 1,500 contracts, totaling $2M in premium, signaling strong conviction from buyers.
Trading volume for this contract hit 19,945 contracts, compared to an open interest of 44,438. This results in a V/OI ratio of about 45%. With prices paid between $6.70 and $6.90 and NVIDIA’s stock trading near $186 at the time, these out-of-the-money calls reflect aggressive bets on late 2025.
What’s Happening with NVDA
NVIDIA (NVDA) has recently been at the center of major developments in the tech and AI industries, solidifying its position as a dominant force. The company’s market capitalization has soared past $4.5 trillion as shares rose about ~35% in 2025. The share price increase was mainly driven by continued demand for NVDA’s AI chips and sustained investor enthusiasm. One of the most significant events is NVIDIA’s newly announced strategic partnership with OpenAI. Within this partnership, NVIDIA will progressively invest up to $100 billion to deploy at least 10 gigawatts of NVIDIA systems. This will grant millions of GPUs for OpenAI’s next-generation AI infrastructure. The first phase of this partnership is set to come online in late 2026 on the NVIDIA Vera Rubin platform.
Financially, NVIDIA reported impressive results for the second quarter of its fiscal year 2025. Revenues reached $46.7 billion—up 56% year-over-year—and data center sales from its Blackwell platform driving much of this growth. The company has also ramped up its shareholder return strategy, approving an additional $60 billion repurchase authorization and paying a cash dividend. Furthermore, NVIDIA’s stock has hit new highs, buoyed by bullish forecasts that AI infrastructure spending will reach new records in the coming years. Alongside these successes, analysts have noted that while revenue growth remains strong, it has started to slow compared to the unprecedented surges seen in prior quarters, with competition from rivals intensifying.
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NVIDIA Corporation (NVDA) is a leading technology company known for designing and manufacturing high-performance graphics processing units (GPUs). These GPUs are primarily used in gaming, professional visualization, data centers, and automotive markets. Founded in 1993, NVIDIA revolutionized computer graphics with its invention of the GPU and has since become a key player in the artificial intelligence (AI) space.
Its GPU architectures, such as the GeForce, Quadro, and most recently the Hopper and Grace platforms, power everything from advanced video games to deep learning systems, AI model training, and autonomous vehicle technologies. NVIDIA also provides software platforms like CUDA and AI-focused solutions for industries ranging from healthcare to robotics.
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| Analyst Firm | Last Updated | Rating/Score |
|---|---|---|
| CFRA | 09/28/2025 | ★★★★★ |
| Market Edge | 05/16/2025 | Long |
| Argus | 08/28/2025 | खरीदना |
| Morningstar | 09/22/2025 | ★★★ |
| LSEG | 09/28/2025 | Outperform |
| Schwab Equity Ratings | 09/30/2025 | B |
The analyst ratings for NVDA show a generally bullish tilt, though opinions remain mixed across firms. CFRA maintains a strong 5-star rating as of 9/28/25, while Market Edge is more cautious with a “Long” outlook but not an outright buy. Argus reaffirmed a clear Buy rating on 8/28/25, contrasting with Morningstar, which holds a more neutral 3-star ratingas of 9/22/25.
LSEG shows confidence with an Outperform rating updated on 9/28/25. Finally, Schwab Equity Ratings, updated on 9/30/25, gives NVDA a solid B, leaning positively. Taken together, most analysts lean bullish on NVDA’s outlook, supported by both strong star ratings and buy/outperform signals. Though, some conservative stances highlight ongoing valuation concerns.
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Disclaimer: Options trading involves significant risk and is not suitable for all investors. You may lose the entire investment, and certain strategies may result in losses exceeding the initial amount invested. Past performance does not guarantee future results. This content is for informational purposes only and should not be considered investment advice. Always consult a financial or tax advisor before making investment decisions.
