Usman Salis
Nvidia closed at $182.33 on September 29th, up 2.32%, but it wasn't the stock price that got everyone talking. A massive $1.8 million options play targeting the $200 strike - roughly 10% above current levels - hit the tape with just 11 days until expiration.
The Options Flow That Caught Everyone's Attention
Spotted by traders like Salma, this aggressive bet is raising eyebrows across Wall Street. Can NVDA really punch through $200 before mid-October?
The numbers tell the story: 43,866 contracts changed hands in the October 10, 2025 $200 calls, with open interest jumping to 11,705 from much lower levels. Each contract averaged $0.43, adding up to $1.88 million in total premium. That's serious money betting on a sharp move higher in less than two weeks. The buyer isn't hedging - they're speculating.
On the equity side, NVDA added $4.32 to finish at $182.33. Shares opened strong at $184, hit an intraday high right at that level, then pulled back before settling above Friday's $178.19 close. The resilience shows investors still believe Nvidia is the gold standard for AI infrastructure plays.
Why $200 Matters More Than You Think
The $200 level isn't random. Round numbers act like magnets in trading, drawing attention and orders. But here's the twist: these contracts expire on October 10th, well before Nvidia reports earnings on November 19th. This isn't an earnings play - it's a pure momentum bet. The contracts are out-of-the-money, which means limited downside (just the premium paid) but massive leverage if NVDA rips higher.
Several forces could be driving this bullish conviction. Nvidia's GPUs remain the undisputed backbone of generative AI, keeping demand white-hot. The semiconductor sector is catching a bid as money rotates back into growth stocks. And the options flow itself tells a story - net call premiums were heavily positive on the day, suggesting broader institutional appetite.
Usman Salis
