NVDA Rallies to $196.93 as Bullish Options Surge, Chip ETF Falls 5% on July 7

According to ThinkorSwim data, NVDA rallied 0.7% to $196.93 on July 7, while the VanEck Semiconductor ETF (SMH) fell 5% alongside broader chip stock weakness. The contrast lay in options activity: NVDA saw 1.5 million bullish call contracts traded versus 690,000 put options, with aggressive call buying outpacing put buying by more than 2-to-1. By contrast, SMH showed the opposite pattern, with put options trading at a 4-to-1 ratio over calls.

One notable trade involved a single trader investing $3.5 million in July 29 expiration calls at the $200 strike, requiring NVDA to gain approximately 5.5% by month-end for profit. As of press time, the most active contract was the $200 strike with nearly 170,000 calls traded and $11 million in total premium, according to SpotGamma.