To The Moon

$NVIDIA(NVDA)$

Institutions are rolling bear call spreads—selling next week’s 187.5 call and buying the 197.5 call, strike selection similar to this week.

However, new put positions are opening at lower strikes. For the medium term, traders are buying October 170 puts $NVDA 20251017 170.0 PUT$  and selling 150 puts for a hedge $NVDA 20251017 150.0 PUT$ . Looks like the slow uptrend might be coming to an end.

$CoreWeave, Inc.(CRWV)$

CRWV just posted very strong earnings, backed by two massive customers (management didn’t say who, but rumor is Google and Microsoft). Whatever else you think, their growth is pretty much locked in.

Some think relying on a single customer is a risk—excluding the OpenAI contract, sequential growth is only 1%. Bears argue that being dependent on big customers is a weakness, claiming it’s as easy to switch data centers as changing restaurants. I’ll leave that debate open—it’s subjective.

Last week’s big buy of 120 puts $CRWV 20250822 120.0 PUT$  has been closed, and rolled down to 100 puts for next week $CRWV 20250822 100.0 PUT$  —basically locking in profits and squeezing out the last bit of the move. Looks like most of the drop is done.

Meanwhile, institutions are also shorting volatility by selling October 60 puts $CRWV 20251017 60.0 PUT$ , opening 7,681 contracts.

Today’s trade: Sell put $CRWV 20250822 80.0 PUT$ . Also, Google and Amazon both look good for selling puts right now.