To The Moon

$NVIDIA(NVDA)$

My first thought after seeing this earnings report: you don’t even need to watch options flow anymore—just sell puts at or near the money and you’re fine.

This quarter’s results were ultra-transparent and in line with expectations. Next quarter’s outlook is also easy to predict due to timing, so again, very transparent and in line.

But here’s the thing: if both this and next quarter are “as expected,” why should I care about big-picture future prospects?

Because on the call, Jensen Huang laid out an even more ambitious roadmap: the long-term TAM for AI infrastructure is raised dramatically to $3–4 trillion, and both inference AI and agent AI will drive compute demand up by hundreds or even thousands of times.

What’s also notable: within these “in-line” results, networking revenue hit a record $7.3 billion.

This clearly signals NVIDIA’s transformation from a GPU seller into a true “AI infrastructure” company.

That’s a game-changer, and you’ll see more in-depth takes from analysts and media soon.

Back to the options flow:

The earnings “black box” is open, but Wednesday’s open interest is quite telling.

Biggest bearish bets are for a pullback below $175 in the next two weeks ($NVDA 20250905 175.0 PUT$ ), and some at $160 ($NVDA 20250905 160.0 PUT$ ).

If this were NVIDIA from a couple of years ago, that’d be a textbook bearish trade: September macro risks + in-line earnings = pullback. But with these results, it’s going to be tough to break below $170.

On the bullish side, there are bets on a move to $190–200. Given Jensen’s bullish AI outlook, $NVDA$ above $200 this year looks very doable.

For this week, as long as we stay above $170, keep selling puts on any dip.

$CoreWeave, Inc.(CRWV)$

No surprise that $CRWV$ is a big beneficiary of NVIDIA’s earnings. The huge TAM upgrade for AI infrastructure has opened up upside for $CRWV$ as well.

There’s continued heavy buying of medium-term $100 calls ($CRWV 20260320 100.0 CALL$ , 5,000 contracts), hedged by selling twice as many $165 calls ($CRWV 20260320 165.0 CALL$ ).

But keep in mind, despite the massive potential, $CRWV$ still faces real pullback risk—target retrace is $80–85.

$Palantir Technologies Inc.(PLTR)$

$PLTR$ seems to have become the go-to AI stock for a pullback; odds are the price will keep correcting toward $140.

$Advanced Micro Devices(AMD)$

The options flow here looks a lot like $NVDA$, and the share price will likely follow a similar path. $AMD$ is still the perennial runner-up—selling the $160 put is a solid idea.