Option Movers | Traders Are Selling Nvidia Calls; Snowflake's Volume Soars 12.6 Times
The S&P 500 and Dow Jones Industrial Average notched record high closes on Thursday (Aug 28) after Nvidia's quarterly report fell short of investors' high expectations but confirmed that spending related to artificial intelligence infrastructure remains strong.
Regarding the options market, a total volume of 52,236,985 contracts was traded on Thursday, call ratio accounted for 60%.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$; $TSLA(TSLA)$; $AAPL(AAPL)$; $PLTR(PLTR)$; $OPEN(OPEN)$; $AMD(AMD)$; $SNOW(SNOW)$; $MSTR(MSTR)$; $AMZN(AMZN)$; $RGTI(RGTI)$
Source: Tiger Trade App
$Nvidia(NVDA)$ stock declined 0.8% on Thursday. The leading maker of artificial-intelligence chips reported fiscal second-quarter adjusted earnings of $1.05 a share, better than analysts’ forecasts of $1.01. Revenue of $46.7 billion beat consensus of $46 billion, and data-center revenue jumped 56% to $41.1 billion, but was below Wall Street estimates of $41.3 billion.
Revenue at the midpoint of Nvidia’s third-quarter guidance range came in at $54 billion, versus expectations of $53.4 billion. The company said its current quarter outlook doesn’t assume shipments of its H20 chip to China.
A total number of 5.22 million options related to NVDA was traded on Thursday, 1.8 times higher than the 90-day average trading volume. Based on option delta volume, traders sold a net equivalent of -1,069,538 shares of NVDA stock. The largest bearish delta came from selling calls.
Source: Market Chameleon
Unusual Options Activity
Source: Market Chameleon
$Snowflake(SNOW)$ stock rose 20% after raising its forecast for fiscal 2026 product revenue, banking on strong demand for its data analytics services, as enterprises prioritize artificial intelligence spending.
Snowflake is benefiting from the acceleration in AI software adoption and higher spending from enterprises looking to modernize data infrastructure. With more organizations beginning to explore their GenAI strategies and build GenAI-powered apps, analysts expect Snowflake to be a natural choice for customers looking to simplify AI stacks for analytics.
A total number of 610.75K options related to SNOW was traded on Thursday, 12.6 times higher than the 90-day average trading volume. Based on option delta volume, traders bought a net equivalent of 964,044 shares of SNOW stock. The largest bullish delta came from buying calls.
Source: Market Chameleon
TOP Bullish & Bearish Single Stocks
This report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).
If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.
Top 10 bullish stocks: $PG(PG)$; $INTC(INTC)$; $HPE(HPE)$; $MU(MU)$; $AVGO(AVGO)$; $UNP(UNP)$; $TGT(TGT)$; $GOOGL(GOOGL)$; $CRWD(CRWD)$; $DDOG(DDOG)$
Top 10 bearish stocks: $NVDA(NVDA)$; $AMD(AMD)$; $TSLA(TSLA)$; $WMT(WMT)$; $CRM(CRM)$; $AAPL(AAPL)$; $PFE(PFE)$; $UNH(UNH)$; $COIN(COIN)$; $KO(KO)$
Source: Market Chameleon
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