Nvidia's 70% Growth Outlook May Be Too Conservative. How High Can It Go?
Nvidia Calls Stay Hot. Is Another Breakout Coming? | Smart Money Option
By Chancy
$NVIDIA (NVDA.US)$ continued to climb on Wednesday, reclaiming the $225 level. Jensen Huang’s recent bullish comments on AI demand, along with Nvidia’s expanded partnership with MediaTek, have renewed confidence in the AI infrastructure outlook.
As the stock moves higher, bullish activity in NVDA options remains strong: the Put/Call Ratio is still low, OTM Call volume significantly exceeds Put volume, and several large trades have appeared in longer-dated $320 Calls.
Calls Still Dominate as Large $320 Trades Draw Attention
In our previous options analysis, Nvidia Soars After Earnings: Calls Point to More Upside | Smart Money Option, NVDA options were already showing clear bullish signals. As the stock has moved higher, the latest data shows Calls remain dominant, with bullish sentiment showing little sign of cooling.
Total NVDA options volume reached roughly 4.83 million contracts, with the Volume Put/Call Ratio at just 0.58. Looking at the next 30 days, Call volume totaled about 2.77 million contracts, versus 1.65 million Puts. OTM Call volume reached 2.17 million contracts, more than twice the 1.04 million OTM Puts. Call open interest also led at roughly 2.31 million contracts, compared with 1.80 million for Puts.
Large longer-dated trades are also drawing attention. The March 2027 $320 Call saw several sizable trades, including blocks of 9,000 and 6,000 contracts, with individual trades involving millions of dollars in premium. Because they were marked as Multi-Leg trades, their overall direction remains unclear.
$225 Becomes the Key Gamma Level
The gamma setup shows the 30-day Call Wall at $225 and the Gamma Flip around $213.93. NVDA is currently above the Gamma Flip in positive gamma territory, while trading near the Call Wall.
That makes $225 the key near-term level to watch. Positive gamma could dampen volatility and keep the stock trading around this level. If NVDA can hold above $225 and Call positioning starts shifting toward higher strikes, the breakout signal would become stronger.
Fundamentals Continue to Support the Bull Case
The bullish options activity is also backed by fundamentals. Nvidia reported $96.2 billion in quarterly revenue, up 106% year over year, and guided for roughly $108 billion in revenue next quarter.
In recent discussions with JPMorgan, Jensen Huang suggested that growth is increasingly constrained by supply, while underlying demand growth could potentially exceed 100%. Hyperscalers, neoclouds, AI labs, sovereign AI projects and enterprise customers continue to drive compute demand.
Nvidia has also expanded its partnership with MediaTek and invested in its convertible bonds, further strengthening its ecosystem across GPUs, NVLink and custom AI chips.
What to Watch Next
NVDA’s options setup remains bullish: the Put/Call Ratio sits at just 0.58, OTM Call volume is more than twice OTM Put volume, and Call activity has remained strong even as the stock moves higher.
But NVDA is now trading around its $225 Call Wall. Whether the stock can hold above this level, and whether Call positioning continues to migrate toward higher strikes, will be important signals for the next move.
Fundamental expectations are improving and options positioning remains bullish. How much more upside can NVDA unlock above $225?
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