Market Overview
The Nasdaq and S&P 500 closed lower on Monday (Aug 10), with declines in Intel and other chipmakers, as investors became less confident about a deal to reopen the Strait of Hormuz.
Regarding the options market, a total volume of 57,395,149 contracts was traded, of which 58% were call options.
Top 10 Option Volumes
Top 10: NVDA, TSLA, AAPL, SPCX, MSFT, MU, INTC, PLTR, AMZN, META
Source: Tiger Trade app
NVIDIA fell 2.86% in regular trading on Monday. Per Financial Times, a consortium including Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs and KKR has partnered with NVIDIA on a $500 billion AI‑infrastructure financing program to fund AI data‑center build‑outs. Separately, NVIDIA‑backed Lambda is raising $917 million via leveraged loans for GPU purchases, and NVIDIA plans up to $3 billion investment in power firm Lancium. Even with these growth‑focused updates, selling pressure weighed on markets.
A same-direction double-call sale collected a net credit of $10.05 million, making it the largest featured options trade and a notably premium-selling structure. The trader sold 3,000 Jan. 15, 2027 $220 calls and 3,000 Jan. 15, 2027 $265 calls, with both strikes out of the money versus the $217.55 reference stock price. As a call-selling combination, this setup is designed to collect premium and benefits if NVDA remains below those strikes or at least fails to rally aggressively into expiration. Because both legs are short calls at higher strike levels, the trade reflects a neutral-to-bearish stance centered on range-bound expectations and capped-upside positioning rather than a bullish chase. NVDA 20270115 220.0 CALL NVDA 20270115 265.0 CALL
Source: Tiger Trade app
Unusual Options Activity
Intel fell 4,06% in regular trading on Monday. Intel has filed a shelf registration statement with the SEC, planning to raise $15 billion by issuing common stock. The company intends to deploy the capital for general corporate uses such as capital expenditures and working capital, noting the offering comes amid robust customer demand fueled by heavy investment in AI computing. The large‑scale equity issuance has sparked market worries about shareholder dilution, weighing on Intel’s stock price.
Despite the daily decline, an unusual surge in options activity painted a more constructive picture, as a colossal $1.64 million out-of-the-money put sale signaled strong bullish conviction. This massive premium collection dominated the tape, effectively overshadowing a simultaneous $1.67 million long-dated protective put purchase, and tilted the overall large-trade sentiment firmly toward the bullish camp.
A bearish put purchase worth $1.67 million was the largest displayed trade, with buyers taking 24,175 contracts of the September 18, 2026 $67.50 put. With INTC referenced at $97.52, this strike is out of the money, making it a downside hedge or a directional bearish bet that only becomes valuable on a meaningful decline. The size and long-dated tenor suggest the buyer was willing to pay substantial premium for protection or for leveraged exposure to a deeper selloff over time. INTC 20260918 67.5 PUT
Source: Tiger Trade app
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Risks
Implied volatility typically contracts rapidly after earnings, a phenomenon commonly referred to as IV crush, which can significantly reduce the value of long option positions even if the stock moves in the anticipated direction. In addition, time decay accelerates as options approach expiration. Investors should carefully assess the risk profile of any options strategy before establishing positions.
Disclaimer: This analysis is based on publicly available market data and is provided for informational purposes only. It does not constitute investment advice. Options trading involves substantial risk, and investors may lose more than their initial investment.
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