NVIDIA (NVDA) options memo

Bearish pressure deepens ahead of imminent earnings following sudden CEO resignation.

The Read

NVDA is down 0.06% today at $225.16.

Options traders lean neutral into 2026-08-14, and neutral further out.

A move through $183.02 would change how dealers hedge this stock.

Key numbers

• Spot: $225.16
• Lean: bearish
• Nearest expiry: Fri 11/13
• Implied move: 2.3%
• ATM implied volatility: 43.3%
• Max pain: $165.00
• Pin strike: $175.00
• Dealer positioning: LONG GAMMA
• Call wall: $175.00
• Put wall: $150.00
• Put/call open interest: 0.755

Signals

• Options: Max pain rises to $180 for the November 20 earnings expiry before falling to $160 by December 31. This structure shows dealers anticipate post-earnings compression.
• Price action: The stock fell 2.01% today to $162.85, extending weekly losses to 12.75%. Shares now trade 33.09% below their 52-week high.
• Fundamentals: Earnings arrive in three days. Despite strong 63.66% net margins, two of the last three earnings beats saw negative reaction days, falling up to 5.46%.
• News: A high-impact filing confirmed CEO Jen-Hsun Huang resigned immediately. This executive change drove 49 news headlines over 14 days, with downgrades outpacing upgrades seven to six.