Market Overview
The S&P 500 and Nasdaq hit record closing highs on Friday (Apr. 24), bolstered by optimism for possible negotiations between the U.S. and Iran to end their war and a surge in Intel shares that extended the rally in semiconductor stocks.
Regarding the options market, a total volume of 68,811,718 contracts was traded, of which 59% were call options.
Top 10 Option Volumes
Top 10: NVDA, TSLA, INTC, AMD, AMZN, MU, MSFT, MSTR, VIX, META
Source: Tiger Trade App
Nvidia’s stock gained 4.3% to eclipse $208 a share on Friday, clinching its first new record close since Oct. 29.
The latest big catalyst is Intel, which on Thursday afternoon reportedstronger-than-expected first-quarter earnings— partly on its own merit, and partly due to broader chip-sector trends. That’s become good news for Nvidia, which is working with Intel to develop multiple generations of data-center and personal-computer products for consumer, enterprise and hyperscale markets. Nvidia last fall also said it would invest $5 billion in Intel at a price of $23.28 per share.
Data indicate that institutional traders are deploying complex, multi-leg structures rather than taking outright directional bets. One standout transaction is a sizable four-leg bullish spread structure:
$NVDA Custom 260522/260522/260529/260529 215.0C/235.0C/200.0C/225.0C$
Source: Tiger Trade App
Source: Tiger Trade App
Overall, the trade reflects a complex, asymmetric spread strategy. At its core, it expresses a strong view that NVIDIA shares will trade in a consolidation range of roughly $200 to $235 in late May 2026 (May 22–29). The position carries a net premium outlay of approximately $28.56 million, underscoring a high-conviction, capital-intensive expression of a range-bound outlook from a large institutional player.
Unusual Options Activity
Intel’s stock closed up 23.6% on Friday — its largest one-day gain since Oct. 29, 1987, when it rose 26.4% according to Dow Jones Market Data. Shares are up 124% so far this year, making Intel the fourth-best performer in the S&P 500 this year.
Evercore ISI’s Mark Lipacis upgraded the stock to outperform from in-line following Thursday afternoon’s earnings report. CEO Lip-Bu Tan “fixed the balance sheet” as Intel’s technology is now more competitive, according to Lipacis. And the company’s manufacturing business is suddenly more attractive as the U.S. government backs domestic chip-making ventures.
A notable transaction involved the sale of out-of-the-money put options. Specifically, 3,500 contracts of puts on Intel, with a strike price of $80 and expiring on September 18, 2026, were sold. Based on a premium of $12.96 per contract, the total transaction value amounted to approximately $4.54 million.
This trade represents a classic premium-collection strategy. The seller is effectively betting that Intel’s share price will remain above $80 through September 2026. Should the stock stay above that level, the seller would retain the full premium. The relatively large size of the transaction suggests that institutional investors are willing to assume the risk of taking delivery of shares at $80 in exchange for capturing meaningful time decay income.
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