Micron Technology and Intel are also responding to the report
The shares of Nvidia Corp (NASDAQ:NVDA) are down 4% to trade at $126.09 at last check, erasing their premarket lead. The chipmaker earlier reported better-than-expected earnings and revenue for the fourth quarter, and provided a strong current-quarter outlook despite growing competition.
The strong report initially boosted semiconductor peer Micron Technology (MU), but it was also last seen trading lower. Meanwhile, Intel (INTC) is still enjoying tailwinds as concerns surrounding artificial intelligence (AI) demand and Chinese competiton from DeepSeek ease.
The options pits are already chiming in, with 882,000 calls and 628,000 puts exchanged so far today, which is double the volume typically seen at this point. Most popular is the weekly 2/28 140-strike call, where new positions are being opened.
Options traders have been much more bullish than usual in the last few weeks. This is per NVDA's 50-day call/put volume ratio of 2.41 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 86% of annual readings.
NVDA still sports a healthy 66.7% year-over-year lead, but is slipping below its 200-day moving average. The stock is also further distancing itself from a Jan. 7 all-time high of $153.13.