Bulls Love Goldman Sachs' 'Conviction List' Pick

The security boasts attractively priced premiums

Digital Content Manager
Oct 2, 2023 at 3:12 PM
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Semiconductor name Nvidia Corp (NASDAQ:NVDA) is a regular on Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks with the highest weekly options volume in the last two weeks. The equity is getting special attention today, though, last seen up 2.6% at $446.10 at last check, after Goldman Sachs added it to its "conviction list."

The analyst in coverage said Nvidia is now "the principal 'shovel supplier' in the AI 'gold rush.'" Per White's data, 5,104,461 calls and 4,812,945 puts were exchanged in the last two weeks, with the weekly 9/29 430-strike call standing as the most popular contract in this time period.

MAO 1002

The shares have taken a breather from their Aug. 24, record high of $502.66, with the $400 region containing their latest pullback, as it did in June and August. Nvidia stock  could today conquer the 20-day moving average for the first time since Sept. 7, too. So far in 2023, NVDA is up 204.6%.

NVDA 20 Day

This could be an excellent opportunity to weigh in on the security's next move with options, which are affordably priced right now. This is per NVDA's Schaeffer's Volatility Index (SVI) of 38%, which ranks in the extremely low 10th percentile of its annual range.

 

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