Nvidia (NVDA) Options Signal $190 Bull Call Play Amid AI Spending Fears – Here’s How to Position

• Nvidia’s price dropped 1.79% to $180.50, breaking below its 30-day support zone of $179.40–$180.00.
• Call open interest dominates at $190 and $185 strikes, with 169,614 and 127,745 contracts respectively for Friday’s expiration.
• A $7.7M block trade bought 26,000 NVDA20250919C175 calls, hinting at institutional bullishness ahead of September 2025.
• Long-term technicals remain bullish: 200-day MA at $155.55 vs. current price of $180.50, but RSI at 46.37 suggests oversold conditions.

The market is torn between short-term panic and long-term AI optimism. Options data shows heavy call buying at key resistance levels, while news of Oracle’s AI spending slowdown has dragged NVDA lower. But here’s the twist: the $190 call wall and bullish moving averages suggest a rebound could be brewing. Let’s break it down.Bull Call Wall at $190 and Institutional Moves

The options chain is screaming one thing: institutional players are hedging for a rebound. For Friday’s expiration, the $190 call (OI: 169,614) and $185 call (OI: 127,745) strikes form a dense call wall. This isn’t random—traders are betting NVDA will snap back above $185 before the close.

But here’s the risk: the stock is currently trading near its 30-day support zone ($179.40–$180.00). If it breaks below $176.62 (lower Bollinger Band), the 200-day MA at $155.55 could become a death trap for bulls.

The block trade of 26,000 NVDA20250919C175 calls ($7.7M) is also telling. Buying deep in-the-money calls ahead of September 2025 suggests big players are locking in leverage for a potential Q3 rebound. This isn’t a short-term play—it’s a bet on sustained AI demand.

Oracle’s Earnings Spark AI Spending Fears, But Long-Term Bulls Stay Uptick

Oracle’s $16.06B revenue miss and $15B capex hike sent shockwaves through the AI sector. As a major Nvidia client, Oracle’s slowdown raises questions about data center spending. But here’s the catch: Nvidia’s fundamentals remain unshaken.

The news flow is a double-edged sword. Short-term, the market is overreacting to AI “bubble” fears (Bill Gates’ warning, Oracle’s debt concerns). Long-term, analysts still project $3–4T in global data center spending by 2030. Nvidia’s 62% YoY cloud GPU revenue growth and “sold-out” demand mean the bear case is weaker than it seems.

Actionable Trade Ideas: Calls for the Rebound, Puts for the DownturnFor options traders:

• Buy NVDA20251212C190 (Friday expiry) if NVDA holds above $179.40. The $190 strike is a psychological hurdle—breaking it could trigger a short-covering rally.
• Sell NVDA20251219C200 (next Friday expiry) if the stock rebounds to $185. The $200 strike has 106,384 OI, making it a prime target for a bearish fade.

For stock traders:

• Long entry near $179.40 (30-day support) with a stop below $176.62. Target: $185 (RSI oversold bounce) or $190 (call wall breakout).
• Short entry above $185 if RSI breaks 50. Target: $176.62 (Bollinger Band) or $174.73 (lower band).

Volatility on the Horizon: Balancing Short-Term Risks and Long-Term AI Momentum

The next 48 hours will test NVDA’s resolve. If the stock holds above $179.40, the $190 call wall could fuel a rebound. But a break below $176.62 would validate bearish sentiment, especially with Oracle’s AI spending under scrutiny.

The key takeaway? This is a volatility play, not a directional bet. The options market is pricing in a 15–20% move either way by September 2025. For now, the $190 call and $179.40 support are your best guides. Stay nimble—this stock isn’t done swinging yet.