Nvidia (NVDA) Options Signal $190 Bull Call Play: How Whales Are Positioning for a 2026 AI Surge

• Nvidia trades at $182.96, up 0.3% with volume surging to 40.9M shares
• Options market shows 120,790 open interest at the $190 call (Dec 12 expiry), the highest of any strike
• Block traders just bought 26,000 of the NVDA20250919C175 call contracts for $296/contract

Here’s the big picture: Nvidia’s options market is screaming bullish—but not just any bullish. The data points to a calculated bet on a $190+ price level by December 12, with whales hedging against a potential $180 support break. Let’s unpack why this matters for your portfolio.

Bull Call Play: Why $190 Is the Magic Number

The options chain tells a clear story. For this Friday’s expiry, the $190 call (NVDA20251212C190) has the highest open interest at 120,790 contracts. That’s not random—it’s a liquidity magnet. Combine that with the $200 call (NVDA20251219C200) seeing 64,520 open interest for next Friday’s expiry, and you’ve got a roadmap of where big money expects a breakout.

But here’s the twist: The block trade buying NVDA20250919C175 (26,000 contracts at $296/share) suggests long-term positioning. These aren’t day traders—they’re betting on a post-September 2025 rally. The risk? If Nvidia fails to break above its 30-day support/resistance zone ($186.01–$186.61), those calls could expire worthless.

News-Driven Narrative: AI Hype Meets Real Demand

The recent headlines aren’t just hype. Analysts are projecting 48% revenue growth in fiscal 2027, driven by the Rubin architecture’s 3.3x performance boost over Blackwell Ultra. That’s the kind of tech that turns skeptics into believers. But here’s the catch: Rivals like AMD and Broadcom are closing the gap. The market’s bullish options flow assumes Nvidia can maintain its supply-demand imbalance—something CEO Jensen Huang claims they’re “sold out” of.

Actionable Trade Ideas: Calls, Puts, and Price Levels

• For Options Traders: Buy the NVDA20251212C190 at $182.96. If Nvidia holds above $182.50 (lower Bollinger Band), this call could profit from a $190+ move. For a longer play, the NVDA20251219C200 offers leverage if the AI narrative accelerates.
• For Stock Investors: Consider entry near $182.50 (intraday low) with a stop-loss below $180. Target $190 as a short-term goal, aligning with the call-heavy options flow.
• Bearish Hedge: Buy the NVDA20251219P180 if the price drops below $182.50. This put offers protection against a breakdown in the $172.59 lower Bollinger Band.

Volatility on the Horizon: A 2026 AI Inflection Point

The next six months will test Nvidia’s dominance. If the Rubin CPX launch in late 2026 delivers on its 50x ROI promise, the $270 price target from Citi could feel conservative. But until then, the $190 call strikes and block trades suggest the market is pricing in a breakout. The key is watching the 30-day moving average ($188.99)—if Nvidia closes above it, the bulls gain momentum. Below $182.24 (200D support), the puts start to matter.

Bottom line: This isn’t just another tech rally. It’s a calculated bet on AI’s next phase. And the options market is already placing its chips.