Noteworthy Friday Option Activity: UPST, CHWY, NVDA

Chewy Inc (CHWY) and NVIDIA Corp (NVDA) experienced exceptionally high options trading volumes today, significantly exceeding their average daily stock trading activity. CHWY's options volume reached 212.1% of its average daily share volume, with notable activity in the September 2025 $44 strike call option. Similarly, NVDA's options volume was 194.3% of its average daily share volume, driven by substantial trading in the August 2025 $177.50 strike call option, indicating significant long-term directional interest or strategic positioning in both equities.

Analysis

Chewy Inc. (CHWY) and NVIDIA Corp. (NVDA) are experiencing significant and unusual options market activity, indicating heightened institutional interest and strategic positioning. Chewy's options volume reached 134,939 contracts, representing 212.1% of its average daily share volume, a substantial deviation from normal trading patterns. The concentration of this activity in the long-dated September 2025 $44 strike call options, with 18,030 contracts traded, suggests a strong, speculative bullish outlook on the company's long-term prospects. Similarly, NVIDIA saw options volume of 3.1 million contracts, equivalent to 194.3% of its average daily share volume. The notable volume of 308,292 contracts in the August 2025 $177.50 strike calls points towards significant strategic capital allocation, likely reflecting either the establishment of new long-term bullish positions with leverage or the management of existing large equity holdings. In both cases, the high volume in long-dated call options, rather than short-term expirations, signals that market participants are making substantial, directional bets on the future performance of these equities over the next year.

Key Decisions for Investors

• Investors should monitor the open interest for the specified CHWY and NVDA call options in subsequent trading sessions to determine if this high volume translates into new, sustained positions, which would reinforce the bullish signal.
• For Chewy, the concentrated betting on the $44 strike price for September 2025 could be viewed as a signal of perceived long-term recovery potential, warranting a review of one's own long-term thesis on the stock.
• The significant volume in deep in-the-money NVDA calls suggests sophisticated, bullish positioning; this reinforces the existing positive sentiment but also signals that derivatives are being heavily used, potentially increasing volatility.