Noteworthy Wednesday Option Activity: RIOT, NVDA, SANM

NVIDIA (NVDA) and Sanmina (SANM) recently saw substantial options trading volume, with NVDA's options activity representing 87.5% of its average daily share volume and SANM's at 86.4%. Specifically, NVDA experienced high interest in its September 2025 $180 strike call option, with 178,305 contracts traded, while SANM recorded significant volume in its October 2025 $110 strike put option, with 2,722 contracts, indicating notable long-term directional positioning or hedging strategies in both equities.

Analysis

Options markets for NVIDIA (NVDA) and Sanmina (SANM) are signaling divergent long-term expectations, evidenced by unusually high trading volumes that represent a significant portion of their average daily share turnover. For NVIDIA, options volume equated to 87.5% of its average daily share volume, with a notable concentration of 178,305 contracts traded on the September 2025 $180 strike call. This substantial activity in a long-dated, out-of-the-money call option indicates a strong bullish conviction from a segment of the market, betting on significant share price appreciation over the next year. Conversely, Sanmina's options volume reached 86.4% of its daily share average, with a focus on the October 2025 $110 strike put option, which saw 2,722 contracts traded. This concentrated flow into a long-dated put option suggests either a direct bearish bet on the stock's decline or a significant institutional hedging strategy to protect against downside risk into late 2025. The specific directional bets on both names, one bullish and one bearish, highlight how derivatives are being used to express distinct, long-term strategic views.

Key Decisions for Investors

• The substantial volume in long-dated NVIDIA calls at the $180 strike should be viewed as a strong bullish signal from the derivatives market, potentially reinforcing a positive long-term thesis.