英伟达财报前期权多头目标下移至220至230美元，但未形成新增基本面催化

Two weeks ago Nvidia's (NVDA) options chain pointed to $240 as the earnings target. The stock has since fallen 7.5% — and the chain has adjusted accordingly, with bulls now concentrated at $220 to $230 and the put side meaningfully more active.
Nvidia closed at $208.48 on Monday, with pre-market Tuesday showing a modest recovery to around $211 ahead of Wednesday's earnings report. The August 28 options chain prices in a move of roughly ±6.1% by Friday's expiration — bracketing a post-earnings range of approximately $196 to $222.
When we examined this same chain on August 14, Nvidia was trading at $225.16 and the $240 call carried the largest accumulated open interest. Ten days of selling have reset the landscape. The $230 call now leads the chain with 78,303 open interest — a position established when Nvidia was trading at higher levels, now sitting 10.3% above Monday's close and representing the revised bull target for a post-earnings recovery. The $220 call has 57,140 OI, the $222.50 call 53,466, the $240 call 60,801.
Monday's session made the directional lean explicit. The $210 call drew 52,381 contracts in a single day — the most active strike in the chain — with the $220 call drawing 47,106 and the $215 call 40,692. Traders are positioning at and just above the current price for a bounce that pushes Nvidia back toward its recent trading range. The message is consistent across the chain: earnings will be the catalyst that reverses the recent decline.
The put side tells the complementary story of a market that is bullish but no longer complacent. The $200 put leads with 32,374 open interest and saw 27,717 contracts traded Monday — heavy activity at a strike that sits at the lower bound of the implied move range and represents the line bulls cannot afford to see broken. The $195 put has 21,199 OI and the $190 put 18,819 — a staircase of protection that did not exist in the same form two weeks ago.
The $170 put's 19,089 OI is the most distant meaningful hedge — positioned roughly 18% below the current price by traders who want protection against a scenario where earnings disappoint badly enough to accelerate the recent decline rather than reverse it.
The options market is not pricing panic around Nvidia's earnings — the ±6.1% implied move is contained, and the weight of open interest remains firmly on the call side. But the chain has been meaningfully repriced since August 14. The $230 call replacing the $240 call as the dominant position, the $200 put drawing record single-day volume, and the overall shift toward more two-sided positioning all reflect a market that has absorbed ten days of selling and recalibrated.