Nvidia, Tesla, AMD Top Options Volume on $6.5 Trillion Triple Witching Day
$NVIDIA Corp(NVDA)$
Over 40 million options changed hands as of 1:48 p.m. in New York, exchange data tracked by moomoo showed. Of that total, 1.74 million zero-day-to-expiration (0DTE) options are tied to Tesla, while 1.20 million are 0DTE contracts tied to Nvidia.
Citigroup's estimates that $5.8 trillion of notional open interest across equities, including $4.2 trillion of index options, $708 billion on US ETFs and $819 billion of single stock options are expiring by the close today, Bloomberg reported yesterday. Research firm Asym 500's estimate is higher at $6.5 trillion in notional value.
Asym founder Rocky Fishman said pessimistic investors who saw little upside for the S&P 500 bought put options in early April as an insurance against declines, likely funding those purchases by selling call options around the 6,000 level, according to a Bloomberg report. That was the month when the benchmark tumbled to the lowest level since early 2024 on concern that President Donald Trump’s sweeping tariffs could push the global economy into a recession, crimping corporate profits.
Tesla shares slipped 0.3%, tracking declines in major stock indexes as investors weigh the potential impact of the ongoing conflict between Israel and Iran. President Donald Trump is reportedly considering direct U.S. involvement with a strike on Tehran and could reach a final decision over the next two weeks.
The downward pressure across the stock market has outweighed the investor enthusiasm over Tesla's scheduled launch of its Model Y Robotaxi service in Austin, Texas on Sunday. Wedbush Securities analysts estimate the company's AI future to add about $1 trillion to the stock's valuation over the next few years."
Over 1.7 million zero-days-to-expiration (0DTE) Tesla options changed hands so far. Call options that give the holder the right to buy the stock at $330 each by the close Friday attracted the heaviest volume as the share price fell below that level, pushing the contract well out of the money.
The Robotaxi rollout comes as Bloomberg reported that the company is getting ready to open its first showrooms in India in July, strengthening Tesla's footprint in the world's third biggest auto market. That could help the market offset the decline in sales in Europe and China, according to the report.
In the case of Nvidia, call options that give the holders the right to buy Nvidia shares at $145 by close of trading Friday was the most active contract tied to the semiconductor company that dominates the market for chips that power artificial intelligence.
Shares of Nvidia slipped 1.4% to $143.44, pushing the $146 call option further out of the money, with just hours left before it expires. The chip giant wasn’t able to escape the downtrend that hit the $PHLX Semiconductor Index (.SOX.US)$ after the Wall Street Journal reported that a U.S. official told the major global chipmakers he wanted to revoke waivers that allow them to ship US chip-making equipment to their factories in China without individual licenses.
AMD shares shares advanced more than 1% as the stock that has fallen almost 21% over the past year tries to catch up to its biggest rival Nvidia. Investor sentiment for AMD has turned positive after the company's event last week when the chip giant highlighted its latest computing and artificial intelligence products.
As inference demand surges, we expect AMD could begin catching up to Nvidia in late 2026," Bloomberg Intelligence analysts including Kunjan Sobhani and Oscar Hernandez Tejada, wrote in a note last week. "AMD's AI event showed continued execution on its GPU road map, improving RoCm engagement and adoption by seven of the top 10 hyperscalers."
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