NVIDIA Being Supercharged By AI Future And Options Traders Betting On Stock Heading Higher

NVIDIA Corporation NVDA and Adobe Inc. ADBE disclosed a new partnership to unlock the power of generative AI.

On CNBC’s "Options Action," Mike Khouw of Optimize Advisors said NVIDIA was the third-busiest single stock option, with bullish bets narrowly outpacing the bearish ones on Tuesday.

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There were buyers of 33,366 of the March 24 weekly 260-calls at an average price of $6.18 per contract, Khouw mentioned.

The trader sees NVIDIA’s stock closing the week on a higher note.

Exane BNP Paribas analyst David O'Connor, meanwhile, upgraded NVIDIA from Underperform to Neutral and announced a $230 price target.

Nvidia's CEO Jensen Huang, on Tuesday, presented the keynote address at the company’s 2023 GTC conference, and an Nvidia bull came away from the event with increased conviction.

Price Action: NVIDIA shares gained 1.2% to settle at $261.99 on Tuesday.

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