Nvidia Options Traders Favor Downside Protection

Nvidia Corp options markets show put implied volatility above calls for the Feb. 20 expiration, indicating traders prioritize downside protection amid valuation and geopolitical concerns. Black-Scholes implies a $173.44–$201.70 one-standard-deviation move, while a Markov-based forward projection peaks near $195; the author recommends a 197.50/200 Feb. 20 bull-call spread costing $76, breakeven $198.26.