Options activity in Nvidia Corp. intensified on Wednesday ahead of the chipmaker’s earnings report, with traders initiating multi-million-dollar positions that skew bullish. One buyer paid roughly $4.3 million for 2,500 June 2026 $210 call contracts, an out-of-the-money wager that the stock can extend its rebound over the next year. At the same time, put sellers wrote about 12,000 October $180 contracts and 10,000 November $180 contracts, collecting premiums of $9.50 and about $13.30 respectively—trades that profit if the shares stay above that strike. Another desk offloaded 5,900 April $200 calls, signaling a view that upside may be capped near $215 in the medium term. The burst of positioning came as Nvidia shares bounced back toward $180 in pre-market trading, reversing part of the slide that followed Tuesday’s session. Repeated call buying was noted “out of the gate,” according to market-flow monitors, underscoring expectations for a sharp move once results cross after the closing bell. Snowflake Inc. also attracted speculative interest. The cloud-software stock jumped to about $235 intraday, prompting some traders to close out bullish call-spread strategies initiated earlier in the week and others to extend long exposure. Broader equities held firm despite the flurry in single-name options. The S&P 500 again tested and held technical support near 6,469, keeping the index on track for a possible push to the 6,500 level that traders have been targeting. Market participants are also watching Thursday’s core PCE inflation data for clues on the macro backdrop.