Recently, there have been some striking movements in the Nvidia options market. A number of put options with a strike price of $165 have emerged, with individual transactions reaching as high as $11.5 million. Such large-scale trades are likely being orchestrated by institutions and large investors.

It is worth noting that most of these put options are concentrated with an expiration date of July 18. Generally speaking, around option expiration dates, market volatility tends to increase, which also indicates that Nvidia's stock price trend in July may not be calm. Moreover, these trades are tagged as 'opening', indicating new positions being established, suggesting that investors are building new put positions.

Currently, Nvidia's stock price is $109, while the PUT strike price is set at $165, which hides a bold expectation – that Nvidia's stock price will experience an extreme drop, potentially even a significant plunge. The reason for such extreme bearish expectations may be that the market anticipates Nvidia's earnings report will be disappointing, or it could be due to macroeconomic shocks impacting Nvidia's future development prospects. If Nvidia's stock price does indeed drop significantly, investors holding these put options will profit from it. For ordinary investors, this movement undoubtedly releases a strong signal that greater caution is needed when investing in Nvidia stocks, closely monitoring the company's earnings reports and macroeconomic dynamics to guard against the risks of significant price fluctuations.