NVIDIA (Fall '25)

We pitched a call option on NVIDIA based on recent deal momentum and favorable tailwinds. The company announced a partnership with OpenAI just two days ago and a collaboration with Intel last week, while there is also speculation about potential Apple involvement and U.S. government investment that would align national and corporate interests. Risks include regulatory scrutiny, possible antitrust actions, export restrictions, and broader macro factors like a projected contraction in manufacturing PMI. Even so, we see the upside from these catalysts outweighing the downside, making calls on NVIDIA an attractive trade.