As previously reported, BMO Capital downgraded NVIDIA to Underperform from Market Perform and lowered its price target to $85 from $110. Analyst Ambrish Srivastava views NVIDIA shares as "overvalued" at current levels and said the "perfect storm" in fundamentals that drove the rarely seen magnitude of earnings is "ebbing." In gaming, the successful node transition to FINFET technology drove meaningful pent-up demand, which the analyst does not expect to repeat anytime soon. In data center, NVIDIA's dominance is causing large data center customers to give consideration to AMD's (AMD) product lineup and Intel's (INTC) refreshed lineup are posing new challenges. Further, Srivastava sees limited volume for NVIDIA's ADAS products in the near-medium term, which was suppose to be the next leg of the story.

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Wednesday's total option volume of 42.3 million contracts resulted in net open interest growth of 4.78 million calls and 3.88 million puts. Tesla (TSLA), Meta Platforms (Facebook) (META), Ford (F) and NVIDIA (NVDA) saw the greatest growth. Top five new positions opened include 42k Tesla (TSLA) Aug-24 185 calls, 35k Taiwan Semi (TSM) Aug-24 110 calls, 30k Capri Holdings (CPRI) May-24 35 calls, 29k Ford (F) 4/26 weekly 13.5 calls and 26k Tesla (TSLA) 5/3 weekly 75 puts.

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Microsoft (MSFT) is scheduled to report results of the third quarter of its fiscal year 2024 after the market close on Thursday, April 25, with a conference call scheduled for 5:30 pm ET. What to watch... To see the rest of the story go to thefly.com. See Story Here