Shares of Nvidia fell a bit on Tuesday after a WSJ report raised questions about OpenAI growth targets and the whole AI complex.

Options traders used the sell-off as an opportunity to make bullish bets that the chipmaker will return to all-time highs.

Up until Tuesday, Nvidia options had been cheaper to trade than in the VanEck Semiconductor ETF (SMH) , a result of its tight trading range for much of the past year. That changed today as implied volatility rose alongside the price and traders piled into the stock with a mostly bullish bias.

Traders now expect upwards of an 10% move in Nvidia by the end of next month, according to the price of the at-the-money straddle expiring May 29, a week after the company reports earnings.…