Just had another glance at this and I think the delta vs implied vol piece is consistent with something other than a normal/​log normal distribution. Consider: the price is $13 for the put, and the delta is 5. This implies something like—the option is expected to pay off a nonzero amount 5% of the time, but the average payoff when it does is $260 (despite the max payoff definitionally being 450). So it looks like this is really being priced as crash insurance, and the distribution is very non normal (i.e. circumstances where NVDA falls to that price means something weird has happened)
Just had another glance at this and I think the delta vs implied vol piece is consistent with something other than a normal/​log normal distribution. Consider: the price is $13 for the put, and the delta is 5. This implies something like—the option is expected to pay off a nonzero amount 5% of the time, but the average payoff when it does is $260 (despite the max payoff definitionally being 450). So it looks like this is really being priced as crash insurance, and the distribution is very non normal (i.e. circumstances where NVDA falls to that price means something weird has happened)