Jensen Huang, co-founder, president and CEO of American technology company Nvidia, delivers a keynote speech at the artificial intelligence conference Nvidia GTC Berlin 2026 in Berlin on October 21, 2026.
John McDougall | AFP | Getty Images
The biggest option trade is Nvidia Stocks on Monday seemed to believe the controversy swirling around the chip leader and its embattled CEO is creating a buying opportunity.
About an hour after the opening bell, in a trade involving over $100 million in option premium, someone traded an existing call spread for a more bullish position capturing NVIDIA’s next five months of trade.
The core position was the purchase of 52,000 195-strike calls expiring on February 19th, worth approximately $57 million. The deal allows a trader to open a new long position and simultaneously sell the same number of 245-strike calls by the same expiry date, reducing trading costs by $10 million. For Nvidia to make a profit on its net position, or bullish call spread, it would need to trade above about $206, or about 15%, by the deadline. If Nvidia stock hits the 245-strike short call, it will rise nearly 40% and send the stock back to its all-time high of $243, set on October 6th.
According to SpotGamma’s analysis, the trade was likely part of a “rolldown” from an existing 210/255 strike call spread worth approximately $42 million that was closed out.
Nvidia since the beginning of the year
“This guy has been more aggressive in driving this spread down to the strike price to get a higher delta and get more upside,” SpotGamma founder Brent Koczuba said on the call. “They’re trading call spreads here because the volume that leads to profits is expensive. This is a significant increase in upside delta exposure.”
Delta is an option term that describes how quickly an option price reacts to changes in the underlying stock price. If Nvidia moves higher, the trader’s updated position will be taken when the strike price is lower, allowing him to profit faster. In other words, it’s a high-confidence trade that the chipmaker’s stock price will recover soon.
The 195-strike call they bought for $57 million was the single largest option trade recorded on tape Monday, according to Spot Gamma. According to the data, 12 of the top 20 options trades by dollar amount were with Nvidia.
Flow around the stock was generally bullish by midday, with 57% of options volume related to calls and more than $660 million in call premium likely initiated by call buyers, according to SpotGamma data. The most popular single contract by volume is a 180-strike call that expires on Monday and requires Nvidia to recoup 1.2% by the bell to break even.
