$NVDA$

For some reason, institutions have modest expectations for NVIDIA's Q1 performance. Long calls were rolled ahead of the CES conference:

Closed 50,000 contracts of the Feb 170 call $NVDA 20260220 170.0 CALL$  and rolled into buying 50,000 contracts of the Mar 160 call $NVDA 20260320 160.0 CALL$ .

Not only is the strike price lower, but the expiration is also extended. The only plausible reason seems to be a clear market aversion to the supply chain closely tied to OpenAI.

The Jan 185 call $NVDA 20260116 185.0 CALL$  saw 45,000 contracts opened, with mixed buy/sell flow.

During the session, NVDA experienced a **squeeze. Notably, there were openings in this week's 185–190 calls. These weren't part of institutional spread strategies; they were all single-leg, though not large blocks either—just unusual sequential openings by strike. Given the strike ladder, a squeeze toward 190 can't be ruled out. This is a rare pattern not seen in a long time.

$TSLA$

Tesla also saw similar sequential openings in the 520–550 range, though these appear more like seller-initiated flow. The strikes are too far out-of-the-money to effectively trigger a squeeze.

$MU$

Continuing its advance toward 300, but likely stalling around 275 this week. A sell put strategy can be used to follow the uptrend: $MU 20260102 260.0 PUT$ .

$SPY$

The S&P is expected to target 700 after the New Year.