Who are the whales buying massive Nvidia call options?

OptionsDelta
10-11

One of the most jaw-dropping option flows on $Nvidia (NVDA)$ this year.

After scanning the options activity, I almost choked on my water. An unknown trader went on an outright buying spree of Nvidia calls expiring March 21, 2025, across strikes ranging from $181 ($NVDA 20250321 181.0 CALL$ ) all the way up to $189 ($NVDA 20250321 189.0 CALL$ ). Single-leg buys, with trade values starting from millions per strike.

The volume data suggests even larger trade sizes, with at least 10,000 contracts purchased per strike. The total size is questionable as it doesn't seem to reconcile with real-time trading data. We'll need to wait for tomorrows' cleared data for a more accurate analysis.

But even if these trades didn't fully execute, the mere intent is staggering and difficult to be explained away as a "fat finger" error.

Flows of this magnitude are bound to catch the attention of media and option watchers tomorrow, with much discussion and speculation around this bizarre series of trades.

On the surface, these calls could be interpreted as an extremely bullish bet, targeting Nvidia above $180 by March 2025 expiry. A 30% rally from the current $135 level isn't outrageous for a name like Nvidia.

However, I've never witnessed option "trades" at this scale before. This is more akin to an outright "purchase" rather than a trade. It reminds me of the time when Masayoshi Son reportedly blew up Tesla's options market with his buying.

Let's wait for tomorrow's cleared data for a more detailed analysis, but wanted to flag this extraordinary flow for everyone.

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  • chukun
    ·10-11
    Hi OD, good stuff. Been following your work. Are you/were you an institution trader? Trading your own account now?
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  • KSR
    ·10-11
    👍
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