周一，英伟达股票期权市场上最大的一笔交易似乎认为，围绕这家芯片龙头及其深陷争议的首席执行官的风波正在制造买入良机。
The biggest options trade on Nvidia stock Monday seems to think the controversy swirling around the chip leader and its embattled CEO is creating a buying opportunity.
在开盘约一小时后、涉及逾1亿美元期权权利金的一笔交易中，某交易者将一项现有的看涨价差合约调整为一个更为看涨的头寸，覆盖英伟达未来五个月的交易。
In a trade about an hour after the opening bell that involved more than $100 million in options premium, someone exchanged an existing call spread for a more bullish position that captures the next five months of trading in Nvidia.
核心头寸是买入52,000份行权价195美元、2月19日到期的看涨期权，价值约5700万美元——交易者以此建立新的多头头寸，同时卖出同等数量、同一到期日的行权价245美元看涨期权，降低交易成本1000万美元。这一净头寸——一个看涨价差组合——需要英伟达股价在到期时升至206美元左右，即上涨约15%，才能盈利。若英伟达股价触及卖出的245美元行权价，将意味着近40%的涨幅，并将股价推回10月6日触及的历史高点243美元。
The core position was the purchase of 52,000 195-strike calls expiring Feb. 19 worth about $57 million – contracts the trader opened for a new long position while simultaneously selling the same number of 245-strike calls for the same expiry, lowering the cost of the trade by $10 million. The net position, a bullish call spread, needs Nvidia to trade above around $206 by expiry, or about 15% higher, to be profitable. If Nvidia stock reaches the short, 245-strike call, it would represent a nearly 40% rally and return the stock to its all-time high of $243, that was reached on October 6th.
据SpotGamma分析，这笔交易很可能是从一项价值约4200万美元的现有210/255美元行权价看涨价差组合“向下滚动”而来的，该原有头寸已被平仓。
The trade was likely part of a "roll" down from an existing 210/255-strike call spread worth about $42 million that was closed out, according to SpotGamma analysis.
SpotGamma创始人Brent Kochuba在电话中表示：“该交易者通过将价差组合向下滚动至更低行权价，采取了更激进的策略，以获得更多上行敞口，从而获取更高的Delta值。他们选择交易看涨价差，是因为财报发布前波率昂贵。这是上行Delta敞口的显著增加。”Delta是期权术语，用于描述期权价格对标的股价变动的反应速度。交易者在更低行权价建立的更新后头寸，若英伟达股价反弹，将更快获利。换言之，这是一笔押注芯片制造商股价将很快反弹的高信念交易。
"The person got more aggressive rolling this spread down to lower strikes to get more upside exposure by getting higher delta," SpotGamma founder Brent Kochuba said by phone. "They're trading the call spread here because the vol is expensive going into earnings. It's a significant increase in upside delta exposure." Delta is options parlance for describing how quickly an options price will react to a change in the underlying stock price. The trader's updated position, taken at lower strikes, will make money faster if Nvidia rallies. In other words, it's a higher conviction trade that the chipmaker's stock will soon rebound.
根据 SpotGamma 的数据，他们以 5700 万美元买入的 195 行权价看涨期权是周一成交额最大的单笔期权交易。数据显示，按成交金额计算的前 20 笔期权交易中，有 12 笔是英伟达的期权。
The 195-strike calls they bought for $57 million was the single biggest options trade on the tape Monday, according to SpotGamma. Of the top 20 options trades by dollar-amount, 12 were Nvidia, the data show.
SpotGamma 数据显示，截至中午，该股的资金流向总体偏向看涨，57% 的期权成交量与看涨期权相关，且可能由买入看涨期权者发起的看涨期权权利金超过 6.6 亿美元。成交量最大的单一合约是周一到期的 180 行权价看涨期权，该合约需要英伟达股价在收盘前回升 1.2% 才能达到盈亏平衡点。
Flows around the stock generally leaned bullish by midday, with 57% of options volume tied to calls and more than $660 million of call premium likely initiated by call-buyers, SpotGamma data show. The most popular single contract by volume was the 180-strike call expiring Monday, that needs Nvidia to recover 1.2% by the bell to break even.