英伟达期权交易员押注股价长期复苏 劳拉·马修斯 纽约，11月12日 —— 在首席执行官黄仁勋宣布卸任后，期权交易员周四兑现了部分做空英伟达的押注，并为股价长期复苏布局。
Nvidia options traders bank on longer-term stock recovery By Laura Matthews NEW YORK, Nov 12 - Options traders cashed in parts of their bets against Nvidia and positioned for a longer-term share price recovery on Thursday, after CEO Jensen Huang announced he was stepping down.
黄仁勋的离任引发了对这家由他打造成全球最有价值公司之一的AI芯片制造商未来发展方向的不确定性。首席财务官科莱特·克雷斯将担任临时首席执行官，同时公司寻找永久继任者。
Huang's departure has raised uncertainty over the future direction of the AI chipmaker he built into one of the world's most valuable companies. Chief Financial Officer Colette Kress will serve as interim CEO as the company searches for a permanent successor.
领导层动荡导致周四期权波动率飙升，但期权交易显示投资者正在为复苏重新布局，而非抛售股票。
The leadership turmoil sent options volatility soaring on Thursday, but options trading suggested that investors were repositioning for a recovery rather than fleeing the stock.
“英伟达的竞争优势和客户不会一夜之间消失，”Mindset Wealth Management首席投资官塞斯·希克尔表示。“市场正试图判断这是暂时的领导层危机，还是从根本上改变了AI投资论点。”期权赋予持有者在特定日期前以设定价格买入或卖出标的股票的权利，而非义务。看涨期权通常在股价上涨时增值，而看跌期权在股价下跌时增值。
"Nvida's competitive advantage and customers don't disappear overnight," said Seth Hickle, chief investment officer at Mindset Wealth Management. "The market is trying to determine whether this is a temporary leadership crisis or something that fundamentally changes the AI investment thesis." Options give holders the right, but not the obligation, to buy or sell the underlying stock at a set price before a certain date. Call options typically gain value when the stock rises, while puts gain when it falls.
Susquehanna衍生品策略联席主管克里斯·墨菲的数据显示，几笔大额期权交易显示投资者将看涨头寸延展至2027年更远的时间，降低上行目标并获利了结下行对冲，而非完全放弃对该公司的敞口。
Several large options trades showed investors rolling bullish positions further into 2027, lowering upside targets and taking profits on downside hedges rather than abandoning exposure to the company altogether, data from Chris Murphy, co-head of derivatives strategy at Susquehanna, showed.
墨菲表示，在一笔交易中，一名投资者卖出看跌期权并买入更便宜的看跌期权，收取约1890万美元，同时保留了一些针对进一步下跌的保护。
In one trade, an investor sold put options and bought cheaper ones, collecting about $18.9 million while keeping some protection against a further drop, Murphy said.
另一名投资者支付约1880万美元买入看涨价差组合，押注如果英伟达股价在3月前较当前水平上涨约16%，该押注将获得全额回报。
Another investor paid about $18.8 million for call spreads, a bet that pays off fully if Nvidia climbs about 16% from current levels by March.
其他交易将看涨头寸推后三个月并降低价格目标，为复苏争取更多时间。
Other trades pushed bullish positions out by three months and lowered the price targets, adding time for a recovery to play out.
投资者还买入了约5万份1月到期的看涨期权，预计花费4530万至5500万美元，押注股价将在到期时升至当前水平之上。
Investors also bought about 50,000 January call options, spending an estimated $45.3 million to $55 million to bet the shares will rise above current levels by expiry.
英伟达股价最新报165.40美元，下跌4.84%。根据Susquehanna的数据，英伟达90天隐含波动率已从一个月前的约33%攀升至约52%，反映出市场对该公司下周财报发布的不确定性日益加大。
Nvidia's shares were last down 4.84% at $165.40. Nvidia's 90-day implied volatility has climbed to about 52% from roughly 33% a month ago, reflecting growing uncertainty ahead of the company's earnings report next week, according to Susquehanna data.
“隐含波动率将维持高位，直到财报发布，随后是电话会议，因为电话会议可能会就英伟达如何规划度过这一困境提供一些清晰度，”Hickle表示。
"Implied (volatility) will remain high until the earnings report, and subsequently the conference call as it can shed some clarity about how Nvidia plans to move forward past this boondoggle," Hickle said.