A massive trade in Nvidia just went off – here are the details

A trader built a much larger bullish position in Nvidia options, shifting a call spread to lower strike prices to gain more exposure if the shares rise. The move suggests greater confidence in a near-term rebound, while highlighting heavy options activity ahead of the chipmaker’s earnings.

The trader bought 195-strike calls for $57 million, the largest options trade recorded on Monday, according to SpotGamma. Nvidia accounted for 12 of the 20 biggest options trades by dollar value; by midday, 57% of options volume was in calls and more than $660 million in call premium appeared to come from buyers. The most-traded contract was a 180-strike call expiring Monday, which needed Nvidia to rise 1.2% by the close to break even.