More than $100 million in options premium changed hands in Nvidia on Monday, apparently marking one of the largest trades in the stock. An investor bought 52,000 calls with a $195 strike expiring February 19 for about $57 million and simultaneously sold the same number of $245 calls, reducing the net cost by $10 million. The new bullish call spread becomes profitable if Nvidia trades above roughly $206 by expiration, a gain of about 15%. The trade likely rolled an existing $210/$255 call spread worth about $42 million to lower strikes to increase exposure to a rebound. According to SpotGamma, Nvidia accounted for 12 of the 20 largest options trades, while calls represented 57% of options volume.
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