Option Movers | NVIDIA Options Show Bearish Tilt as Synthetic Put Counters Bull Call Spread; NEBIUS Drops 10%; $19.5M Bullish Spread, $2.18M Synthetic Put
Market Overview
Oct 14 Hotter-than-expected inflation data sent the Nasdaq to a sharply lower close on Wednesday, with worries about more interest rate hikes from the Federal Reserve pummeling shares of Oracle, CoreWeave and other AI stocks sensitive to higher borrowing costs.
Regarding the options market, a total volume of 73,335,053 contracts was traded, of which 54% were call options.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $MU(MU)$, $SPCX(SPCX)$, $INTC(INTC)$, $META(META)$, $AMZN(AMZN)$, $GME(GME)$, $MSTR(MSTR)$
Source: Tiger Trade APP
$NVIDIA(NVDA)$ closed at USD 221.30, down 3.16%, after moving between USD 219.64 and USD 226.00 during the session.
Large options trades in NVIDIA showed a cautious tilt despite a call-heavy headline volume ratio. A long-dated synthetic put worth USD 0.85 million signaled deliberate downside positioning, while a USD 0.80 million bull call spread reflected capped bullish conviction. The offsetting structures left overall flow with a slight bearish edge, as traders favored defined-risk hedges and restrained directional plays over aggressive upside speculation.
A synthetic put position with a net debit of USD 850.00 thousand was established through buying the 190.0 put and selling the 300.0 call, both expiring on 2027-06-17, making this a clearly bearish structure. Both legs were out of the money versus the reference stock price of 221.30, and the strategy reflects a downside view with defined premium outlay rather than an outright stock short. By combining long put exposure with short call exposure, the trader is effectively positioning for weaker NVIDIA shares over the longer term while using the call sale to partially finance the put purchase.
Source: Tiger Trade APP
A bullish call spread with a net debit of USD 800.00 thousand was also opened via the purchase of the 250.0 call and sale of the 275.0 call, both expiring on 2026-12-18. With both call strikes out of the money relative to the current stock price, this is a directional upside bet that targets a measured advance rather than an unlimited rally. The structure is a classic bull call spread, entered for a net debit, indicating the trader is willing to pay premium for bullish exposure while capping upside in exchange for lower cost.
Source: Tiger Trade APP
Unusual Options Activity
$NEBIUS(NBIS)$ closed at 186.01 USD, down 10.08%.
Large options activity featured a $19.50 million net-debit call spread betting on upside through 2027, alongside a $2.18 million synthetic put that added a bearish hedge. The dominant structure combined long 2027 $220–$230 calls with short $300 calls, expressing bullish conviction with capped extreme upside, while the synthetic put constructed via long $100 puts and short $300 calls introduced selective downside protection without triggering a wholesale turn defensive.
A call spread structure with a net debit of $19.50 million was the largest featured trade, built as a three-leg calendar/diagonal-style call combination: long 5,000 Mar 19, 2027 $230 calls, long 5,000 Feb 19, 2027 $220 calls, and short 10,000 Jan 15, 2027 $300 calls, with all strikes out of the money versus the $186.01 reference stock price. Because the package contains both bought calls and sold calls, it is best read as a spread strategy rather than a synthetic position, and its size should be judged by the stated net debit of $19.50 million. Strategically, this looks like a bullish but structured upside expression: the trader paid premium to gain exposure to a higher move over time while partially financing that exposure by selling farther-out upside calls, suggesting a directional bet on appreciation but with some cap on extreme upside in exchange for lower upfront cost.
Source: Tiger Trade APP
A synthetic put position with a total size of $2.18 million also stood out, combining the purchase of 6,000 Jan 15, 2027 $100 puts worth $1.42 million with the sale of 1,200 Jan 15, 2027 $300 calls worth $759,600.00, and both legs were out of the money at the current stock reference. Under the classification rules, a buy put paired with a sell call is a synthetic put, and this construction conveys a distinctly bearish stance because it benefits from downside pressure while taking on risk if the stock rallies sharply through the short-call strike. Overall, the large-trade flow leans bullish: the dominant trade by far was a sizable net-debit call spread package expressing upside conviction, and although the synthetic put introduces a clear bearish hedge or downside bet, the broader block activity still points to traders positioning for higher prices with selective premium-selling and risk-defined structures rather than a wholesale turn defensive.
Source: Tiger Trade APP
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$(NBIS)$ $(NVDA)$ $GraniteShares 2x Long NBIS Daily ETF(NBIL)$ $Leverage Shares 2X Long NBIS Daily ETF(NBIG)$ $Tradr 2X Long NBIS Daily ETF(NEBX)$ $Tradr 2X Short NBIS Daily ETF(NBIZ)$ $Corgi NBIS 2x Daily ETF(NBIC)$ $GraniteShares 2x Short NVDA Daily ETF(NVD)$ $GraniteShares 2x Long NVDA Daily ETF(NVDL)$ $T-Rex 2X Inverse NVDA Daily Target ETF(NVDQ)$ $T-Rex 2X Long Nvidia Daily Target ETF(NVDX)$ $Direxion Daily NVDA Bull 2X Shares(NVDU)$ $YieldMax NVDA Option Income Strategy ETF(NVDY)$ $Direxion Daily NVDA Bear 1X Shares(NVDD)$ $Tradr 1.5X Short NVDA Daily ETF(NVDS)$ $Rex NVDA Growth & Income ETF(NVII)$ $Leverage Shares 2X Long NVDA Daily ETF(NVDG)$ $Roundhill NVDA WeeklyPay ETF(NVDW)$ $ProShares Ultra NVDA ETF(NVDB)$ $GraniteShares YieldBOOST NVDA ETF(NVYY)$ $YieldMax Short NVDA Option Income Strategy ETF(DIPS)$ $Corgi NVDA 2x Daily ETF(NVC)$ $GraniteShares Autocallable NVDA ETF(ANV)$ $Leverage Shares 2x Capped Accelerated NVDA Monthly ETF(NVDO)$ $CSOP NVIDIA Daily (-2x) Inverse Product(07388)$ $CSOP NVIDIA Daily (2x) Leveraged Product(07788)$Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
