To The Moon

① What Happened Today?

The US stock bounce continues, but a major new variable just hit the AI sector.

Stocks kept bouncing overnight. The S&P 500 rose 1.31%, the Nasdaq 100 rose 2.28%, and the VIX fell to 17.53, showing fear clearly cooling.

Three things to watch today:

🔴 NVDA management change news: Rumors are circulating about an announcement that Jensen Huang is stepping down as CEO and the CFO is taking over temporarily. The news still needs to be verified. If confirmed, it would directly hit risk appetite for NVDA and semis.

🟢 AI compute stocks are splitting: CRWV jumped on earnings news, lifting compute leasing and memory names. But NBIS is under premarket pressure from delayed capacity expansion and higher capex.

🟡 Can the bounce last? The Nasdaq 100 is back above its 200-day average, but part of the gain is short covering. Whether new long money follows still needs watching.

② What Money Is Betting On / Protecting Against

🟢 Buyers: Bullish on a tech bounce, but also buying Puts to guard against a pullback.

SPY | 12/04 775C / 800C
Bought about 22,300 of the 775C$SPY 20261204 775.0 CALL$ , $10.54M traded; sold about 27,800 of the 800C$SPY 20261204 800.0 CALL$ , $1.34M traded. SPY was around $761 at the time.

Big money shifted an existing 810C position into a lower-strike call combo, showing it still expects upside but has adjusted its target and risk exposure. The two legs don't match in size, so don't treat it as a perfectly paired spread.

QQQ | 12/18 744C$QQQ 20261218 744.0 CALL$ 
Bought 10,000 contracts, $3.53M traded, stock was $692.76 at the time.
Betting tech rises further before year-end. Watch for time decay.

QQQ | 11/27 690P$QQQ 20261127 690.0 PUT$ 
Bought 7,500 contracts, $9.37M traded, stock was $690.87 at the time.
Near-the-money Put buying shows some money is still guarding against a short-term pullback.

NVDA | 2027/04/16 135P$NVDA 20270416 135.0 PUT$ 
Bought 4,000 contracts, $2.4M traded, stock was $173.22 at the time.
A longer-dated downside position, possibly for hedging or a directional bearish bet. Worth watching together with the management news.

🔴 Sellers: Some money thinks bounce room is limited and is selling Calls to collect premium.

QQQ | 11/17 707C$QQQ 20261117 707.0 CALL$ 
Sold 10,000 contracts, $1.6M traded, stock was $689.52 at the time.
Short-term Call selling near $707, but one trade alone doesn't confirm resistance.

CRWV | 12/18 72.5C$CRWV 20261218 72.5 CALL$ 
Two sells totaling 13,199 contracts, about $3.61M traded, stock was around $61 at the time.
Call selling after the big rally suggests some money may be capping upside exposure or collecting premium.

XOM | 2027/02/19 190C$XOM 20270219 190.0 CALL$ 
Sold about 13,500 contracts, $3.1M traded, stock was $166.21 at the time.
Longer-dated Call selling above the energy stock may involve covered calls or other combo strategies.

③ What to Watch for Related Tickers

SPY | Watch whether the bounce continues
Closed around $761.9 yesterday. $775 is the key strike in the big bullish order; $800 is the other leg of the combo, not a guaranteed target. If it pulls back, watch support and Put hedging demand again.

**QQQ | $700–707**
Yesterday's big option orders were concentrated in 700C and 707C selling, plus 722C and 744C buying. Short term, first see if $700–707 breaks, then watch whether the upside positions get price confirmation.

NVDA | News risk comes first
Management news could cause a gap and a spike in IV. Watch the premarket drop, whether key levels are reclaimed after the open, and whether Put demand keeps rising.

NBIS / CRWV | AI compute stocks are splitting
For CRWV, watch whether it holds gains after the sharp rally. For NBIS, focus on valuation pressure from delayed capacity and heavy capex.

④ What to Watch Before the Open Today

First: Is the NVDA news officially confirmed? Watch whether semis get hit by chain reactions.

Second: Can QQQ break $700–707? If the bounce stalls, watch for a short-term pullback.

Third: Can VIX stay low? If stocks fall and VIX rises at the same time, hedging demand may be coming back.

One-Line Read:
The market is shifting from fear to a bounce, but money is chasing tech upside on one side and buying Puts for defense on the other. Today isn't about blindly chasing. It's about watching whether tech can hold onto the bounce amid the NVDA news shock.

The above is market info and options trade observation, not investment advice. Big-order direction doesn't equal an institution's full position. Options trading involves premium loss, time decay, and volatility risk.