今年年初，段永平突然空出来一大笔现金，然后用这一笔现金不断地卖出put（卖出看跌期权赚保证金或建仓）。
On Tuesday Eastern Time, NVIDIA CEO Jensen Huang delivered a keynote speech at the NVIDIA AI conference GTC 2025 held in San Jose, California.
An hour before this significant speech, well-known investor Duan Yongping "Buy" $NVIDIA (NVDA.US)$ At a stock price of 116.7602 USD, 0.1 million shares of NVIDIA were bought, while 1000 Call Options expiring on March 20, 2026, with a strike price of 120 USD were sold. Duan Yongping lowered the cost price of these 0.1 million shares of NVIDIA to 92.5 USD, spending a total of 9.25 million USD.
During this period, Duan Yongping has frequently operated on NVIDIA, which has piqued the curiosity of many investors. So, how should this operation be interpreted this time?
Bullish Covered CallOptions strategy.: Covered Call, reduce holding costs.
At the beginning of this year, Duan Yongping suddenly freed up a large amount of cash, and then continuously sold puts (selling Put Options to earn margin or build positions) with this cash.
For example, Duan Yongping once revealed that selling $Taiwan Semiconductor (TSM.US)$ puts had an annualized maximum return of 23%. For Duan Yongping, it's a decent business: "The real intrinsic logic is: looking back from 10 years later, would you be willing to buy Taiwan Semiconductor at 151.8 (USD/share)?"
On February 26, NVIDIA announced its fourth-quarter performance, with revenue slowing yet still hitting a new high. Blackwell generated 11 billion, and the Q1 guidance was better than expected. Jensen Huang stated that sales of Blackwell chips for the first quarter reached several billion dollars.
After NVIDIA announced its performance, Duan Yongping stated, "Although I don't fully understand NVDA (NVIDIA), I am still ready to start selling some NVDA puts. AI is worth paying attention to, and NVIDIA is actually a very good company."
This Wednesday, at the AI event GTC 2025 held in San Jose, California, Duan Yongping bought NVIDIA one hour before Jensen Huang's speech. According to the trading interface shared by Duan Yongping, on March 18 at 12:07 PM Eastern Time, he bought 0.1 million shares of Stocks when NVIDIA's stock price was $116.7602, while also selling 1,000 contracts of a Call (Options) expiring on March 20, 2026, with a strike price of $120, costing $9.252 million.
This purchase of Stocks while simultaneously selling Call Options constitutes a Covered Call.Options strategy.: Covered Call.
According to Futubull, this Call Option was traded for 1,099 contracts at 12:09 PM Eastern Time on March 18th, perhaps Duan Yongping participated in the sale.
Why could this Options Trading reduce the cost of buying NVIDIA's stock to $92.52?
We can break down this transaction:
First, 0.1 million shares were bought at $116.7602, costing $11.67602 million.
Secondly, 1,000 Call Options were sold at a price of $24.20, and since one option corresponds to 100 shares, the premium received is 1,000 × 24.2 × 100 = 2.424 million dollars.
The cost of buying NVIDIA Stocks of 11.67602 million dollars minus the premium received of 2.424 million dollars, divided by 0.1 million shares, results in an average cost per share of 92.52 dollars.
But why choose the Call Option at the price level of 120 dollars? This may be an intentional move by段永平 to lower the cost of NVIDIA Stocks held to around 92 dollars. From a technical perspective, 92 dollars is also a relatively attractive price.Support.。
It should be noted that, since it is selling Call Options, if NVIDIA's stock price exceeds 120 USD by March 20, 2026, the buyer can exercise the right to the Call Options.
If the buyer does not exercise the option on the expiration date:
Duan Yongping earned 2.424 million in premium fees, and let's not forget he also holds 0.1 million shares of NVIDIA Stocks that have not been sold. As long as NVIDIA's stock price is above the purchase price, he can still sell after the expiration date and earn the additional income from the increase in stock price.
If the buyer exercises the option on the expiration date:
Duan Yongping would need to Sell 100,000 shares of NVIDIA at a price of $120, resulting in a profit of $2.424 million in premium + (exercise price of $120 - purchase price of $116.7602) × 100,000 shares = $2.74798 million, giving a profit-loss ratio of $2.74798 million ÷ $9.252 million × 100% = 29.7%. However, any further increase in NVIDIA's stock price afterwards will not concern Duan Yongping.
How to use the Covered Call strategy?
As mentioned earlier, Duan Yongping's Covered Call strategy involves buying Stocks while simultaneously selling a corresponding number of Call Options. This strategy is suitable for a long-term bullish outlook on the underlying stock, while determining that the stock's price will remain stable or rise slightly in the short term.
The Covered Call combination is relatively conservative because its profit is limited. When the stock price exceeds the exercise price, the Options may be exercised, and any further increase in the stock price will no longer affect the strategy's returns.
However, the losses from this strategy are also limited, although it still requires bearing losses from a decline in the Stocks and theoretically incurs a potential loss if the stock price drops to zero.
So how to "copy the homework" through Futubull?Click to view the NVIDIA Options Chain.Next, select "Stocks Strategy" in the bottom right corner, choose "Stock Guarantee", select the expiration date for the options as "26/3/20", select the strike price for the Call options in the left column as "$120", and finally input the number of options to Sell as "1000". The options calculator will automatically match the corresponding 0.1 million Stocks.
Additionally, you can click the triangular arrow below to view the expected profit and loss ratio.
Overall, Duan Yongping's strategy of selling calls is aimed at reducing the cost of buying. In the end, how do mooers view this Options strategy? Comments are welcome~
Make good use of the options calculator to calculate the theoretical price of future options! Individual stock page > Options > Options Chain > Select an option > Option Price Calculator > Change conditions,Calculate the theoretical price of future options.
Risk Warning
Options are contracts that give the holder the right, but not the obligation, to buy or sell an asset at a fixed price on a specific date or at any time before that date. The price of options is influenced by various factors, including the current price of the underlying asset, the strike price, the expiration time, andImplied volatility。
Implied volatilityIt reflects the market's expectations of volatility for options in the near future, derived from the options BS pricing model. It is generally seen as an indicator of market sentiment. When investors expect greater volatility, they may be more willing to pay a higher price for options to help hedge risks, leading to higher.Implied volatility。
Traders and investors use.Implied volatilityTo assessOptions prices.The appeal lies in identifying potential mispricings and managing risk exposure.
Disclaimer
This content does not constitute any offer, solicitation, advice, opinion, or guarantee with respect to securities, financial products, or instruments. The risks of losses in buying and selling Options can be substantial. In several cases, the losses incurred may exceed the amount of initial margin deposited. Even if you set up backup instructions, such as "stop-loss" or "limit price" instructions, it may not avoid losses. Market conditions may render such instructions unexecutable. You may be required to deposit additional margin within a short period. If you fail to provide the required amount within the designated time, your open positions may be closed. However, you will still be responsible for any resulting shortfall in your account. Therefore, you should research and understand Options, and carefully consider whether such trading is suitable for you based on your financial situation and investment goals before trading. If you trade Options, you should be familiar with the procedures for exercising Options and the rights and obligations you have when exercising Options and upon their expiration.
Editor/Rocky
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Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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