NVIDIA (NVDA) has experienced a significant surge in options trading activity. On September 11, 2024, the net options delta for NVDA was +10.9 million shares. The following day, NVDA traded 6.2 million contracts, marking the 11th largest volume since January 2020. Notably, the top 11 contracts by volume, all expiring on September 13, had six-figure volumes, with eight of them being call options. Additionally, the 0DTE (zero days to expiration) and next expiration call volumes were particularly high, with 1.9 million contracts expiring on September 13 and another 1.8 million across other expirations. On September 12, the net options delta for NVDA was +2.1 million shares. Further, NVDA saw 18,000 October $124/$130 call spreads bought as the $119/$126 spreads adjusted from the previous day. The broader US equity options market also saw heightened activity, with 52.5 million options traded, 20% above the one-year average of 43.5 million, including over 415,000 weekly NVDA C120 calls set to expire on September 13. NVDA represents approximately 7% of the SPX/NDX indices.