Heavy Options Volume Surges in NVDA, MSFT, COIN on May 22

On May 22, 2026, options trading exploded across NVDA, MSFT and COIN, with NVDA alone seeing 2.8 million contracts—168% of its one-month average—led by 309,799 $220 calls. The surge followed Nvidia’s stellar Q1 2027 earnings release on May 21, when the $5.41 trillion company posted only muted pre-market movement despite +20% YTD gains. Traders used defined-risk structures such as zero-cost collars and bull call spreads to position for further upside while capping risk, signaling continued bullish but cautious sentiment into the weekend.