December 10th's options battle is worth reviewing. The Federal Reserve's last rate cut of the year has been implemented, causing the Dow Jones to surge nearly 500 points, and the S&P is just one step away from its all-time peak. Risk appetite has fully rebounded, with funds flooding into AI chips, pharmaceutical stocks, Bitcoin concepts, and consumer giants.

**Taiwan Semiconductor Manufacturing Company (TSMC)** dominates the leaderboard—$599 million in call option trading volume, with almost 100% of contracts being calls. But the details are interesting: large orders mostly executed at the mid-price(MID), with a buy-sell ratio of about 0.7:1, indicating a slight net selling. This suggests not an all-in gamble but more like high-position turnover or hedging coverage. The most active options are the $100 calls for January next year and the $170/$190 calls for this month. The stock price closed around $310, recently hitting consecutive bullish days, with November revenue up more than 20% year-over-year, and revenue growth since the beginning of the year exceeding 30%. The heat in the AI industry chain continues. Strategically, a medium- to long-term bullish stance is fine, but in the short term, caution is needed to avoid bubble formation—rather than chasing short-term at-the-money calls, it’s better to use slightly out-of-the-money bullish spreads for 2026 or sell distant-month puts in batches as "limit orders" to gradually build positions.

**Strategy Corporation** ranks second in put option trading volume, with puts accounting for over 94%, continuing recent heavy hedging operations against high-volatility Bitcoin stocks. This company just spent about $960 million to buy over 10,000 BTC, with total holdings surpassing 660,000 BTC. Bitcoin itself has been highly volatile around $92,000, but the company's stock has actually fallen by more than 30% this year—typical high leverage and high volatility features. Strategy advice: this is a standard "BTC leverage factor stock," suitable for small positions in structured products. Bullish outlooks can use 3-6 month bull market call spreads or wide straddle strategies; bearish views can be expressed through bear market put spreads. Retail investors should avoid naked selling puts or heavily shorting short-term options, as the risks are too high.

**Tesla** ranks third in call option trading volume, with calls accounting for nearly 80%, and a net buy of about $11 million( with a buy-sell ratio of 7.4:1)—funds are genuinely increasing long positions. The stock price has been bouncing between $440 and $460 recently. On one side is the year-end promotion with zero interest rates and zero down payment, aggressively clearing inventory; on the other side, Musk continues to hype full autonomous driving and Robotaxi—expectations and reality are in fierce tug-of-war. Strategically, if bullish but tolerant of volatility, using 2-3 month slightly out-of-the-money bull call spreads instead of short-term naked calls is more prudent; those with existing positions can sell calls at higher strike prices in batches to lock in some gains and hedge against potential profit pressure from aggressive promotions.