NVIDIA has been trapped in this range since August. Every breakout attempt gets sold, every dip gets bought. The AI capex cycle is real — MSFT, GOOG, META all increasing spend — but the stock is pricing in perfection. The smart play: sell premium on both sides. The 180/215 strangle has been printing for months. Only risk is an earnings surprise or major geopolitical shift that reprices the whole AI trade. Until then, theta gang eats.