Here is the explanation for my theory on why $GME was going to get a spike in price this afternoon.  My guess was that it would have happened around 13:30-14:00 EST, but it ended up happening around 14:30 (oops).

At 12:49 EST, a bunch of bullish side calls came through, but there was no hedging of the calls.  During that minute, there was a total of 22k volume, when the delta hedge calculations for the calls was about 150k shares worth.  This means that even the first call that came in of 310 contracts for $22 strike weren't fully hedged.

The theory is that the delta hedge for these will happen, but it isn't always instant.  There is a time window where the dealer will buy the delta.  In this case, it was about 150k shares worth... which happened at around 14:30 EST.  There was approximately 150k shares worth of buy pressure on the stock, closely matching the deficient delta from earlier.

This often happens with CHX trades as well.  If you look closely at those trades, they are most often met with large options contracts executed as qualified contingent trades.  The entity making these trades will both buy contracts and sell shares (or inverse) to hedge, then the dealer will delta hedge later in the day (generally 30-90 minutes later)
The larger the options trade, the larger the volume spike later on.
With the CHX trades, we see the volume spike of the SHARE side of the trade, but don't see the delta hedge... until later.

This pattern has been very repeatable thus far...

...NFA
#GME