Wall Street's benchmarks finished up on Tuesday(Oct. 8), recouping some of the previous session's losses, as investors bought back in to technology stocks and investors shifted their focus to upcoming inflation data and the start of third-quarter earnings season.
Regarding the options market, a total volume of 39,795,402 contracts was traded on Tuesday.
Top 10 Option Volumes
Top 10: Nvidia; Super Micro Computer; Tesla; Palantir; AMD; Apple; MicroStrategy; Alibaba; Amazon; Intel
Nvidia shares ticked up 4% on Tuesday.
Nvidia, facing concerns about the electricity demands of artificial intelligence computing, touted the energy efficiency of its latest chips at a conference Tuesday in Washington.
The company’s Blackwell chips, which are beginning to roll out to customers this year, would need 3 gigawatts of power to develop OpenAI’s GPT-4 software, Nvidia said at an event called the AI Summit DC. Ten years ago, that process would have required 5,500 gigawatts, the chipmaker said.
A total number of 4.51 million options related to Nvidia was traded. A particularly high trading volume was seen for the $131 strike call options expiring this Friday, with 211,548 options contracts trading on Tuesday. $NVDA 20241011 131.0 CALL$
Palantir Technologies Inc.'s stock soared by 6.58% on Tuesday after Ark Invest highlighted software firms like Palantir as having more potential to gain from the AI boom and take market share from tech giants.
A total number of 684.51K options related to Palantir was traded, of which 60% were call options on Tuesday. A particularly high trading volume was seen for the $40 strike call options expiring this Friday, with 26,889 options contracts trading. The $40 strike call option expiring this Friday surged 400% on Tuesday. $PLTR 20241011 40.0 CALL$
Unusual Options Activity
Source: Market Chameleon
Roblox Corporation's shares dipped by 2.13% on Tuesday. The decline was triggered by a short report from Hindenburg Research, accusing the gaming platform of inflating key user metrics.
A total number of 211.18K options related to Roblox was traded, of which 74% were put options. A particularly high trading volume was seen for the $39 strike put options expiring Oct. 18, with 11,861 options contracts trading on Tuesday. $RBLX 20241018 39.0 PUT$
TOP Bullish & Bearish Single Stocks
This report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).
If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.
Based on option delta volume, traders sold a net equivalent of -631,293 shares of PDD Holdings Inc stock. The largest bearish delta came from selling calls. The largest delta volume came from the 16-Jan-26 Call, with traders getting short 915,410 deltas on the single option contract.
Top 10 bullish stocks: Nvidia; Super Micro Computer; Apple; Trump Media; Petroleo Brasileiro; Palantir; Carvana; MicroStrategy; TeraWulf; Vale
Top 10 bearish stocks: Carnival; GameStop; PDD Holdings; Nio; Endeavor Group; Robinhood; Lamb Weston Holdings; Alibaba; Citigroup; iQiyi
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