Market Overview
The S&P 500 and the Nasdaq ended higher on Wednesday (Aug 12), lifted by upbeat quarterly results from CoreWeave and other AI infrastructure firms, while mild inflation data reinforced bets that the U.S. Federal Reserve will hold interest rates steady in September.
Regarding the options market, a total volume of 56,761,354 contracts was traded, of which 59% were call options. nbx
Top 10 Option Volumes
Top 10: NVDA, TSLA, SPCX, MU, AAPL, OWL, INTC, $META(META), VIX, HTZ
NVIDIA rose 3.03% amid Wall Street backing for its new $500‑billion AI‑infrastructure financing platform, launched with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR. Analysts said the plan eased circular‑financing risks, with Goldman Sachs keeping a Buy rating at $285.
A long-volatility CALL+PUT combination with a net debit of $4.67 million was the largest displayed trade, consisting of bought 200.0 puts and bought 300.0 calls expiring March 19, 2027. Both legs were out of the money versus the $224.09 reference stock price, making this effectively a long strangle established for net premium outlay rather than income collection. Strategically, this trade expresses a large move expectation over a long-dated horizon, with the purchased put offering downside participation and the purchased call providing upside exposure, so the intent looks like a volatility-driven directional bet on a major future price swing rather than a simple one-sided view. NVDA 20270319 200.0 PUT NVDA 20270319 300.0 CALL
Source: Tiger Trade app
Unusual Options Activity
CoreWeave, Inc. climbed 19.28% following its strong Q2 earnings beat and raised full‑year guidance. Q2 revenue hit $2.575 billion, surging 112% YoY, with better‑than‑expected adjusted loss and EBITDA. Its revenue backlog reached $104 billion. The firm lifted full‑year revenue guidance to $12.4‑$13.2 billion and flagged improving contract margins after a July price hike, while boosting year‑end power‑capacity outlook above 1.85 GW.
A CALL buy worth $10.08 million was the largest single-leg trade of the session, with 5,000 contracts bought in the December 18, 2026 $110.00 call. With CRWV referenced at $107.73, this strike sat slightly out of the money at execution, making it a clearly bullish upside bet that gives the buyer long-dated exposure to a move above $110.00. The size and maturity suggest conviction in a sustained appreciation scenario rather than a short-term tactical trade, and the use of outright call buying points to a willingness to pay premium for leveraged upside participation. CRWV 20261218 110.0 CALL
Source: Tiger Trade app
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Risks
Implied volatility typically contracts rapidly after earnings, a phenomenon commonly referred to as IV crush, which can significantly reduce the value of long option positions even if the stock moves in the anticipated direction. In addition, time decay accelerates as options approach expiration. Investors should carefully assess the risk profile of any options strategy before establishing positions.
Disclaimer: This analysis is based on publicly available market data and is provided for informational purposes only. It does not constitute investment advice. Options trading involves substantial risk, and investors may lose more than their initial investment.
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