Nasdaq futures are up over 1% and names like Nvidia are bouncing in premarket as buyers step back in. Last week’s chip rout was the longest losing streak since 2008, driven by worries that AI data-center spending (and the debt behind it) won’t pay off fast enough.

But dig into Friday’s options tape and the panic looks less pure: for some stocks, option prices climbed even while the share price barely moved — classic institutional put-buying for insurance, not forced selling. That kind of hedging often marks the peak of fear.

This week’s earnings from Meta, Texas Instruments and others will show whether the revenue is finally catching up to the spending. My take is, highly likely.