Daily Options Outlook | Marvell Technology to report earnings after market close; options markets imply a potential move of ±13.41%. Storage and space sectors remain strong in pre-market trading.

Today's Options Opportunity Preview

From today’s US pre-market activity, market focus remains on the semiconductor re-rating driven by AI infrastructure expansion and space industry trades fueled by spillover expectations from a potential SpaceX IPO.

$Micron Technology (MU.US)$ The stock rose 4.04% in pre-market trading. Yesterday, shares surged more than 19%, pushing its market cap past the $1 trillion mark, and momentum continued into the pre-market session. The immediate catalysts include rising AI-driven memory demand, tight supply-demand dynamics for HBM, and a sector-wide repricing of the memory supercycle following bullish target price upgrades from major banks. UBS significantly raised Micron Technology’s price target, citing robust AI demand and long-term supply agreements that enhance visibility into memory pricing and profitability—propelling Micron toward and beyond the $1 trillion valuation threshold.

$Marvell Technology (MRVL.US)$ The stock gained 4.87% in pre-market trading and is set to report earnings after today’s market close. The company benefits from two key AI-related trends: first, custom chip demand driven by cloud providers’ in-house ASIC development; second, rising demand for data center interconnect chips such as 800G optical interconnects and CXL solutions. Today’s pre-market strength largely reflects investor rotation into AI infrastructure plays beyond Micron, as the market broadens the 'AI compute arms race' narrative from GPU-centric trades to encompass memory, networking, optical interconnects, and custom silicon. Options markets imply a potential post-earnings move of ±13.41%.

$Rocket Lab (RKLB.US)$ The stock jumped 6% in pre-market trading, directly driven by heightened expectations around a SpaceX IPO. The market is extrapolating SpaceX’s potential valuation anchor across space infrastructure, satellite, and launch service equities. Space stocks are exhibiting high pre-market gains and significant elasticity, making them attractive to short-term capital—but risks are equally clear, as fundamentals lag far behind price volatility, and options pricing often quickly incorporates extreme expectations.

FTSE Russell has revised its rules to allow faster index inclusion for large IPOs, meaning SpaceX could enter major indices more swiftly if it goes public. Additionally, media reports indicate SpaceX has secured a $2.29 billion satellite network contract from the U.S. Space Force, further amplifying event-driven interest across the space industry chain.

Review of yesterday's options market

Index Options

On May 26, Eastern Time, trading volume in the U.S. equity index options market declined, with a total of 5.55 million contracts traded. The put/call volume ratio fell to 1.11.

As the upcoming expiration date approaches,$S&P 500 Index (.SPX.US)$ The distribution of options trading volume showed the following characteristics: the peak put option volume was at the 7,460 strike, while the peak call option volume was at the 7,535 strike.

Single Stock Options

$Micron Technology (MU.US)$Micron Technology rose 19.29%, with 1.2922 million options contracts traded, and the put/call volume ratio dropped to 0.80. Micron Technology's stock surged 19.3%, pushing its market capitalization above $1 trillion for the first time. UBS significantly raised its price target from $535 to $1,625.

$Microsoft (MSFT.US)$Microsoft declined 0.61%, with 682,200 options contracts traded, and the put/call volume ratio rose to 0.42. Microsoft's AI business continues to grow, with analysts expecting Copilot users to exceed 25 million and Azure growth remaining above 40%.

Top list of options trading volume

Among the top 10 stocks by options trading volume,$Micron Technology (MU.US)$The put/call volume ratio reached a high of 0.80.

The highest put/call open interest ratio is$Micron Technology (MU.US)$, reaching 1.28.

Implied volatility rankings (underlying market cap > $10 billion and options trading volume > 100,000)

$T1 Energy (TE.US)$Implied volatilityT1 Energy posted the highest gain, surging 163.20%, an increase of 8.69% from the previous trading day. T1 Energy’s stock jumped 21.9% on Tuesday, amid short-seller scrutiny and a major shareholder selling $190 million worth of shares.

$BlackBerry (BB.US)$BlackBerry saw the largest increase in implied volatility, rising to 119.83%, up 23.79% from the previous trading day. BlackBerry has received FedRAMP Class D reauthorization for 2026, becoming the only critical event management provider certified under this standard.

Risk Warning

An option is a contract that gives the holder the right, but not the obligation, to buy or sell an asset at a fixed price on a specific date or before that date. The price of an option is influenced by various factors, including the current price of the underlying asset, the strike price, time to expiration, and implied volatility.

Implied volatility reflects the market's expectation of the option's volatility over a certain period in the future. It is derived inversely from the BS pricing model of options and is generally considered an indicator of market sentiment. When investors anticipate greater volatility, they may be more willing to pay higher prices for options to hedge risks, resulting in higher implied volatility.

Traders and investors use implied volatility to assessOption priceto enhance attractiveness, identify potential mispricing, and manage risk exposure.

Disclaimer
This content does not constitute any offer, solicitation, recommendation, opinion, or guarantee of any securities, financial products, or tools. The risk of loss in trading options can be substantial. In some cases, losses may exceed the initial margin deposited. Even if you set contingent orders such as 'stop-loss' or 'limit' orders, these may not prevent losses. Market conditions may make such orders unexecutable. You may be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account. Therefore, before trading, you should study and understand options and carefully consider whether such trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon exercise and expiration. Options trading carries extremely high risks and is not suitable for all investors. Investors should carefully readCharacteristics and Risks of Standardized Options。

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