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Option Mover The Moo
wrote a column · Jun 11 17:19

Daily Options Outlook | Space stocks boosted by SpaceX IPO speculation; AI trade diverges, Micron up in pre-market; Oracle plunges 7% post-earnings, raising concerns over heavy spending

Today's Options Opportunity Preview
From today’s US pre-market activity, market focus has shifted back to AI infrastructure, but trading sentiment has clearly diverged.
$Oracle (ORCL.US)$ The stock fell about 7.04% in pre-market trading, becoming a source of pressure for tech stocks today. The company's revenue and cloud business performance were not weak—cloud infrastructure growth remains robust—but the market is more concerned about the continued upward revision of AI data center investment scale. Capital expenditure pressure and free cash flow burn have once again become central to valuation. Today’s trading logic for ORCL reflects a shift among AI cloud providers from 'order-driven valuation' to 'return-cycle scrutiny.' Previously, the market was willing to assign Oracle a higher valuation because OCI secured large-scale AI orders, rapidly increasing its remaining performance obligations. However, if capital expenditures rise significantly faster than profit and cash flow realization, investors will begin reassessing the true value embedded in this AI cloud growth trajectory.
On the options side, implied volatility (IV) naturally declines after earnings, but given the significant drop in share price, demand for put-side protection may remain active. Key attention today is whether the $183 level holds. If the stock opens below this level with heavy volume and continues downward, it could trigger additional post-earnings stop-loss selling. Conversely, a quick recovery of losses would suggest that traders still view it as a temporary mispricing within the AI cloud infrastructure theme.
Today's Options Opportunity Preview From today’s US pre-market activity, market focus has shifted back to AI infrastructure, but trading sentiment has clearly diverged. $Oracle (ORCL.US)$ The stock fell about 7.04% in pre-market trading, becoming a source of pressure for tech stocks today. The company's revenue and cloud business performance were not weak—cloud infrastructure growth remains robust—but the market is more concerned about the continued upward revision of AI data center investment scale. Capital expenditure pressure and free cash flow burn have once again become central to valuation. Today’s trading logic for ORCL reflects a shift among AI cloud providers from 'order-driven valuation' to 'return-cycle scrutiny.' Previously, the market was willing to assign Oracle a higher valuation because OCI secured large-scale AI orders, rapidly increasing its remaining performance obligations. However, if capital expenditures rise significantly faster than profit and cash flow realization, investors will begin reassessing the true value embedded in this AI cloud growth trajectory. On the options side, implied volatility (IV) naturally declines after earnings, but given the significant drop in share price, demand for put-side protection may remain active. Key attention today is whether the $183 level holds. If the stock opens below this level with heavy volume and continues downward, it could trigger additional post-earnings stop-loss selling. Conversely, a quick recovery of losses would suggest that traders still view it as a temporary mispricing within the AI cloud infrastructure theme. $Rocket Lab (RKLB.US)$ The stock rose more than 4% in pre-market trading, as the commercial space theme continues to be fueled by SpaceX IPO expectations. The impact of SpaceX’s oversubscribed offering extends beyond the primary market—it redirects secondary market capital toward scarce aerospace supply chain names. Rocket Lab, as one of the few publicly traded companies with both launch services and satellite manufacturing capabilities, naturally becomes the most direct beneficiary.
$Rocket Lab (RKLB.US)$ The stock rose more than 4% in pre-market trading, as the commercial space theme continues to be fueled by SpaceX IPO expectations. The impact of SpaceX’s oversubscribed offering extends beyond the primary market—it redirects secondary market capital toward scarce aerospace supply chain names. Rocket Lab, as one of the few publicly traded companies with both launch services and satellite manufacturing capabilities, naturally becomes the most direct beneficiary.
At the core of market trading is the fact that SpaceX's IPO has elevated the valuation benchmark for the entire commercial space sector. RKLB itself is not SpaceX, but it offers highly liquid secondary-market access for investors seeking exposure to the commercial space theme. On the options front, pre-market gains have already been substantial; today’s focus will be whether post-open volume can sustain this momentum. If the stock opens high and maintains strength, call-side sentiment may persist; if it spikes higher only to retreat, it suggests capital is treating this as a short-term event-driven trade, and chasing calls could quickly face profit-taking pressure.
Today's Options Opportunity Preview From today’s US pre-market activity, market focus has shifted back to AI infrastructure, but trading sentiment has clearly diverged. $Oracle (ORCL.US)$ The stock fell about 7.04% in pre-market trading, becoming a source of pressure for tech stocks today. The company's revenue and cloud business performance were not weak—cloud infrastructure growth remains robust—but the market is more concerned about the continued upward revision of AI data center investment scale. Capital expenditure pressure and free cash flow burn have once again become central to valuation. Today’s trading logic for ORCL reflects a shift among AI cloud providers from 'order-driven valuation' to 'return-cycle scrutiny.' Previously, the market was willing to assign Oracle a higher valuation because OCI secured large-scale AI orders, rapidly increasing its remaining performance obligations. However, if capital expenditures rise significantly faster than profit and cash flow realization, investors will begin reassessing the true value embedded in this AI cloud growth trajectory. On the options side, implied volatility (IV) naturally declines after earnings, but given the significant drop in share price, demand for put-side protection may remain active. Key attention today is whether the $183 level holds. If the stock opens below this level with heavy volume and continues downward, it could trigger additional post-earnings stop-loss selling. Conversely, a quick recovery of losses would suggest that traders still view it as a temporary mispricing within the AI cloud infrastructure theme. $Rocket Lab (RKLB.US)$ The stock rose more than 4% in pre-market trading, as the commercial space theme continues to be fueled by SpaceX IPO expectations. The impact of SpaceX’s oversubscribed offering extends beyond the primary market—it redirects secondary market capital toward scarce aerospace supply chain names. Rocket Lab, as one of the few publicly traded companies with both launch services and satellite manufacturing capabilities, naturally becomes the most direct beneficiary.
Review of yesterday's options market
Index Options
On June 10 in U.S. Eastern Time, trading volume in the U.S. equity index options market declined, with a total of 6.8 million contracts traded. The put/call volume ratio fell to 1.07.
As the upcoming expiration date approaches, $S&P 500 Index (.SPX.US)$ Option volume distribution shows the following characteristics: peak put volume occurred at 7,200 points, while peak call volume was at 7,400 points.
Today's Options Opportunity Preview From today’s US pre-market activity, market focus has shifted back to AI infrastructure, but trading sentiment has clearly diverged. $Oracle (ORCL.US)$ The stock fell about 7.04% in pre-market trading, becoming a source of pressure for tech stocks today. The company's revenue and cloud business performance were not weak—cloud infrastructure growth remains robust—but the market is more concerned about the continued upward revision of AI data center investment scale. Capital expenditure pressure and free cash flow burn have once again become central to valuation. Today’s trading logic for ORCL reflects a shift among AI cloud providers from 'order-driven valuation' to 'return-cycle scrutiny.' Previously, the market was willing to assign Oracle a higher valuation because OCI secured large-scale AI orders, rapidly increasing its remaining performance obligations. However, if capital expenditures rise significantly faster than profit and cash flow realization, investors will begin reassessing the true value embedded in this AI cloud growth trajectory. On the options side, implied volatility (IV) naturally declines after earnings, but given the significant drop in share price, demand for put-side protection may remain active. Key attention today is whether the $183 level holds. If the stock opens below this level with heavy volume and continues downward, it could trigger additional post-earnings stop-loss selling. Conversely, a quick recovery of losses would suggest that traders still view it as a temporary mispricing within the AI cloud infrastructure theme. $Rocket Lab (RKLB.US)$ The stock rose more than 4% in pre-market trading, as the commercial space theme continues to be fueled by SpaceX IPO expectations. The impact of SpaceX’s oversubscribed offering extends beyond the primary market—it redirects secondary market capital toward scarce aerospace supply chain names. Rocket Lab, as one of the few publicly traded companies with both launch services and satellite manufacturing capabilities, naturally becomes the most direct beneficiary.
Single Stock Options
$Robinhood (HOOD.US)$ Rose 3.09%, with 506,400 options contracts traded, and the put/call volume ratio dropped to 0.24. Robinhood reported that its platform’s total assets grew 48% year-over-year in May and received regulatory approval to underwrite IPOs.
Today's Options Opportunity Preview From today’s US pre-market activity, market focus has shifted back to AI infrastructure, but trading sentiment has clearly diverged. $Oracle (ORCL.US)$ The stock fell about 7.04% in pre-market trading, becoming a source of pressure for tech stocks today. The company's revenue and cloud business performance were not weak—cloud infrastructure growth remains robust—but the market is more concerned about the continued upward revision of AI data center investment scale. Capital expenditure pressure and free cash flow burn have once again become central to valuation. Today’s trading logic for ORCL reflects a shift among AI cloud providers from 'order-driven valuation' to 'return-cycle scrutiny.' Previously, the market was willing to assign Oracle a higher valuation because OCI secured large-scale AI orders, rapidly increasing its remaining performance obligations. However, if capital expenditures rise significantly faster than profit and cash flow realization, investors will begin reassessing the true value embedded in this AI cloud growth trajectory. On the options side, implied volatility (IV) naturally declines after earnings, but given the significant drop in share price, demand for put-side protection may remain active. Key attention today is whether the $183 level holds. If the stock opens below this level with heavy volume and continues downward, it could trigger additional post-earnings stop-loss selling. Conversely, a quick recovery of losses would suggest that traders still view it as a temporary mispricing within the AI cloud infrastructure theme. $Rocket Lab (RKLB.US)$ The stock rose more than 4% in pre-market trading, as the commercial space theme continues to be fueled by SpaceX IPO expectations. The impact of SpaceX’s oversubscribed offering extends beyond the primary market—it redirects secondary market capital toward scarce aerospace supply chain names. Rocket Lab, as one of the few publicly traded companies with both launch services and satellite manufacturing capabilities, naturally becomes the most direct beneficiary.
$Super Micro Computer (SMCI.US)$ Fell 27.98%, with 696,300 options contracts traded, and the put/call volume ratio rose to 0.58. Super Micro Computer announced a $7 billion equity financing plan to meet demand from $39 billion in AI server orders.
Today's Options Opportunity Preview From today’s US pre-market activity, market focus has shifted back to AI infrastructure, but trading sentiment has clearly diverged. $Oracle (ORCL.US)$ The stock fell about 7.04% in pre-market trading, becoming a source of pressure for tech stocks today. The company's revenue and cloud business performance were not weak—cloud infrastructure growth remains robust—but the market is more concerned about the continued upward revision of AI data center investment scale. Capital expenditure pressure and free cash flow burn have once again become central to valuation. Today’s trading logic for ORCL reflects a shift among AI cloud providers from 'order-driven valuation' to 'return-cycle scrutiny.' Previously, the market was willing to assign Oracle a higher valuation because OCI secured large-scale AI orders, rapidly increasing its remaining performance obligations. However, if capital expenditures rise significantly faster than profit and cash flow realization, investors will begin reassessing the true value embedded in this AI cloud growth trajectory. On the options side, implied volatility (IV) naturally declines after earnings, but given the significant drop in share price, demand for put-side protection may remain active. Key attention today is whether the $183 level holds. If the stock opens below this level with heavy volume and continues downward, it could trigger additional post-earnings stop-loss selling. Conversely, a quick recovery of losses would suggest that traders still view it as a temporary mispricing within the AI cloud infrastructure theme. $Rocket Lab (RKLB.US)$ The stock rose more than 4% in pre-market trading, as the commercial space theme continues to be fueled by SpaceX IPO expectations. The impact of SpaceX’s oversubscribed offering extends beyond the primary market—it redirects secondary market capital toward scarce aerospace supply chain names. Rocket Lab, as one of the few publicly traded companies with both launch services and satellite manufacturing capabilities, naturally becomes the most direct beneficiary.
Top list of options trading volume
Among the top 10 stocks by options trading volume, $Tesla (TSLA.US)$ Recorded the highest put/call volume ratio at 0.93. Tesla’s Full Self-Driving (FSD) system received authorization in Belgium, with analysts stating the company has resolved key autonomous driving challenges.
Today's Options Opportunity Preview From today’s US pre-market activity, market focus has shifted back to AI infrastructure, but trading sentiment has clearly diverged. $Oracle (ORCL.US)$ The stock fell about 7.04% in pre-market trading, becoming a source of pressure for tech stocks today. The company's revenue and cloud business performance were not weak—cloud infrastructure growth remains robust—but the market is more concerned about the continued upward revision of AI data center investment scale. Capital expenditure pressure and free cash flow burn have once again become central to valuation. Today’s trading logic for ORCL reflects a shift among AI cloud providers from 'order-driven valuation' to 'return-cycle scrutiny.' Previously, the market was willing to assign Oracle a higher valuation because OCI secured large-scale AI orders, rapidly increasing its remaining performance obligations. However, if capital expenditures rise significantly faster than profit and cash flow realization, investors will begin reassessing the true value embedded in this AI cloud growth trajectory. On the options side, implied volatility (IV) naturally declines after earnings, but given the significant drop in share price, demand for put-side protection may remain active. Key attention today is whether the $183 level holds. If the stock opens below this level with heavy volume and continues downward, it could trigger additional post-earnings stop-loss selling. Conversely, a quick recovery of losses would suggest that traders still view it as a temporary mispricing within the AI cloud infrastructure theme. $Rocket Lab (RKLB.US)$ The stock rose more than 4% in pre-market trading, as the commercial space theme continues to be fueled by SpaceX IPO expectations. The impact of SpaceX’s oversubscribed offering extends beyond the primary market—it redirects secondary market capital toward scarce aerospace supply chain names. Rocket Lab, as one of the few publicly traded companies with both launch services and satellite manufacturing capabilities, naturally becomes the most direct beneficiary.
The highest put/call open interest ratio is $Micron Technology (MU.US)$ Reached 1.30. Micron Technology’s stock declined 12% over five days, yet Daiwa Securities sharply raised its price target from $700 to $1,600 and maintained a Buy rating.
Today's Options Opportunity Preview From today’s US pre-market activity, market focus has shifted back to AI infrastructure, but trading sentiment has clearly diverged. $Oracle (ORCL.US)$ The stock fell about 7.04% in pre-market trading, becoming a source of pressure for tech stocks today. The company's revenue and cloud business performance were not weak—cloud infrastructure growth remains robust—but the market is more concerned about the continued upward revision of AI data center investment scale. Capital expenditure pressure and free cash flow burn have once again become central to valuation. Today’s trading logic for ORCL reflects a shift among AI cloud providers from 'order-driven valuation' to 'return-cycle scrutiny.' Previously, the market was willing to assign Oracle a higher valuation because OCI secured large-scale AI orders, rapidly increasing its remaining performance obligations. However, if capital expenditures rise significantly faster than profit and cash flow realization, investors will begin reassessing the true value embedded in this AI cloud growth trajectory. On the options side, implied volatility (IV) naturally declines after earnings, but given the significant drop in share price, demand for put-side protection may remain active. Key attention today is whether the $183 level holds. If the stock opens below this level with heavy volume and continues downward, it could trigger additional post-earnings stop-loss selling. Conversely, a quick recovery of losses would suggest that traders still view it as a temporary mispricing within the AI cloud infrastructure theme. $Rocket Lab (RKLB.US)$ The stock rose more than 4% in pre-market trading, as the commercial space theme continues to be fueled by SpaceX IPO expectations. The impact of SpaceX’s oversubscribed offering extends beyond the primary market—it redirects secondary market capital toward scarce aerospace supply chain names. Rocket Lab, as one of the few publicly traded companies with both launch services and satellite manufacturing capabilities, naturally becomes the most direct beneficiary.
Implied volatility rankings (underlying market cap > $10 billion and options trading volume > 100,000)
$Applied Optoelectronics (AAOI.US)$Implied volatilityHighest at 146.38%, up 1.63% from the previous trading day. Applied Optoelectronics signed a QuantumLink remote management software supply agreement with Spectrum.
Today's Options Opportunity Preview From today’s US pre-market activity, market focus has shifted back to AI infrastructure, but trading sentiment has clearly diverged. $Oracle (ORCL.US)$ The stock fell about 7.04% in pre-market trading, becoming a source of pressure for tech stocks today. The company's revenue and cloud business performance were not weak—cloud infrastructure growth remains robust—but the market is more concerned about the continued upward revision of AI data center investment scale. Capital expenditure pressure and free cash flow burn have once again become central to valuation. Today’s trading logic for ORCL reflects a shift among AI cloud providers from 'order-driven valuation' to 'return-cycle scrutiny.' Previously, the market was willing to assign Oracle a higher valuation because OCI secured large-scale AI orders, rapidly increasing its remaining performance obligations. However, if capital expenditures rise significantly faster than profit and cash flow realization, investors will begin reassessing the true value embedded in this AI cloud growth trajectory. On the options side, implied volatility (IV) naturally declines after earnings, but given the significant drop in share price, demand for put-side protection may remain active. Key attention today is whether the $183 level holds. If the stock opens below this level with heavy volume and continues downward, it could trigger additional post-earnings stop-loss selling. Conversely, a quick recovery of losses would suggest that traders still view it as a temporary mispricing within the AI cloud infrastructure theme. $Rocket Lab (RKLB.US)$ The stock rose more than 4% in pre-market trading, as the commercial space theme continues to be fueled by SpaceX IPO expectations. The impact of SpaceX’s oversubscribed offering extends beyond the primary market—it redirects secondary market capital toward scarce aerospace supply chain names. Rocket Lab, as one of the few publicly traded companies with both launch services and satellite manufacturing capabilities, naturally becomes the most direct beneficiary.
$Fermi (FRMI.US)$ Implied volatility increased the most, reaching 145.93%, up 8.91% from the previous trading day. JMP Securities analysts noted that OpenAI may be evaluating a large-scale capacity collaboration agreement with Fermi.
Today's Options Opportunity Preview From today’s US pre-market activity, market focus has shifted back to AI infrastructure, but trading sentiment has clearly diverged. $Oracle (ORCL.US)$ The stock fell about 7.04% in pre-market trading, becoming a source of pressure for tech stocks today. The company's revenue and cloud business performance were not weak—cloud infrastructure growth remains robust—but the market is more concerned about the continued upward revision of AI data center investment scale. Capital expenditure pressure and free cash flow burn have once again become central to valuation. Today’s trading logic for ORCL reflects a shift among AI cloud providers from 'order-driven valuation' to 'return-cycle scrutiny.' Previously, the market was willing to assign Oracle a higher valuation because OCI secured large-scale AI orders, rapidly increasing its remaining performance obligations. However, if capital expenditures rise significantly faster than profit and cash flow realization, investors will begin reassessing the true value embedded in this AI cloud growth trajectory. On the options side, implied volatility (IV) naturally declines after earnings, but given the significant drop in share price, demand for put-side protection may remain active. Key attention today is whether the $183 level holds. If the stock opens below this level with heavy volume and continues downward, it could trigger additional post-earnings stop-loss selling. Conversely, a quick recovery of losses would suggest that traders still view it as a temporary mispricing within the AI cloud infrastructure theme. $Rocket Lab (RKLB.US)$ The stock rose more than 4% in pre-market trading, as the commercial space theme continues to be fueled by SpaceX IPO expectations. The impact of SpaceX’s oversubscribed offering extends beyond the primary market—it redirects secondary market capital toward scarce aerospace supply chain names. Rocket Lab, as one of the few publicly traded companies with both launch services and satellite manufacturing capabilities, naturally becomes the most direct beneficiary.
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
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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