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What's trending in US stocks | Earnings week for tech giants! Google, Tesla, and Intel all report re
Option Mover The Moo
joined discussion · Jun 25 17:28

Daily Options Outlook | Micron’s Earnings Ignite a Memory Super Cycle; Qualcomm’s Data Center Pivot Sparks a New AI Chip Segment

Today's Options Opportunity Preview
In pre-market U.S. trading today, AI-related trades have refocused on two key themes: earnings validation and incremental market opportunities.
$Micron Technology (MU.US)$ The stock surged 16.32% in pre-market trading. The immediate catalyst was its Q3 earnings, which significantly beat expectations across the board—revenue rose sharply, gross margins climbed to exceptionally high levels, and the company provided strong guidance for the next quarter. The CEO defined memory as a strategic asset in the AI era, further reinforcing market pricing around the ‘memory super cycle.’The core of tonight’s MU trade is that HBM and high-end DRAM have evolved from traditional cyclical products into scarce resources within the AI computing supply chain. Previously, the market worried that Micron’s share price had run too far ahead and that earnings expectations were overly optimistic; however, this earnings report validated ongoing memory price increases and supply-demand tightness through strong revenue, gross margins, and forward guidance.
On the options front, Micron Technology's (MU) implied volatility (IV) percentile stands at a lofty 95%, indicating that current option prices have already priced in extremely high expectations for future volatility, placing it at a statistical extreme. IV is likely to decline post-earnings, but given the large gap move in the underlying stock, bullish sentiment on calls may persist. In the near term, watch closely whether the stock can sustainably hold above $1,200 with strong volume. If buying interest remains robust at these elevated levels, capital may continue positioning long around the memory supercycle; if the stock rallies and then pulls back, be cautious of a simultaneous IV crush and profit-taking following earnings realization.
Today's Options Opportunity Preview In pre-market U.S. trading today, AI-related trades have refocused on two key themes: earnings validation and incremental market opportunities. $Micron Technology (MU.US)$ The stock surged 16.32% in pre-market trading. The immediate catalyst was its Q3 earnings, which significantly beat expectations across the board—revenue rose sharply, gross margins climbed to exceptionally high levels, and the company provided strong guidance for the next quarter. The CEO defined memory as a strategic asset in the AI era, further reinforcing market pricing around the ‘memory super cycle.’The core of tonight’s MU trade is that HBM and high-end DRAM have evolved from traditional cyclical products into scarce resources within the AI computing supply chain. Previously, the market worried that Micron’s share price had run too far ahead and that earnings expectations were overly optimistic; however, this earnings report validated ongoing memory price increases and supply-demand tightness through strong revenue, gross margins, and forward guidance. On the options side, MU’s implied volatility (IV) percentile stands at an elevated 95%, indicating that current option prices already reflect extremely high expectations for future price swings—statistically an extreme level. IV will likely decline post-earnings, but given the large upward gap in the underlying stock, call-side sentiment could persist. In the short term, watch whether the stock can hold above the $1,200 level with strong volume. If buying support remains solid at these highs, capital may continue betting on the memory super cycle; if it spikes higher and then pulls back, beware of simultaneous IV crush and profit-taking after earnings confirmation. $Qualcomm (QCOM.US)$ The stock rose 11.... in pre-market trading.
$Qualcomm (QCOM.US)$ The stock rose 11.84% in pre-market trading. The immediate catalyst came from the investor day event, where the company disclosed its 2029 revenue target for data center chips and secured validation from major clients like Meta. The market views this as a pivotal turning point for Qualcomm to break free from the smartphone cycle and enter the AI data center chip market.
Tonight’s trade in QCOM hinges on whether its non-handset business can reshape its valuation framework. Historically, Qualcomm’s valuation has been constrained by concerns over smartphone demand and Apple’s in-house chip substitution. This new data center strategy now offers the market a fresh growth trajectory. If Meta adopts Qualcomm’s next-generation processor, it signals that its low-power, high-efficiency solution has a viable entry point in the AI inference and data center CPU markets.
On the options side, market participants are more actively positioning bullish, with the put-call ratio dropping to 0.37—a level that resonates with technical oversold signals, suggesting heightened market expectations for a near-term rebound in QCOM.
Today's Options Opportunity Preview In pre-market U.S. trading today, AI-related trades have refocused on two key themes: earnings validation and incremental market opportunities. $Micron Technology (MU.US)$ The stock surged 16.32% in pre-market trading. The immediate catalyst was its Q3 earnings, which significantly beat expectations across the board—revenue rose sharply, gross margins climbed to exceptionally high levels, and the company provided strong guidance for the next quarter. The CEO defined memory as a strategic asset in the AI era, further reinforcing market pricing around the ‘memory super cycle.’The core of tonight’s MU trade is that HBM and high-end DRAM have evolved from traditional cyclical products into scarce resources within the AI computing supply chain. Previously, the market worried that Micron’s share price had run too far ahead and that earnings expectations were overly optimistic; however, this earnings report validated ongoing memory price increases and supply-demand tightness through strong revenue, gross margins, and forward guidance. On the options side, MU’s implied volatility (IV) percentile stands at an elevated 95%, indicating that current option prices already reflect extremely high expectations for future price swings—statistically an extreme level. IV will likely decline post-earnings, but given the large upward gap in the underlying stock, call-side sentiment could persist. In the short term, watch whether the stock can hold above the $1,200 level with strong volume. If buying support remains solid at these highs, capital may continue betting on the memory super cycle; if it spikes higher and then pulls back, beware of simultaneous IV crush and profit-taking after earnings confirmation. $Qualcomm (QCOM.US)$ The stock rose 11.... in pre-market trading.
Review of yesterday's options market
Index Options
On June 24 Eastern Time, U.S. equity index options saw elevated trading volumes, with a total of 6.38 million contracts traded. The put-to-call volume ratio rose to 1.17.
As the upcoming expiration date approaches,$S&P 500 Index (.SPX.US)$ Options volume distribution showed the following characteristics: peak put volume occurred at the 7,340 strike, while peak call volume was at the 7,600 strike.
Today's Options Opportunity Preview In pre-market U.S. trading today, AI-related trades have refocused on two key themes: earnings validation and incremental market opportunities. $Micron Technology (MU.US)$ The stock surged 16.32% in pre-market trading. The immediate catalyst was its Q3 earnings, which significantly beat expectations across the board—revenue rose sharply, gross margins climbed to exceptionally high levels, and the company provided strong guidance for the next quarter. The CEO defined memory as a strategic asset in the AI era, further reinforcing market pricing around the ‘memory super cycle.’The core of tonight’s MU trade is that HBM and high-end DRAM have evolved from traditional cyclical products into scarce resources within the AI computing supply chain. Previously, the market worried that Micron’s share price had run too far ahead and that earnings expectations were overly optimistic; however, this earnings report validated ongoing memory price increases and supply-demand tightness through strong revenue, gross margins, and forward guidance. On the options side, MU’s implied volatility (IV) percentile stands at an elevated 95%, indicating that current option prices already reflect extremely high expectations for future price swings—statistically an extreme level. IV will likely decline post-earnings, but given the large upward gap in the underlying stock, call-side sentiment could persist. In the short term, watch whether the stock can hold above the $1,200 level with strong volume. If buying support remains solid at these highs, capital may continue betting on the memory super cycle; if it spikes higher and then pulls back, beware of simultaneous IV crush and profit-taking after earnings confirmation. $Qualcomm (QCOM.US)$ The stock rose 11.... in pre-market trading.
Single Stock Options
$Amazon (AMZN.US)$ The stock closed up 0.07%, with 1.1337 million options contracts traded, and the put-to-call volume ratio rose to 0.59. Amazon’s Prime Day got off to a weak start, with average household spending declining 16% year-over-year to $89.
Today's Options Opportunity Preview In pre-market U.S. trading today, AI-related trades have refocused on two key themes: earnings validation and incremental market opportunities. $Micron Technology (MU.US)$ The stock surged 16.32% in pre-market trading. The immediate catalyst was its Q3 earnings, which significantly beat expectations across the board—revenue rose sharply, gross margins climbed to exceptionally high levels, and the company provided strong guidance for the next quarter. The CEO defined memory as a strategic asset in the AI era, further reinforcing market pricing around the ‘memory super cycle.’The core of tonight’s MU trade is that HBM and high-end DRAM have evolved from traditional cyclical products into scarce resources within the AI computing supply chain. Previously, the market worried that Micron’s share price had run too far ahead and that earnings expectations were overly optimistic; however, this earnings report validated ongoing memory price increases and supply-demand tightness through strong revenue, gross margins, and forward guidance. On the options side, MU’s implied volatility (IV) percentile stands at an elevated 95%, indicating that current option prices already reflect extremely high expectations for future price swings—statistically an extreme level. IV will likely decline post-earnings, but given the large upward gap in the underlying stock, call-side sentiment could persist. In the short term, watch whether the stock can hold above the $1,200 level with strong volume. If buying support remains solid at these highs, capital may continue betting on the memory super cycle; if it spikes higher and then pulls back, beware of simultaneous IV crush and profit-taking after earnings confirmation. $Qualcomm (QCOM.US)$ The stock rose 11.... in pre-market trading.
$Strategy (MSTR.US)$ The stock closed down 9.35%, with 908,000 options contracts traded, and the put-to-call volume ratio rose to 1.25. Strategy’s share price declined for the sixth consecutive trading day, hitting its lowest level since February 2024, as market concerns over its financing structure continue to intensify.
Today's Options Opportunity Preview In pre-market U.S. trading today, AI-related trades have refocused on two key themes: earnings validation and incremental market opportunities. $Micron Technology (MU.US)$ The stock surged 16.32% in pre-market trading. The immediate catalyst was its Q3 earnings, which significantly beat expectations across the board—revenue rose sharply, gross margins climbed to exceptionally high levels, and the company provided strong guidance for the next quarter. The CEO defined memory as a strategic asset in the AI era, further reinforcing market pricing around the ‘memory super cycle.’The core of tonight’s MU trade is that HBM and high-end DRAM have evolved from traditional cyclical products into scarce resources within the AI computing supply chain. Previously, the market worried that Micron’s share price had run too far ahead and that earnings expectations were overly optimistic; however, this earnings report validated ongoing memory price increases and supply-demand tightness through strong revenue, gross margins, and forward guidance. On the options side, MU’s implied volatility (IV) percentile stands at an elevated 95%, indicating that current option prices already reflect extremely high expectations for future price swings—statistically an extreme level. IV will likely decline post-earnings, but given the large upward gap in the underlying stock, call-side sentiment could persist. In the short term, watch whether the stock can hold above the $1,200 level with strong volume. If buying support remains solid at these highs, capital may continue betting on the memory super cycle; if it spikes higher and then pulls back, beware of simultaneous IV crush and profit-taking after earnings confirmation. $Qualcomm (QCOM.US)$ The stock rose 11.... in pre-market trading.
Top list of options trading volume
Among the top 10 stocks by options trading volume,$Strategy (MSTR.US)$It recorded the highest put-to-call volume ratio, reaching 1.25.
Today's Options Opportunity Preview In pre-market U.S. trading today, AI-related trades have refocused on two key themes: earnings validation and incremental market opportunities. $Micron Technology (MU.US)$ The stock surged 16.32% in pre-market trading. The immediate catalyst was its Q3 earnings, which significantly beat expectations across the board—revenue rose sharply, gross margins climbed to exceptionally high levels, and the company provided strong guidance for the next quarter. The CEO defined memory as a strategic asset in the AI era, further reinforcing market pricing around the ‘memory super cycle.’The core of tonight’s MU trade is that HBM and high-end DRAM have evolved from traditional cyclical products into scarce resources within the AI computing supply chain. Previously, the market worried that Micron’s share price had run too far ahead and that earnings expectations were overly optimistic; however, this earnings report validated ongoing memory price increases and supply-demand tightness through strong revenue, gross margins, and forward guidance. On the options side, MU’s implied volatility (IV) percentile stands at an elevated 95%, indicating that current option prices already reflect extremely high expectations for future price swings—statistically an extreme level. IV will likely decline post-earnings, but given the large upward gap in the underlying stock, call-side sentiment could persist. In the short term, watch whether the stock can hold above the $1,200 level with strong volume. If buying support remains solid at these highs, capital may continue betting on the memory super cycle; if it spikes higher and then pulls back, beware of simultaneous IV crush and profit-taking after earnings confirmation. $Qualcomm (QCOM.US)$ The stock rose 11.... in pre-market trading.
The highest put/call open interest ratio is$Micron Technology (MU.US)$, reaching 1.33. Micron Technology reported third fiscal quarter revenue of $41.46 billion, up 346% year-over-year, and provided fourth-quarter revenue guidance of $50 billion—significantly exceeding expectations.
Today's Options Opportunity Preview In pre-market U.S. trading today, AI-related trades have refocused on two key themes: earnings validation and incremental market opportunities. $Micron Technology (MU.US)$ The stock surged 16.32% in pre-market trading. The immediate catalyst was its Q3 earnings, which significantly beat expectations across the board—revenue rose sharply, gross margins climbed to exceptionally high levels, and the company provided strong guidance for the next quarter. The CEO defined memory as a strategic asset in the AI era, further reinforcing market pricing around the ‘memory super cycle.’The core of tonight’s MU trade is that HBM and high-end DRAM have evolved from traditional cyclical products into scarce resources within the AI computing supply chain. Previously, the market worried that Micron’s share price had run too far ahead and that earnings expectations were overly optimistic; however, this earnings report validated ongoing memory price increases and supply-demand tightness through strong revenue, gross margins, and forward guidance. On the options side, MU’s implied volatility (IV) percentile stands at an elevated 95%, indicating that current option prices already reflect extremely high expectations for future price swings—statistically an extreme level. IV will likely decline post-earnings, but given the large upward gap in the underlying stock, call-side sentiment could persist. In the short term, watch whether the stock can hold above the $1,200 level with strong volume. If buying support remains solid at these highs, capital may continue betting on the memory super cycle; if it spikes higher and then pulls back, beware of simultaneous IV crush and profit-taking after earnings confirmation. $Qualcomm (QCOM.US)$ The stock rose 11.... in pre-market trading.
Implied volatility rankings (underlying market cap > $10 billion and options trading volume > 100,000)
$Bitdeer Technologies Group (BTDR.US)$Implied volatilityIt reached a high of 145.49%, up 6.48% from the previous trading day. Citizens JMP analyst initiated coverage of BIT Mining with a Buy rating and a price target of $35.
$The Wendy's Co (WEN.US)$Implied volatility rose the most, reaching 127.04%, up 127.00% from the previous trading day. Wendy's appointed Steve Sirois as Chief Financial Officer and Chief Strategy Officer, sending its stock soaring over 25% and drawing attention from retail investors.
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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