Market Overview
Wall Street closed higher on Tuesday (Feb. 24), with tech stocks leading the charge as renewed enthusiasm for artificial intelligence offset concerns over potential disruptions caused by the nascent technology.
Regarding the options market, a total volume of 48,253,765 contracts was traded, down 14% from the previous trading day.
Top 10 Option Volumes
Top 10: TSLA, NVDA, AMD, AAPL, AMZN, MSFT, VIX, INTC, PLTR, META
Source: Tiger Trade App
AMD announced it would sell up to $60 billion in AI chips to Meta Platforms over the next five years in a deal that would allow the Facebook parent to buy as much as 10% of the chipmaker. AMD shares jumped 8.8% on Tuesday, while Meta inched 0.3% higher.
There are 1.09 million AMD option contracts traded on Tuesday, up 182% from the previous trading day. Put options account for 53% of overall option trades. Particularly high volume was seen for the $187.5 strike put option expiring February 27, with 79,261 contracts trading. AMD 20260227 187.5 PUT
Unusual Options Activity
Source: Market Chameleon
PayPal stock surged nearly 7% on Tuesday following a report that fintech startup Stripe is weighing buying the payments platform.
There are 297.74K PayPal option contracts traded on Tuesday, down 21% from the previous trading day. Call options account for 83% of overall option trades. Particularly high volume was seen for the $50 strike call option expiring February 27, with 29,369 contracts trading. PYPL 20260227 50.0 CALL
SanDisk shares fell 4.2% on Tuesday after short-seller Citron Research announced a short position in the memory chip maker.
There are 201.18K SanDisk option contracts traded on Tuesday, up 35% from the previous trading day. Call options account for 53% of overall option trades. Particularly high volume was seen for the $600 strike put option expiring February 27, with 19,517 contracts trading. SNDK 20260227 600.0 PUT
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