Market Overview

The S&P 500 ended down from record highs on Friday (Aug. 29), with losses in Dell, Nvidia and other AI-related stocks, while investors parsed inflation data showing tariffs have started feeding into prices.

Regarding the options market, a total volume of 60,044,724 contracts was traded, up 15% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, BABA, VIX, AAPL, OPEN, PLTR, MSTR, AMD, SMCI

Source: Tiger Trade App

Nvidia shares dipped 3.3% on Friday, down for a third straight day. The AI heavyweight's quarterly report on Wednesday fell short of investors' high expectations but confirmed that spending related to artificial intelligence infrastructure remains strong. China's Alibaba developed new AI chip to help fill Nvidia void, WSJ reported.

There are 4.82 million Nvidia option contracts traded on Friday, down 8% from the previous trading day. Call options account for 63% of overall option trades. Particularly high volume was seen for the $175 strike call option expiring August 29, with 436,231 contracts trading.

U.S. shares of Alibaba soared 13% and were among the most-traded on Wall Street after the Chinese company reported stronger-than-expected quarterly growth in its cloud computing business, driven by AI-related demand. As well, the Wall Street Journal reported that Alibaba has developed a new AI chip.

There are 3.29 million Alibaba option contracts traded on Friday, up 249% from the previous trading day. Call options account for 73% of overall option trades. Particularly high volume was seen for the $135 strike call option expiring August 29, with 66,978 contracts trading.

Unusual Options Activity

Source: Market Chameleon

Opendoor shares gained more than 4% on Friday. Retail traders, reminiscent of the AMC and GameStop rallies, targeted Opendoor, boosting its stock and then demanding CEO Carrie Wheeler’s removal.

There are 1.02 million Opendoor option contracts traded on Friday, up 38% from the previous trading day. Call options account for 75% of overall option trades. Particularly high volume was seen for the $4.5 strike call option expiring August 29, with 150,452 contracts trading.

Super Micro Computer's shares fell 5.5% on Friday after the artificial intelligence-optimized server maker reiterated weaknesses in internal control over financial reporting.

There are 658.58K Super Micro option contracts traded on Friday, up 287% from the previous trading day. Call options account for 75% of overall option trades. Particularly high volume was seen for the $43.5 strike call option expiring September 5, with 66,287 contracts trading. SMCI 20250905 43.5 CALL

Marvell Technology shares plunged 18.6% on Friday after the artificial intelligence chipmaker’s data center revenue fell short of estimates and it gave lackluster guidance for the current quarter.

There are 609.82K Marvell option contracts traded on Friday, up 68% from the previous trading day. Call options account for 52% of overall option trades. Particularly high volume was seen for the $65 strike call option expiring August 29, with 20,582 contracts trading.

TOP 10 S&P 500 Bullish & Bearish

This report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).

If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.

Based on option delta volume, traders bought a net equivalent of 393,764 shares of Huntington Bancshares stock. The largest bullish delta came from buying calls. The largest delta volume came from the 19-Sep-25 18 Call, with traders getting long 388,631 deltas on the single option contract. HBAN 20250919 18.0 CALL

Top 10 bullish stocks: HBAN, NVDA, KEY, HPE, XOM, PG, TTD, BAC, QCOM, TSLA

Top 10 bearish stocks: MU, META, AMD, CRWD, INTC, WBD, KO, FSLR, UNH; WMT

Source: Market Chameleon

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