Short interest signals and news flow are pointing to elevated hedging pressure on several names as earnings season kicks off this week.
CoreWeave sits at the sharpest edge. Short interest stands at 33.1% of free float — one of the highest readings in large-cap AI. Bears clearly expect volatility. Availability of borrow is still above 200%, so more shorts can pile in. With the stock up sharply in 2026, the setup favors protective puts.
Chewy is another high-conviction bear target. SI hits 74.8% of free float. Borrow availability remains wide at 537%, meaning the short thesis is active and uncrowded from a supply standpoint.
Wolfspeed is in a class of its own. Short interest exceeds 103% of free float — technically over-shorted. Cost to borrow has jumped to 9.1% APR, up sharply from baseline levels. Zero borrow availability signals maximum squeeze risk for any options seller writing puts.
GameStop carries 13.6% short interest with borrow still available near 94%. Bears have not abandoned it.
On the earnings side, Netflix and UnitedHealth headline next week. Both carry minimal short interest below 2.5%. Options players likely skew to calls on NFLX into results. UNH has faced regulatory pressure — the balance of risk there tilts more two-sided.
Bank of America reports early in the week. Short interest is just 1.4%. Options flow into bank earnings tends to be directional rather than hedging-driven.
The key theme: bears are concentrated in AI infrastructure and speculative names. Earnings season could force rapid position unwinds.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
