Bears Load Up on AppLovin, Bulls Eye Memory Chips

Options flow on August 13 shows a clear split in market sentiment. Bears are piling into beaten-down names. Bulls are chasing the red-hot semiconductor trade.

AppLovin: Puts Rule the Flow

AppLovin stands out as the week's most notable bearish options target. The stock has crashed 52.7% year-to-date. It ranks among the top names for negative options bets over the past seven days. Its RSI has fallen to 28 — deeply oversold territory. Traders are not buying the dip yet. They are hedging further downside ahead of Q2 results.

Chips Draw the Bull Money

The biggest bullish call flow this week is in memory semiconductors. Micron Technology and Sandisk lead the positive bets table. Micron is up 204% year-to-date. Sandisk has surged 435%. Both face upcoming earnings. Options traders are loading calls, betting the AI-driven memory boom has further to run.

NVIDIA also attracts consistent call volume. Its $5.4 trillion market cap and 39% analyst upside keep bulls engaged.

Quantum Stocks: Borrow Locked, Sentiment Mixed

IonQ carries a short score of 67 and a days-to-cover of 5.3. Borrow on related quantum names is nearly locked up. Options traders face a tricky setup — high short interest meets an earnings catalyst approaching. A squeeze risk is real.

VIX Context

The broader tape is complacent. The VIX fear gauge has dropped back to pre-geopolitical-risk levels, according to FT Markets data. Low volatility keeps options premiums cheap. That makes this week's large directional bets — particularly the APP puts and memory calls — even more deliberate. Traders are making conviction plays, not just hedging noise.