Chips and Crypto Drive Bearish Options Bets

Options markets are flashing caution across two of 2026's biggest themes: semiconductors and crypto-adjacent equities.

NVDA and AMD both sit with RSI readings below 40, a level that often precedes elevated put buying. Chip stocks failed to hold a rebound last week, according to CNBC headlines, and negative options bets on both names rank among the largest in the US market over the past seven days.

Bitcoin's slide to $80,000 has sharply lifted put pressure on MSTR. The stock carries a short score above 31 and an RSI near 35. Traders appear to be positioning for further downside if crypto selling continues.

PCG stands out on the alt-data radar. ORTEX nuclear output data showed the utility running 10.0 standard deviations below its own history as of 21 October. The stock is down 21% year to date, and its options score has climbed, suggesting growing hedging interest ahead of its Q3 results.

ETR tells a similar story. Its reactor output was equally extreme on 25 October. Traders with exposure to the utility sector may be buying protection before either name reports.

California ZEV registration data adds context for TSLA. New electric vehicle sales in the state fell 37% year on year to 80,392 units in July 2026, the smallest Q3 reading in three years. ORTEX records this as a real-economy leading signal. Tesla's options score remains elevated and the stock is down 17% year to date.