Bearish Bets Rise Ahead of Key Earnings

Options sentiment leaned negative across several big names Tuesday, with cybersecurity and chip stocks drawing fresh bearish flow and a key index rebalance putting MRNA in the spotlight.

The HACK cybersecurity ETF saw its short interest spike 92% over one week to 1.13% of float. That is a sudden and sharp move. It signals fresh bearish positioning in a sector that has had a volatile 2026. The cost to borrow on HACK remains low at 0.69%, meaning more short-sellers can still pile in cheaply.

NVDA stayed in the headlines after a wobble in AI-linked names earlier this week. CNBC noted chip stocks failed to hold a rebound. NVDA's short score sits at 30, but its analyst upside estimate is a notable 56%, suggesting the bull case still has many backers.

The biggest options-adjacent story may be MRNA. ORTEX Index Rebalance Radar forecasts an 88% probability that Moderna re-joins the MSCI World index at the November review. That would force an estimated $4.4 billion of tracker buying, equivalent to 1.1 days of normal volume. Moderna's short interest stands at 8.9% of free float. The announcement is due on 11 November. Past MSCI World additions have moved a median of minus 4.3% from announcement to effective date. That creates a two-sided trade for options players: front-run the buying, or fade the post-announcement drift.

PYPL reports Q3 earnings soon. Its short score is 35 and analysts see only 3.5% upside. Options flow in the next few sessions will be worth watching closely.

The Schwab U.S. Large-Cap Growth ETF (SCHG) also flashed a signal. Short interest jumped 106% in a single day to 3.1 million shares, the largest daily jump in recent weeks. That is a broad macro hedge, not a single-stock bet.