Puts Pile Up as Big Tech Heads Into Earnings Week

Options traders are positioning defensively across several major names ahead of a busy earnings stretch. The heaviest negative options bets over the past seven days landed on MU, META, AMD and NVDA, per ORTEX screening data.

META stands out. The stock's 14-day RSI has dropped to 31.9, close to oversold territory. It is down 6% year-to-date and carries the second-highest negative options flow among large caps this week. The company is due to report Q3 results imminently, which is concentrating near-term expiry activity.

MU leads the negative bets tally despite a 225% gain year-to-date. That divergence suggests hedging rather than outright bearishness. Analysts still see 68% upside from current levels. CRWV (CoreWeave) carries the highest short score of any large-cap name at 67.9, and its options chain runs only to January 2027, pointing to a thinner market for longer-dated protection.

On the bullish side, WM (Waste Management), ICE, and O (Realty Income) all showed 100% positive options flow over seven days, an unusual sweep of call-side dominance across utilities and financials.

The ORTEX Index Rebalance Radar adds another angle. Twist Bioscience jumped overnight to a 55% probability of leaving the Russell 2000 for the Russell 1000, with the ranking cut-off arriving Thursday. A confirmed addition would trigger an estimated $529 million of forced buying and $1.4 billion of Russell 2000 selling, a combination that historically draws options traders ahead of the effective date on 11 December.