Earnings season and the AI custom chip narrative are driving unusual options flow across several names today, with bulls and bears both taking large positions ahead of key prints.
CrowdStrike heads into tonight's earnings with the most densely clustered options ladder of the week. Active expiries stack from June 5 through August. Analysts have raised targets repeatedly into the print. ORTEX scores show momentum hitting 77.5 — near a one-month high. Call positioning dominates near-term strikes.
SailPoint options turned notably bullish ahead of its Q1 earnings release. The stock holds only two active expiry dates — June 18 and July 17 — which concentrates flow tightly. Conviction on the call side has risen sharply in the last week.
On the bearish side, Victoria's Secret carried a heavy put position into today's print. Options traders built downside exposure well in advance. Both available expiries — June 18 and July 17 — showed elevated put volume.
The biggest macro options theme right now is custom AI chips. Broadcom and Marvell Technology are the focus after CEO Jensen Huang flagged the sector as the "next trillion-dollar" opportunity. AVGO holds 21 active expiry dates through August — one of the broadest ladders on the market. MRVL has 11 active expiries through August. Both show strong call-side interest building.
ZIM Integrated Shipping presents a contrarian case. ORTEX notes a bearish analyst consensus ahead of earnings. Options traders have loaded puts across seven expiry dates through July 17. Revenue declines frame the bearish setup.
The overall tone in single-stock options is skewed toward calls in AI-adjacent names. Defensive hedging via puts is concentrated in consumer discretionary and shipping. Watch CRWD after the close — it could set the tone for tech options flow into next week.
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.
