The Nasdaq and the Dow fell slightly on Wednesday (Feb 11), while the S&P 500 made no progress in either direction as a stronger-than-expected employment report eased worries about the economy but also fueled bets that the Federal Reserve could slow its interest-rate cuts.
Regarding the options market, a total volume of 59,743,839 contracts was traded on Wednesday, of which 58% were call options.
Top 10 Option Volumes
Top 10: NVDA, TSLA, XOM, AAPL, AMZN, MSFT, HOOD, PLTR, MU, META
Source: Tiger Trade App
Micron’s stock shot about 10% higher on Wednesday. CFO Mark Murphy said the company “is in the best competitive position it’s ever been in, at a perfect time.”
Most of the demand is being driven by the artificial-intelligence buildout, the CFO said, and he sees demand getting even stronger now that hyperscalers including Alphabet’s Google and Amazon Web Services just raised capital-spending forecasts in their recent earnings reports. As AI models get larger and more complex, memory is becoming a more crucial component to support longer context windows, or the amount of data a model is processing at one time.
The AI-driven demand has led to intense supply shortages in the memory and storage markets, however — a dynamic that Murphy noted has helped the company’s “positive financial performance.” Micron and other memory and storage companies at the center of the demand boom have been able to raise prices on products due to the supply tightness. At the same time, the companies have been reluctant to add more capacity out of fear of ending up in an oversupply if demand slows down.
A total number of 577.11K MU option contracts was traded on Wednesday, of which 63% were call options. Call options related to Micron showed huge gains on Wednesday. For example, the $410 strike call options expiring this week soared 394.34% on Wednesday.
Source: Tiger Trade App
Unusual Options Activity
Shares of data-center-infrastructure provider Vertiv soared 24.5% to $248.81 after the company's outlook for 2026 simply smashed expectations. Vertiv announced fourth-quarter earnings per share of $1.36 from sales of $2.9 billion. Wall Street was looking for $1.29 from sales of $2.9 billion.
It was an earnings beat. Orders were strong, too, up 252% year over year and up 117% sequentially from the third quarter of 2025.
"Higher expectations bar into the quarter notwithstanding, orders strength was remarkable," wrote Oppenheimer analyst Noah Kaye on Wednesday. "And management, seeing robust pipeline growth across all technologies and regions, expects continued orders growth in 2026."
A total number of 203,819 Vertiv option contracts was traded on Wednesday, 4.9 times higher than the 90-day average trading volume. A particularly high bulk order sold a total number of 16.24K $190 put stike expiring April 17 on Wednesday.
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