Key focus.

1,$NVIDIA (NVDA.US)$On the first day of the split, the stock rose nearly 1%, with overnight options trading volume reaching 5.18 million contracts, an increase of nearly 200% from the average daily trading volume, and the call/put ratio increased to 62%. On the options chain, the most active call contract with an expiration date of Friday and a strike price of $130 had a trading volume of 176,000 contracts. Worth noting is a large order with a trading amount of over $10 million that was discovered, where a major investor bought a PUT option with a strike price of $200 expiring on June 21 when the Nvidia stock price was $121.59.

Nvidia has begun trading on a 10-to-1 stock split since Monday. Boosted by strong earnings and guidance, the stock has risen more than 28% since the split was announced. Goldman Sachs stock analyst David Kostin said: "In theory, when a company executes a stock split, the fundamental value of the company should not change. However, empirical research has shown that the announcement of stock splits has positive effects."

2,$Apple (AAPL.US)$The stock fell nearly 2% overnight, with the options trading volume reaching 1.68 million contracts, almost double the average daily trading volume, with a call/put ratio of 72%. Betting against the trend, many call contracts had an active trading volume where the strike price was $200/$195/$197.5 and the expiration date was Friday, with trading volume exceeding 100,000 contracts each. Their open positions were 48,000 contracts, 28,000 contracts, and 15,000 contracts, respectively.

The Apple Worldwide Developers Conference (WWDC) kicked off on Monday Eastern Time. In addition to the routine updates for iOS 18, iPadOS 18, macOS Sequoia, watchOS 11, the long-rumored "Apple Intelligence" suite and the collaboration with OpenAI were finally unveiled to the public. However, judging from Apple's stock performance, the capital markets are not very satisfied with "Apple AI".

3,$GameStop (GME.US)$The stock has fallen nearly 47% over the past two days, with overnight options trading volume of 1.04 million contracts and a call/put ratio down to 57%. The put contracts with a strike price of $20 expiring on Friday had the highest trading volume of 46,000 contracts with an open position of 16,000 contracts. It's worth noting that the call options with an expiration date of June 21 and a strike price of $20, held by the famous investor "Roaring Kitty," fell by about 30% compared to the previous day.

Gamestop released their Q1 earnings early and applied to sell up to 75 million Class A shares. The financial report shows that the company's Q1 revenue was $882 million, down from $1.237 billion in the same period last year, while net loss was $32.3 million, down from $50.5 million in the same period last year. Wedbush analyst Michael Pachter maintains a "sell" rating for Gamestop, with a target price of $13.5 per share.

1. US stock options trading list

2. ETF options trading list.

3. Individual stock implied volatility (IV) ranking.

Risk warning

Options are contracts that give the holder the right to buy or sell an asset at a fixed price on or before a specific date, without any obligation. The price of an option is influenced by various factors, including the current price of the underlying asset, exercise price, expiration time and implied volatility.

Implied volatility reflects the market's expectation for the future volatility of an option, and it is a signal of market sentiment derived from the option pricing model called Black-Scholes (BS). When investors expect greater volatility, they may be willing to pay a higher premium for an option to help hedge risks, thus resulting in a higher implied volatility.

Traders and investors use implied volatility to assess the attractiveness of option prices, identify potential mispricing, and manage risk exposure.

Disclaimer

This content does not constitute an offer, solicitation, recommendation, opinion, or guarantee of any securities, financial products or instruments. The loss risk of buying and selling options could be substantial. In certain circumstances, you may suffer losses exceeding the amount initially deposited as margin. Even if you set up backup instructions, such as stop loss or limit instructions, losses may not be avoided. Market conditions may render such orders impossible to execute. You may be required to deposit additional margin in a very short period of time. If the required amount cannot be provided within the specified time, your open contracts may be closed. However, you are still responsible for any shortfalls in your account arising from this. Therefore, before buying or selling, you should research and understand the options, and consider carefully whether such trading is suitable for you based on your financial situation and investment objectives. If you buy or sell options, you should be familiar with the exercise of options and the procedures at expiration, as well as your rights and obligations when exercising an option or at expiration.

Editor/tolk