1. $NVDA is call heavy again, P/C down to 0.55, and almost all the action is stacked in the $212.5 calls: 294,586 contracts traded against just 1,189 open interest. That's not existing positions rolling, that's new money piling in same-day, and IV on that strike is pricing 30% versus 17% on the $210s right next door. If spot can't clear $212.5 by the close this is lotto money evaporating, and the richer premium there is a decent spot to sell into if you're already long the stock.
2. $MU's still call heavy, P/C at 0.71, but the mania has backed off. Strike focus shifted back to the ATM $920 calls (spot's $916.80) with IV at 37%, way down from the 57% we saw on the $1000 calls Thursday. Volume on that $920 strike is 75,477 against only 149 open interest, so it's still pure same-day churn, not conviction building, but the premium's a lot less frothy than it was.
3. $AAPL, $META, $GOOGL and $AMZN are all showing P/C ratios under 0.45, the crowd's leaning call heavy across the board today, nothing new for this tape. The one thing that stands out: $GOOGL's $355 calls are pricing 39% IV while every other nearby strike sits at 16 to 26%, somebody's paying up for a specific pop the rest of the chain isn't pricing in. Meanwhile $SMH quietly cooled off from last week's put heavy tape (P/C back to 1.08 from 1.60), but the Aug 26 $510 puts are still pulling 52% IV on thin open interest, so someone's still paying for downside insurance on chips even as the front month noise calms down.
Aggregated and distilled by Two Sentence Traders. Not financial advice.