Apple Options Traders Bet on Rally Ahead of July 31 Expiry, Call Contracts Outnumber Puts 1.7x

According to CNBC on July 27, option traders are betting heavily on Apple (AAPL) stock price gains as the company prepares to report earnings on July 30. For Apple options expiring July 31, call options account for $442 million of total $590 million in premium traded, while put options trail significantly. Data from ThinkOrSwim shows investors purchased approximately 560,000 call contracts compared to 332,000 put contracts, signaling stronger bullish conviction. Current option pricing implies Apple stock may move around 4% following earnings release, notably higher than the average 1% post-earnings swing over the past year, according to SpotGamma analysis. Investors view Apple as a defensive hedge against big tech's artificial intelligence spending concerns, with the stock lacking the massive capex commitments of peers.
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