AI Infrastructure Stocks Tumble. Can More Big Tech Earnings Revive the Trade?
QQQ Skew Turns Bullish, SPX Support Climbs to 7,440 as Downside Hedges Unwind | Options Market Statistics
Pre-Market Outlook
$Invesco QQQ Trust(QQQ.US)$ rises 1.38% pre-market, $SPDR S&P 500 ETF(SPY.US)$ rises 0.61% pre-market. Microsoft's Azure cloud revenue surged 43% year-over-year, exceeding $100 billion annually, sparking a broad rally in AI infrastructure stocks. Memory companies like $Micron Technology (MU.US)$ and $SK hynix (SKHY.US)$, along with AI data center operators including $CoreWeave (CRWV.US)$, posted strong gains as market confidence in the AI investment cycle returned.
QQQ's 25-delta put-call IV skew has pulled back to roughly 5.5 dropping below both its 20-day (~6.5) and 250-day (~6.0) averages signaling easing demand for downside protection and a slightly bullish tilt in options positioning.
![Pre-Market Outlook [Share Link: $Invesco QQQ Trust(QQQ.US)$] rises 1.38% pre-market, [Share Link: $SPDR S&P 500 ETF(SPY.US)$] rises 0.61% pre-market. Microsoft's Azure cloud revenue surged 43% year-over-year, exceeding $100 billion annually, sparking a broad rally in AI infrastructure stocks. Memory companies like $Micron Technology (MU.US)$ and $SK hynix (SKHY.US)$, along with AI data center operators including $CoreWeave (CRWV.US)$, posted s...](https://ussnsimg.moomoo.com/sns_client_feed/70905574/20260731/web-1785490469866-uhB2KCCGGu.png/big?area=100&is_public=true&imageMogr2/ignore-error/1/format/webp)
Options market data show that QQQ had a Put/Call volume ratio that rose to 1.16 on the last trading day, with implied volatility (IV) at 27.57%.
![Pre-Market Outlook [Share Link: $Invesco QQQ Trust(QQQ.US)$] rises 1.38% pre-market, [Share Link: $SPDR S&P 500 ETF(SPY.US)$] rises 0.61% pre-market. Microsoft's Azure cloud revenue surged 43% year-over-year, exceeding $100 billion annually, sparking a broad rally in AI infrastructure stocks. Memory companies like $Micron Technology (MU.US)$ and $SK hynix (SKHY.US)$, along with AI data center operators including $CoreWeave (CRWV.US)$, posted s...](https://ussnsimg.moomoo.com/sns_client_feed/70905574/20260731/web-1785489676442-tbRPmh316q.png/big?area=100&is_public=true&imageMogr2/ignore-error/1/format/webp)
$Amazon(AMZN.US)$ rises 11.76% pre-market, Amazon Reports Q2 Earnings July 30 with AWS Revenue Hitting $42.2B, 37% Growth. Options market data show that its Put/Call volume ratio fell to 0.54 on the last trading day, with implied volatility (IV) at 49.76%. The highest-volume contract expiring 2026-07-31 is the $250 strike call options, up 270.46% on last session.
![Pre-Market Outlook [Share Link: $Invesco QQQ Trust(QQQ.US)$] rises 1.38% pre-market, [Share Link: $SPDR S&P 500 ETF(SPY.US)$] rises 0.61% pre-market. Microsoft's Azure cloud revenue surged 43% year-over-year, exceeding $100 billion annually, sparking a broad rally in AI infrastructure stocks. Memory companies like $Micron Technology (MU.US)$ and $SK hynix (SKHY.US)$, along with AI data center operators including $CoreWeave (CRWV.US)$, posted s...](https://ussnsimg.moomoo.com/sns_client_feed/70905574/20260731/web-1785489705305-Nt3BZb0RJF.png/big?area=100&is_public=true&imageMogr2/ignore-error/1/format/webp)
$Microsoft(MSFT.US)$ falls 0.68% pre-market, Microsoft Reports Q4 Earnings with Azure Growth Exceeding Expectations at 43%. Options market data show that its Put/Call volume ratio fell to 0.4 on the last trading day, with implied volatility (IV) at 34.66%. The highest-volume contract expiring 2026-07-31 is the $460 strike call options, up 453.61% on last session.
![Pre-Market Outlook [Share Link: $Invesco QQQ Trust(QQQ.US)$] rises 1.38% pre-market, [Share Link: $SPDR S&P 500 ETF(SPY.US)$] rises 0.61% pre-market. Microsoft's Azure cloud revenue surged 43% year-over-year, exceeding $100 billion annually, sparking a broad rally in AI infrastructure stocks. Memory companies like $Micron Technology (MU.US)$ and $SK hynix (SKHY.US)$, along with AI data center operators including $CoreWeave (CRWV.US)$, posted s...](https://ussnsimg.moomoo.com/sns_client_feed/70905574/20260731/web-1785489747435-DBa9VSujO3.png/big?area=100&is_public=true&imageMogr2/ignore-error/1/format/webp)
Last Session Options Market Recap
Index Options
EST July 30, U.S. index options volume edged higher, totaling 6.76M contracts. The put/call ratio went down to 0.99.
![Pre-Market Outlook [Share Link: $Invesco QQQ Trust(QQQ.US)$] rises 1.38% pre-market, [Share Link: $SPDR S&P 500 ETF(SPY.US)$] rises 0.61% pre-market. Microsoft's Azure cloud revenue surged 43% year-over-year, exceeding $100 billion annually, sparking a broad rally in AI infrastructure stocks. Memory companies like $Micron Technology (MU.US)$ and $SK hynix (SKHY.US)$, along with AI data center operators including $CoreWeave (CRWV.US)$, posted s...](https://ussnsimg.moomoo.com/sns_client_feed/70905574/20260731/web-1785489800512-DTU6mcNMoK.png/big?area=100&is_public=true&imageMogr2/ignore-error/1/format/webp)
For $S&P 500 Index (.SPX.US)$ options expiring on today trading session, the gamma exposure map shows call positioning building at 7,500 versus yesterday, while the Put Wall has climbed to 7,440, both hallmarks of improving bullish sentiment.
![Pre-Market Outlook [Share Link: $Invesco QQQ Trust(QQQ.US)$] rises 1.38% pre-market, [Share Link: $SPDR S&P 500 ETF(SPY.US)$] rises 0.61% pre-market. Microsoft's Azure cloud revenue surged 43% year-over-year, exceeding $100 billion annually, sparking a broad rally in AI infrastructure stocks. Memory companies like $Micron Technology (MU.US)$ and $SK hynix (SKHY.US)$, along with AI data center operators including $CoreWeave (CRWV.US)$, posted s...](https://ussnsimg.moomoo.com/sns_client_feed/70905574/20260731/web-1785489820913-n6qeYZV8bh.png/big?area=100&is_public=true&imageMogr2/ignore-error/1/format/webp)
Single Stocks Options
$IREN Ltd (IREN.US)$ closed up 30.54%, with 569.40K option contracts traded; the put/call ratio climbed to 0.89.
![Pre-Market Outlook [Share Link: $Invesco QQQ Trust(QQQ.US)$] rises 1.38% pre-market, [Share Link: $SPDR S&P 500 ETF(SPY.US)$] rises 0.61% pre-market. Microsoft's Azure cloud revenue surged 43% year-over-year, exceeding $100 billion annually, sparking a broad rally in AI infrastructure stocks. Memory companies like $Micron Technology (MU.US)$ and $SK hynix (SKHY.US)$, along with AI data center operators including $CoreWeave (CRWV.US)$, posted s...](https://ussnsimg.moomoo.com/sns_client_feed/70905574/20260731/web-1785489940426-ca5Y7iUCyn.png/big?area=100&is_public=true&imageMogr2/ignore-error/1/format/webp)
$Meta Platforms (META.US)$ closed down 7.95%, with 1.03M option contracts traded; the put/call ratio climbed to 0.58. Meta's Q2 earnings miss expectations as AI infrastructure spending surge causes free cash flow to plummet 91% to $784 million.
![Pre-Market Outlook [Share Link: $Invesco QQQ Trust(QQQ.US)$] rises 1.38% pre-market, [Share Link: $SPDR S&P 500 ETF(SPY.US)$] rises 0.61% pre-market. Microsoft's Azure cloud revenue surged 43% year-over-year, exceeding $100 billion annually, sparking a broad rally in AI infrastructure stocks. Memory companies like $Micron Technology (MU.US)$ and $SK hynix (SKHY.US)$, along with AI data center operators including $CoreWeave (CRWV.US)$, posted s...](https://ussnsimg.moomoo.com/sns_client_feed/70905574/20260731/web-1785489953172-9uoKRfSYIs.png/big?area=100&is_public=true&imageMogr2/ignore-error/1/format/webp)
Top 10 Stocks With Highest Daily Options Volume
Among the top 10 stocks by options volume, $Apple (AAPL.US)$ has the highest put/call trading volume ratio at 0.90. Apple beats Q3 expectations but Q4 guidance falls short of Wall Street estimates due to supply constraints and rising memory costs.
The highest put/call open interest ratio is $Micron Technology (MU.US)$ at 1.22. Micron Technology surges 18% as Amazon raises capex to $220 billion and strong memory demand outlook.
![Pre-Market Outlook [Share Link: $Invesco QQQ Trust(QQQ.US)$] rises 1.38% pre-market, [Share Link: $SPDR S&P 500 ETF(SPY.US)$] rises 0.61% pre-market. Microsoft's Azure cloud revenue surged 43% year-over-year, exceeding $100 billion annually, sparking a broad rally in AI infrastructure stocks. Memory companies like $Micron Technology (MU.US)$ and $SK hynix (SKHY.US)$, along with AI data center operators including $CoreWeave (CRWV.US)$, posted s...](https://ussnsimg.moomoo.com/sns_client_feed/70905574/20260731/web-1785489969602-FPXDhPaAg8.png/big?area=100&is_public=true&imageMogr2/ignore-error/1/format/webp)
Top 10 Stocks With Highest Implied Volatility
$Fermi (FRMI.US)$ has the highest implied volatility and the largest increase, reaching 159.56%, up 4.31% from the previous session. Mizuho maintains buy rating on Fermi but cuts price target from $27 to $11.
$Bitdeer Technologies Group (BTDR.US)$ implied volatility saw the second largest increase, reaching 135.54%, up 2.92% from the previous session. KBW analyst cuts Bitdeer Technologies Group price target from $17 to $14, maintains hold rating.
![Pre-Market Outlook [Share Link: $Invesco QQQ Trust(QQQ.US)$] rises 1.38% pre-market, [Share Link: $SPDR S&P 500 ETF(SPY.US)$] rises 0.61% pre-market. Microsoft's Azure cloud revenue surged 43% year-over-year, exceeding $100 billion annually, sparking a broad rally in AI infrastructure stocks. Memory companies like $Micron Technology (MU.US)$ and $SK hynix (SKHY.US)$, along with AI data center operators including $CoreWeave (CRWV.US)$, posted s...](https://ussnsimg.moomoo.com/sns_client_feed/70905574/20260731/web-1785489987030-AK0BimzYfK.png/big?area=100&is_public=true&imageMogr2/ignore-error/1/format/webp)
by Monta HONG, CFA | Options Strategist
Disclaimer: Options trading entails significant risk and is not appropriate for all customers. It is important that investors read the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Opening new options positions close to or on their expiration date comes with substantial risk of losses for reasons that include potential volatility of the underlying security and limited time to expiration. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period. Certain complex option strategies carry additional risk, including potential losses that may exceed the original investment amount. If applicable, supporting documentation for any claims will be furnished upon request.
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