Notable Thursday Option Activity: NTGR, AI, CVNA

C3.ai (AI) and Carvana (CVNA) experienced exceptionally high options trading volume today, with AI's volume at 256% and CVNA's at 252.9% of their respective average daily share volumes. This surge was concentrated in long-dated options, specifically AI's July 2025 $30 call and CVNA's August 2025 $270 put, indicating significant long-term directional conviction among investors. The activity suggests a notable bullish outlook for AI and a bearish outlook for CVNA, reflecting increased speculative or hedging interest in these names.

Analysis

C3.ai (AI) and Carvana (CVNA) have both registered exceptional options trading activity, with volumes reaching 256% and 252.9% of their respective average daily share volumes. This surge is not random but is highly concentrated in specific long-dated contracts, signaling strong directional conviction. For C3.ai, the focus is on the July 2025 $30 strike call options, where 14,808 contracts traded, indicating a significant bullish bet on the company's share price exceeding $30 over the next year. Conversely, Carvana saw a notable concentration of activity in the August 2025 $270 strike put options, with 6,100 contracts traded. This represents a substantial bearish position, suggesting market participants are either hedging against or speculating on a significant price decline below $270. The long-term nature of these options implies that this activity reflects more than short-term noise, pointing to fundamental views on the divergent long-term trajectories of these two companies.

Key Decisions for Investors

• Investors should recognize the unusual options volume as a potential leading indicator of increased volatility and a divergence in sophisticated market sentiment for both C3.ai and Carvana.
• The significant bullish positioning in long-dated C3.ai calls may warrant a closer examination of the company's long-term growth catalysts, as it suggests strong conviction in its upside potential.
• The concentrated bearish bets on Carvana via long-dated puts serve as a material risk signal, prompting a need to review downside exposure and scrutinize the company's fundamental outlook for potential weaknesses.