The Nasdaq-100 Index fell as much as 1.8% Thursday after a Financial Times report that OpenAI’s revenues are falling short of expectations. The put/call ratio for the Invesco QQQ Trust reached 1.49, the highest since the last week of June, as options traders have been positioning for a pullback since August. Despite this hedge buildup, the biggest trades of the session were bullish, including the purchase of 6,500 835-strike calls worth over $8 million, requiring a 14% rally to profit. A $20 million trade placed after market hours took a starkly bearish stance. The market has remained resilient in the face of surging rates and questions about the AI complex.
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