Nomura Flags Resumption of Call Buying in Core AI Stocks

Nomura reported a resumption of notable call buying in several core AI names over the past week, a development the firm says warrants monitoring. The bank identified specific trading activity in CoreWeave (CRWV), Nebius (NBIS), and Digital Realty Trust (DRAM).

In CRWV, Nomura tracked $69 million in premium with a delta of 3M shares, or $170 million. This activity included the purchase of 21,000 April 80 calls at $7.15 on October 22, 25,000 March 85 calls at $8.07 on October 21, 20,000 April 90 calls at $8.07 on October 15, and 20,000 March 80 calls at $8.85 on October 14.

For NBIS, the bank noted $25.7 million in premium with a delta of 500k shares, or $80 million. This comprised the buying of 7,500 March 230 calls at $16.07 on October 22 and 7,500 April 260 calls at $18.15 on October 21.

In DRAM, Nomura observed $20 million in premium with a delta of 1.9M shares, or $85 million. The reported trades included the purchase of 27,000 April 60 calls at $3.40 on October 22 and 30,000 March 60 calls at $3.65 on October 21.