Meta Stock on Sidelines Amid Reported AI Delays

While tech stocks rally, Meta Platforms Inc (NASDAQ:META) is moving in the opposite direction, down 2% to trade at $625 at last check. The New York Times reported the tech titan has pushed the debut of its AI model 'Avocado' to May or June. The report also indicated Meta's 'Frontier' AI model had fallen short of performance tests.

META is eyeing its lowest close since Jan. 21 and is heading for its third-straight weekly loss. Paring losses today will be something to watch, with the shares testing a trendline connecting prior lows from November and January.

Though calls have been outweighing puts on an absolute basis, puts have been picked up at a much faster-than-usual rate of late. META's 10-day put/call volume ratio of 0.74 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks just one percentage point from a record high.

Today, call activity has picked back up. At last look, 195,000 calls have changed hands, volume that's double the average intraday amount. The expiring weekly 3/13 options are among the top most active contracts, with the 720-strike call the most popular.