CoreWeave (NASDAQ:CRWV) stock is surging 21% to trade at $109.26 after the AI cloud provider's $2.58 billion in revenue more-than-doubled from a year prior, surpassed estimates of $2.56 billion, and overshadowed narrower-than-expected earnings of $1.03. The company also raised it full-year outlook to $13.2 billion.
CRWV has staged a nifty rebound off its late-July pullback to $60. The stock is up 48% in August alone but is down 29% in the last 52 weeks. A short squeeze could keep the wid at the equity's back though. Short interest is down 20% in the most recent reporting period, yet the 64.36 millions shares sold short accounting for 17.61% of the stock's available float.
The stock also sports a 10-day put/call volume ratio of 0.65 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits in the 87th percentile of its annual range, so while calls are still outflanking puts on an absolute basis, the high percentile hints at a healthier-than-usual appetite for bearish bets of late.
Options traders are swarming the Nvidia chip supplier today. At last look, over 30,000 calls and 20,000 puts across the tape, volume that is six times the average intraday amount. The most popular option by far is the August 100 call while positions open at the weekly 8/14 110-strike call.
