Options Traders Respond to Alphabet's New AI Model

GOOGL's total options volume is running at four times the intraday average

Digital Content Manager
Dec 7, 2023 at 2:58 PM
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In more artificial intelligence (AI) news, Alphabet Inc (NASDAQ:GOOGL) today launched its Gemini AI model, which could compete with OpenAI, the parent of ChatGPT that is backed by Microsoft (MSFT). At last check, GOOGL is up 5.6% at $137.26.

The options pits are abuzz, with 456,000 calls and 255,00 puts exchanged so far -- four times the intraday average amount. The December 140 call, where new positions are being opened, is the most popular contract.

These traders are getting a bargain, as GOOGL's Schaeffer's Volatility Index (SVI) of 25% stands in the relatively low 16th percentile of annual readings. This means options traders are pricing in lower-than-usual volatility expectations.

Today's surge puts Alphabet stock back above its 20-day moving average, after the $128 level captured a brief pullback earlier in the week. The security could also make another attempt to conquer the $140 mark, where its October rally lost steam. For 2023, GOOGL sports a 55.6% lead.

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