Meta Platforms also reported earnings after Wednesday’s close. Coming into the earnings, the option market had priced the straddle at 42 points, or 6% of the stock price. That straddle price was cheaper than six of the past 10 post-earnings moves by Meta — meaning that the odds were theoretically slightly in favor of buying the straddle.

Investors continue to underestimate artificial intelligence (AI), the secular tailwinds behind the chipmaker's supercharged growth.

Nvidia stock hit an intraday high Thursday after earnings from Microsoft and Meta Platforms reinforced expectations of continued investment in its artificial-intelligence chips. Nvidia shares reached a record $183.