The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence

The article describes a market shift away from pre-revenue and speculative stocks as investors focus on institutional options activity that signals renewed conviction. It points to semiconductors leading a rotation lower and cites sharp declines for names including Micron Technology (NASDAQ: MU), down about a third in two weeks, and Space Exploration Technologies Corp. (NASDAQ: SPCX), whose IPO momentum cooled after pricing above its range. Options trader Andrew Keene, founder of AlphaShark.com and a 25-year veteran of the Chicago Board Options Exchange, tracks oversized call purchases and expirations rather than fundamentals. He highlights X-Energy (NASDAQ: XE), whose IPO in April reached as high as $37 and later fell nearly two-thirds; an institutional trade bought October 35-strike calls as the shares approached a 52-week low near $13.20. Keene notes XE’s relative strength index dropped below 30. The article also cites Oklo Inc. (NYSE: OKLO), down from around $194 to the $40s, with roughly 50,000 December 90-strike calls as the largest tracked position.