Bulls Already Hot on Apple Stock Before WWDC

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The tech giant reportedly has plans to enter the AI space

The Worldwide Developer’s Conference (WWDC) is currently underway, and Apple Inc (NASDAQ:AAPL) appears to have plans to enter the artificial intelligence (AI) space. Bloomberg reported the tech giant is expected to announce a partnership with OpenAI and launch “Apple Intelligence.” So far, the company already announced iOS 18, AirPod updates, and VisioOS 2.

Despite hitting a new 2024 peak of $197.30 earlier in the session, AAPL was last seen down 1.1% to trade at $194.79. Shares have relied on support from the 20-day moving average since early May, and sport a 13.1% quarter-to-date lead, but are flat this year.

Apple stock is often featured on Schaeffer’s Senior Quantitative Analyst Rocky White’s list of stocks that have attracted the highest options volume during the last 10 days, and this week is no different. Bullish bets have been popular during the past two weeks, with 5,642,053 calls and 2,617,721 puts traded. The most popular contract was the weekly 6/7 195-strike call.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), AAPL’s 50-day call/put volume ratio of 2.04 ranks higher than 90% of annual readings. This indicates long-term bullish bets have been popular as well.