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Marvell Technology and Rigetti Computing See Heavy Bullish Call Buying

On December 4, tech trading sentiment strengthened notably, with AI infrastructure and quantum computing emerging as two high-beta themes attracting aggressive capital flows. Both $Marvell Technology(MRVL)$   and $Rigetti Computing(RGTI)$   recorded sizable bullish call buying accompanied by significant increases in open interest, reflecting clear directional positioning by institutional investors.

Marvell: Earnings and M&A Reinforce AI Narrative as Institutions Take a $3.65M ITM Call Position

MRVL saw a notable options anomaly today:2,900 contracts of the 90C (2026-01-02) were purchased, totaling roughly $3.65 million in premium — almost entirely new open interest.

The trade printed on the ask, indicating aggressive execution and strong directional intent. With a Delta near 0.8, the contract is highly sensitive to spot price movements, making it a classic short-term offensive position.

The buying emerged as MRVL consolidates near recent highs following upbeat earnings and M&A catalysts. The company reported strong data-center revenue growth, announced a $5 billion share repurchase program, and unveiled a $3.25 billion acquisition of photonic-chip firm Celestial AI — a move that strengthens its long-term positioning in AI interconnects and advanced optical architectures, offering differentiation beyond Nvidia and Broadcom.

With multiple tailwinds in place, institutions opted to further increase exposure via near-term ITM calls, signaling continued optimism toward AI-driven orders and market sentiment over the coming weeks.

Rigetti: Quantum Computing Theme Heats Up as $1.05M Call Position Accelerates a Sharp Rally

Quantum-computing stocks surged across the board today, becoming one of the strongest-performing themes in tech. Small-cap names such as $IonQ Inc (IONQ.US)$ and RGTI posted double-digit gains as risk appetite swung sharply toward high-beta momentum plays. Within this backdrop, RGTI exhibited particularly outsized volatility.

Early in the session, RGTI recorded a large, highly directional bullish call trade:

– 3,500 contracts of the 27C (2026-01-09)

– ~$1.05 million in premium

– Open interest only 20 contracts prior to the trade → essentially a from-zero build of a new position

The call was established before the equity began its sharp move, after which RGTI shares surged more than 15% intraday, with the option's value jumping in tandem.

Fundamentally, RGTI remains in an early commercialization stage with limited revenue, but its most recent quarter showed narrowing losses and a cash balance exceeding $500 million, giving it operational runway to continue QPU development. Due to its small float and high elasticity, RGTI is often among the first names targeted when quantum-related sentiment intensifies. Today's large aggressive call purchase fits the pattern of offensive positioning during theme-driven breakouts.

Summary

Today's large, aggressive bullish call activity in MRVL and RGTI reflects accelerating institutional positioning amid improving sentiment across major tech themes. MRVL's flow reinforces the medium-term AI infrastructure narrative, while RGTI’s activity highlights the extreme event-driven elasticity within the quantum-computing trade.

In the near term, rising sentiment may also bring wider volatility, though capital remains firmly anchored to these leading tech themes. Over the medium term, investors should monitor MRVL's earnings follow-through and RGTI's technical progress. Allocation across AI infrastructure and high-beta thematic names can be adjusted based on individual risk appetite to capture structural opportunities amid heightened market momentum.

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