Quantum computing names are ripping higher on Thursday as traders pile back into aggressive call buying. IonQ $IONQ, Rigetti Computing $RGTI, and D-Wave Quantum $QBTS are all up at least 7 percent by late morning, fueled by a fresh wave of bullish options bets that looks a lot like the sector’s explosive run in September.
IonQ is seeing the most enthusiasm, with nearly fifty thousand call contracts traded already. That is well ahead of its average volume and concentrated in strikes between fifty and fifty five dollars that expire from this Friday through mid January. Its put to call ratio has collapsed to around 0.2, compared to an average above 1 over the past month.
Rigetti is seeing similar momentum. More than sixty five thousand calls have changed hands, almost matching its typical full session total, and the options flow has a noticeable bullish tilt. Rigetti’s put to call ratio sits near 0.7, far below its twenty day average of roughly 1.2.
D-Wave’s options flow is not as heavy as its peers, but it is just as lopsided. The put to call ratio is under 0.3 after upbeat commentary from Evercore ISI on Wednesday.
The enthusiasm is notable because quantum stocks nearly doubled between late August and late September, a stretch powered by expectations of government support, whispers of M&A interest, new technical milestones, and a burst of upbeat analyst calls. Today’s options activity suggests traders think that playbook might be returning.