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.

Wall Street's AI heavyweights added a combined half a trillion dollars in stock market value late on Wednesday after quarterly reports from Microsoft and Meta Platforms showed massive investments in the emerging technology were paying off.