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.

U.S. stock futures rose on Thursday after ending on a mixed note on Wednesday. Futures of major benchmark indices were higher, except for the small-cap gauge Russell 2000.

Investors continue to underestimate artificial intelligence (AI), the secular tailwinds behind the chipmaker's supercharged growth.