Retail call buying surges on Mag 10 amid AI rally

Cboe reported that retail investors heavily bought call options on its Magnificent 10 Index (MGTN) over a recent 10-day period, the strongest stretch for retail call volume since 2021. New positions were 52% call buys and 17% call sells.

The Magnificent 10 expands the earlier Magnificent 7 by adding Advanced Micro Devices, Broadcom and Palantir. The MGTN index rose 22% from the end of March 2026 through the recent trading period.

Cboe’s data show a marked skew to call purchases among smaller traders during the 10-day stretch, implying roughly three retail traders bought calls for every one who sold them.

The timing of the increased call buying aligned with upcoming technology company earnings, and Cboe’s analysis indicated many retail orders were directional bets rather than option positions held to hedge existing stock exposure.

To meet demand, Cboe plans to list both A.M.- and P.M.-settled options on MGTN and to offer futures and options with trading windows that approach 24-hour, five-day trading. These product listings follow the initial MGTN index product launch in the fourth quarter of 2025.

A.M.-settled options use the index opening price on expiration day to determine settlement. P.M.-settled options use the closing price. Nearly 24×5 trading refers to instruments available for trading almost around the clock on U.S. business days.

Cboe characterized current retail call buying as the highest level of bullishness recorded since the COVID-19 lockdown period.

The exchange highlighted the links between the three added companies and the artificial intelligence supply chain and application layer and noted market participants point to that AI exposure as a factor in recent index gains.