(Bloomberg) -- The number of call options traded in Apple Inc. hit its highest level since 2021 as shares rebounded from a Monday slump to touch a fresh all-time high.

The tech firm saw about 2.4 million calls trade by 2:24 p.m. in New York — quadruple the average number that have changed hands in any given session throughout the past month. Calls outnumbered puts two-to-one, with the bulk of activity concentrated on contracts expiring Friday.

Shifts in implied volatility as well as the high volume of calls suggested “call buying alongside the move in the shares,” according to Susquehanna International Group. Measures of demand for puts and calls pointed to a similar trend, with investors bidding up the latter relative to the former. Respectively, the most traded calls had strike prices of $205 and $200. By midday, shares had already risen above the strike prices, making the contracts worthwhile.

Investors flocked to Apple options after shares sank Monday following its developer conference. The company’s artificial intelligence plans initially failed to impress Wall Street, sending the stock down 1.9% in the session. Shares reversed sharply Tuesday as investors shifted to a more positive read on the event — a common trend that has played out after past Apple announcements.

“This looks like yet another ‘jump on the speculative momentum bandwagon’ trade that’s been impacting several names recently,” said Gareth Ryan, managing director at IUR Capital. “The difference is Apple can actually justify it with the AI rollout. None of the meme-stocks could justify their price action.”

--With assistance from Elena Popina.

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