Mega-cap tech firms are stealing the volatility crown from smaller companies during earnings season, and options traders are cashing in. First-week options straddles on these firms posted average gains of 23%, according to data from ORATS. The volatility flipPositive earnings results in early August from Microsoft and Amazon triggered stock surges exceeding 5% each. Why AI capex is the new earnings catalystForecasted AI hyperscaler capex for 2026 is estimated in the hundreds of billions. What this means for traders and investorsFor options traders, the shift represents a genuine regime change.