U.S. stock futures are headed higher this morning, as Wall Street looks to close out May on a positive note. Despite the tumultuous month, the Nasdaq Composite is poised for a gain of 2.6% in May, with the S&P 500 Index up roughly 1.2%. The Dow Jones Industrial Average, however, is up a mere 0.4% for the month.

Heading into the last trading session of the month, Dow futures have gained 0.19%, S&P 500 futures are up 0.21% and Nasdaq-100 futures have added 0.41%.

On the options front, volume was quite anemic on Tuesday, with only about 12.3 million calls and 10.4 million puts changing hands. Look for volume to pick up considerably today, as traders position themselves ahead of the end of the month. On the CBOE, the single-session equity put/call volume ratio rose to 0.68, while the 10-day moving average also jumped to 0.63 — both readings are at one-week highs.

Heading up Wednesday’s options activity, Tesla Inc (NASDAQ:TSLA) call volume jumped as traders’ anticipation of the Model 3 launch in July continues to grow. Meanwhile, Nvidia Corporation (NASDAQ:NVDA) is breaking out to new highs on ramped up production for the Nintendo Co., Ltd (ADR) (OSTK:NTDOY) Switch. Finally, Micron Technology, Inc. (NASDAQ:MU) broke through $30 after Morgan Stanley lifted its full-year outlook for the company.

Tesla Inc (TSLA)

With production and deliveries on track to begin in a little over a month, Tesla traders are chomping at the bit for the Model 3 to hit the streets. The fervor for the most anticipated electric car ever is hitting a fevered pitch as the launch date approaches, sending TSLA stock soaring to fresh new all-time highs. That said, some are growing increasingly nervous as TSLA stock advances, with valuation concerns sure to arise in the next month.

Options traders appeared less than worried on Tuesday, however, as calls made up 61% of the more than 447,000 contracts traded on TSLA stock. That said, short-term speculators are still hedging their bets. Specifically, the June put/call open interest ratio currently rests at 1.39 for TSLA, meaning that puts outnumber calls among options set to expire within the next month by a healthy margin. Currently, peak put OI for June totals more than 8,000 contracts at the $300 strike, which is just close enough to TSLA stock to represent bets the shares will fall sharply.

Nvidia Corporation (NVDA)

Nvidia scored quite the coup when it landed an exclusive deal to provide the GPU/CPU for the Nintendo Switch. In its first month, the Switch sold more than 2.7 million units, and demand has been so robust that Nintendo has had trouble keeping them on the shelves. Because of this, the company has had to ramp up Switch production, leading to more revenue for Nvidia as a result.

The news was yet another feather in NVDA stock traders’ caps, as the shares continue to march into all-time-high territory. And options traders continue to give chase, sending more than 434,000 contracts across the tape on Tuesday. What’s more, calls made up 60% of yesterday’s take. As with TSLA, however, there are more than a few options bears calling for NVDA stock to fall in the next month. Specifically, the NVDA June put/call OI ratio has risen to 1.37 in the past couple of weeks, as traders hedge against the stock’s meteoric rise.

That said, peak OI totals nearly 20,000 put contracts at the deep out-of-the-money $100 strike, hinting that most of this put activity is likely aimed at capturing premium, or put sell positions.

Micron Technology, Inc. (MU)

MU stock just broke out above key resistance at $30 on Tuesday, after the shares spent nearly two months recovering from their last test of the region back on March 24. Driving the breakout was a bullish research note from Morgan Stanley. The brokerage firm reiterated its “outperform” rating and raised its full-year outlook. According to Morgan Stanley, tight memory chip supply is showing no signs of easing and should heat up demand throughout July, resulting in a more robust bottom line for Micron.

Options traders took the bullish outlook to heart, sending nearly 400,000 contracts across the tape, with calls making up a whopping 76% of the day’s take. Unlike both NVDA and TSLA, however, MU options traders were already quite bullish on the shares. In fact, the June put/call OI ratio currently stands at 0.62, with calls nearly doubling puts among near-term options.

Peak call OI for the month now rests just overhead at $31, totaling more than 33,000 contracts. With MU’s momentum looking to carry over into the open this morning, MU could eclipse this hurdle by the close today.

As of this writing, Joseph Hargett did not hold a position in any of the aforementioned securities.