Tech investors are defying conventional wisdom. After a three-month, 30% rally in the Nasdaq 100 Index, traders typically cash out and lock in gains. Instead, market participants are positioning for more upside, betting the advance is just getting started.

Options markets reflect this optimism. Call options have become the most expensive relative to puts since 2007, signaling widespread confidence that tech stocks will keep climbing. This pricing dynamic suggests investors expect the rally to extend well into year-end.

The behavior marks a sharp shift from recent years. During the pandemic era, investors often bought dips and sold rallies. Now, they're buying strength, particularly in mega-cap tech names that dominate the Nasdaq.

Market makers are adjusting accordingly, raising premiums on bullish bets while demand remains robust. The positioning implies that any pullback could be shallow, with buyers waiting in the wings. Tech's momentum has created a rare environment where fear of missing out outweighs fear of losing money.