Tech cools, but Evercore pins three bullish options plays on MSFT, META, AAPL

Evercore ISI strategist Julian Emanuel says the tech rally is cooling as earnings roll in, and suggests using bullish risk-reversal option trades on Microsoft, Meta and Apple to gain upside at lower cost: buy the April calls (MSFT 515, META 765, AAPL 265) and sell the corresponding puts (MSFT 435, META 590, AAPL 235). The moves come as the market remains cautious ahead of Big Tech results, with software AI doubts and valuations weighing on tech, while hyperscalers remain a favored purchase archetype.