Traders are positioning for a sharp swing in AppLovin Corp. shares ahead of the mobile-ad technology company’s second-quarter results, due after U.S. markets close on Aug. 6. A weekly at-the-money options straddle expiring Aug. 8 is pricing in a roughly 17% move, according to market-data scans, one of the largest implied shifts among technology names reporting this week. The call-to-put ratio stands near 1.2, suggesting balanced but elevated demand for upside exposure. The heightened options activity follows a 16% advance in AppLovin’s stock over the past five trading days, accompanied by a pick-up in volume that trading desks attribute to institutional buying. Shares last traded near $377, little changed from December despite a rapid improvement in the company’s earnings profile. Wall Street expects AppLovin to post ad-tech revenue of $1.2 billion to $1.27 billion, representing about 70% year-over-year growth. Independent analysts tracking the name project third-quarter 2025 EBITDA of roughly $1.15 billion, which would be about 75% higher than the $653 million reported in the same period a year earlier. The figures make the stock a so-called battleground name, with investors focusing on whether growth momentum can be sustained as the company laps steep comparisons.