Oscar Health Inc. shares rallied as much as 16% on Friday, propelling the health-insurance technology firm through a key chart level near $18 and sparking a wave of speculative trading. The advance followed two days of heightened activity in the options market, underscoring intensifying retail interest in momentum stocks. About 223,000 call contracts changed hands during the session, eclipsing Wednesday’s then-record 152,000, according to exchange data cited by traders. The most active strike was the June 22 call, with roughly 6,700 lots traded—more than triple existing open interest—and driving implied volatility roughly nine percentage points higher to about 93%. The burst of derivatives activity arrives ahead of Oscar’s next earnings release, expected in early August, and amid analyst forecasts of roughly 70% compound annual earnings growth through 2027. At around 11 times projected 2027 earnings, some market participants argue the stock retains further upside if those estimates hold. Oscar’s move highlights a broader revival in retail risk appetite. Goldman Sachs estimates individuals accounted for 18.5% of U.S. options volume last week, while penny stocks represented a record 47.4% of total equity turnover—more than double the levels seen during the 2020-21 meme-stock boom.