With the Nasdaq trading less than 1% off all-time highs from last week, options traders are placing some big bets on two big-tech that haven't made new highs since at least May: Alphabet and Microsoft.

Options volume was more than 50% above the 30-day average in both names Wednesday as equities firmed following economic data in the morning that came in better than expected, including a softer inflation print. Even as bond prices rolled over in the afternoon, Alphabet held onto a 2.7% advance, and Microsoft added 1.8%.

Trading in Alphabet was particularly one-sided and bullish, judging by options flow data compiled across Cboe LiveVol, SpotGamma and Barchart. Total call volume was more than double put-trading, with just shy of 150,000 calls likely initiated by buyers. That compared to fewer than 100,000 calls sold and just 50,000 puts bought.

Among the top 20 transactions by dollar-amount, 14 were bullish, four were neutral, and two bearish in Alphabet โ€“ an unusually slanted stance among the biggest trades of the day, even for a "Magnificent Seven" stock. More than $260 million in premium traded by midday Wednesday, with more than $200 million tied to calls.

The biggest purchase was for in-the-money 250-strike calls expiring next June in GOOGL, with additional heavy call-buying in the 370-strike call expiring Nov. 20, as well as the 350-strike call near the money expiring Friday. The 370-strike calls trade for $11.40 each and need a 9% rally to pay off.

In Microsoft, traders likely bought more than 130,000 calls, compared to fewer than 52,00 puts. They sold about as many calls, but the net delta exposure of trading in the stock suggests traders today prefer Microsoft shares to rise.

Almost $500 million in Microsoft options traded, with $400 million in premium tied to calls, $220 million of which was likely purchased.

While most of the buying was concentrated in deep in-the-money calls, one possible speculative trade stood out: in the Dec. 18 expiry, someone spent $12 million buying 3,000 in-the-money 500-strike calls, and lowered their cost by selling about $2 million of 600-strikes expiring the same day, creating a bullish spread trade with a breakeven near $530, or about 2.3% higher in Microsoft, which would be a new high on a closing basis for Microsoft.