Apple Stock Shows Huge Unusual Put Options Activity Today - All Out-of-the-Money

Apple (AAPL) stock option tranches have had heavy trading volume today. They are all out-of-the-money (OTM) puts that close mostly on Friday. That could be due to both negative and positive sentiment. Nevertheless, AAPL stock still looks undervalued, as I will describe below. 

This heavy options activity could be due to the sharp rally that AAPL stock has had in the last few days. It is trading over $217 per share today, up almost 5%. This is after the company's developer conference on June 10 when it introduced its AI or Apple Intelligence product integrations.