New Delhi, May 15 -- U.S. stocks have been on a tear, with the S&P 500 rising nearly 20% from the lows of late March and plowing past risks linked to surging oil prices, rising inflation, and the Iran war.

Tech stocks have been scorching, with the Nasdaq rising nearly 30% from its March 30 nadir, powered in part by an astonishing gain of nearly 70% for an index of chip stocks and a 25% surge in the value of the Magnificent Seven.

But developments in the options market are starting to raise questions about the strength of the spring rally and its staying power into the summer months.

Similar questions arose five years ago during the demise of meme stocks, which got that name because they rise and fall with social media buzz and not busi...