Meme stocks might be back, but activity in the options market shows investors aren't exhibiting the same appetite for risky bullish bets this time around. Mandy Xu, head of derivatives market intelligence at Cboe Global Markets,

The market saw a fresh meme stock frenzy this week. While high exuberance can be a contrarian sell signal, sources say the market is still in good shape.

GameStop shares are missing the latest bout of meme-stock trading. They were little changed in early Friday trading, and have posted only modest gains over the past two weeks, even though renewed meme-stock mania has triggered a series of enormous surges and declines on Wall Street.