That logic works the other way also (ie: it could just be some huge long in the stock to arb an options position and therefore be a $0 exposure to Apple stock).

That logic works the other way also (ie: it could just be some huge long in the stock to arb an options position and therefore be a $0 exposure to Apple stock). Disclaimer: I am not an options market maker so I'm unsure if you can realistically do a delta hedge on 1bn of AAPL.