Tech Chips Drive Options Buzz on Analyst Day

Semiconductor and software names dominated options desks Wednesday. Trump's confirmation that AAPL will build chips alongside INTC sparked a flurry of activity across the chip complex.

INTC carries a market cap near $588 billion. Options expiries run through September, with near-dated contracts clustered in June and July. Short interest sits at just 2.5% of free float. That low bearish positioning leaves room for call-side pressure to build sharply.

MU attracted fresh attention after analysts lifted their outlook. Its $1.15 trillion market cap makes it one of the largest semiconductor plays. SI % FF stands at 3.3%. Options stretch out to late September, pointing to traders positioning for the next earnings cycle.

ADBE tells a different story. Analysts trimmed their targets on the software giant. SI % FF is 4.9%, slightly elevated. Adobe's options chain is comparatively thin — just 10 expiry dates versus 24 for MU. That scarcity of structure suggests hedgers are moving to shorter-dated puts.

TSLA and NVDA each carry options chains out to September. Both stocks' ORTEX momentum scores hold above 57. The market overall sits in the CNN Fear Zone. The Dow dropped 500 points as the Fed signalled further tightening. That macro backdrop typically shifts options flow toward protective puts across large-cap tech.

Watch CRM too. Salesforce was trimmed by analysts. Its options chain now extends to September 18, suggesting traders are buying time to assess the damage. With sentiment fragile, the options market is pricing caution across the board.