Chips Bullish, Bears Target Memory

Options flow this week shows a clear split between chips and memory stocks.

MaxLinear tops the ORTEX options score rankings. Nearly 95% of its options bets this week were bullish. The mid-cap semiconductor stock is up 330% year-to-date. Q2 earnings are due soon. Traders are loading calls ahead of the print.

SiTime Corporation also shows strong bullish options flow. Over 93% of weekly bets skewed positive. Its $14.6bn market cap and 57% YTD gain reflect growing demand for precision timing chips.

On the bearish side, Sandisk Corporation drew the largest volume of negative options bets among large-cap names this week. The storage giant is up 486% YTD. Bears are pushing back hard. Micron Technology ranks second for negative bets. Its stock has tripled in 2026. Both sit in a sector where options sellers appear increasingly nervous about stretched valuations.

Tesla and NVIDIA also feature in heavy negative flow. TSLA is down 18% YTD. Its RSI sits at 39, near oversold territory. NVDA, despite its $4.9 trillion market cap, shows a flat 9% YTD gain. Both attract large put flows heading into earnings season.

The broader picture: bulls are chasing beaten-up semis like MaxLinear. Bears are fading the big memory trade. With Q2 earnings season in full swing, options volumes across the sector are elevated.