Chips Draw Two-Way Options Fire

The options market is sending mixed signals in tech. Memory and storage stocks dominate both bullish and bearish flow this week.

SNDK tops the negative bets leaderboard by options value. The stock is up 412% year-to-date. That massive run has put it firmly in the sights of put buyers. Analysts see 83% upside still available. Bears are clearly not convinced.

MU sits at the top of both bullish and bearish bets lists. That two-sided flow is notable. The stock has gained 188% in 2026. An RSI of 43 suggests the rally has cooled. Options traders appear divided on what comes next.

ON caught attention after the CEO flagged AI data as the fastest-growing part of the business. The stock carries a short score of 44. An RSI of 39 suggests oversold territory. That combination can attract call buyers positioning for a bounce.

NBIS is another name in the flow. The AI infrastructure play is up 127% year-to-date. Short interest is elevated at a short score of 71. That creates squeeze potential on any sustained bullish options run.

The broader semis landscape shows NVDA and AMD attracting large negative bets. Both stocks have rallied hard in 2026. Options activity suggests some traders are buying protection into earnings season. With the yen surging 3% on intervention speculation, macro risk has risen sharply. That tends to lift put demand across high-beta tech names.