Options traders are betting heavily against the semiconductor sector. Micron Technology and NVIDIA top the week's negative options bets among US large caps, with both names drawing the highest volume of bearish contracts over the past seven days.
Micron has surged 227% year-to-date. That outsized run is attracting protection buyers. Put flow in the stock ranked highest among large-cap semis this week. NVIDIA — with a $5 trillion market cap — also featured prominently in bearish options activity alongside Advanced Micro Devices, which is up 124% in 2026.
On the bullish side, Micron and Sandisk also led positive bets. The split flow signals two-way conviction ahead of upcoming results. Micron is next to report in Q3 2026.
Away from chips, Intuit attracted attention after an analyst downgrade citing AI risks to its tax franchise. The stock is down 46% year-to-date. Its short interest stands at 3.3% of free float — low — but negative options sentiment could build if the AI thesis gains traction.
Wolfspeed sits at the other extreme. Short interest is 72.8% of free float. Zero availability remains. That squeeze-ready setup draws speculative call interest even as fundamentals stay stressed.
Chewy carries 48.5% short interest of free float. Availability is extremely high at 607%. That points to ample borrow supply — bears face little friction holding positions.
The week's options flow tells a clear story: semis dominate both bullish and bearish activity, with bifurcated positioning heading into the next earnings cycle.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
