Bearish options bets dominated the flow this week. Micron Technology and NVIDIA led all US names by negative options volume — a striking signal given both stocks sit near multi-year highs. NVDA is up 20% year-to-date. MU has surged 235%. That kind of run tends to attract put buyers bracing for a reversal.
The broader macro backdrop adds fuel to the caution. Global bond yields hit multi-year peaks on Thursday. The US 10-year touched its highest since 2023. Rising rates tighten the discount on high-multiple tech. Options markets are pricing that risk in.
Wolfspeed stands out at the smaller end. Its short score sits at 74 — among the highest in the semiconductor space. Days to cover are at 7.3. The stock is up 53% this year. That combination of extreme short positioning and sharp gains makes it a prime candidate for outsized moves. Traders have taken notice.
Chewy draws attention on the bearish side too. Down 27% year-to-date, its short score is 55 and DTC is 2.1. Bears remain active even after a heavy decline.
On the bullish side, NVIDIA, , and all ranked in the top five for positive options bets over the past week. The two-way flow in NVDA and MU reflects genuine uncertainty — big money is hedging both directions simultaneously.
Broadcom and Moderna are the week's most-watched earnings-adjacent names. AVGO is due to report Q3 results soon. MRNA has rallied over 400% YTD. In both cases, options markets are bracing for a swing.
Data sourced from ORTEX. This is not financial advice.
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.
