Chips and Calls: Semis Dominate Options Flow

Semiconductor stocks are pulling the most options attention this week. Micron Technology sits at an options negative bets lead, with bearish flow outweighing bullish across the seven-day window. The stock carries an RSI of 37, deep in oversold territory. Yet analysts see 74% upside from current levels.

The bearish pressure on Micron looks misjudged against the macro backdrop. Taiwan export orders hit $114.2 billion in September 2026, up 62% year-on-year, the largest September on record since 1984. That is a direct read-through for chip demand. Micron just announced profit-linked bonuses globally after Taiwan union pressure. It signals the company expects strong earnings ahead.

NVIDIA carries the heaviest negative bets in absolute dollar terms among semiconductors. Its RSI sits at 41. Analysts still price in 52% upside. Advanced Micro Devices shows a similar pattern, RSI at 40, with 19% analyst upside. Both names look technically washed out.

On the bullish side, Union Pacific and Bank of New York Mellon both show 100% positive options flow over seven days. BNY Mellon fits the broader financials buyback trend. Financials-sector share repurchases hit 190 million shares in Q2 2026, the highest quarterly total in 12 years, according to ORTEX alt data. Three consecutive quarters of rising buybacks underpin the bullish sentiment.

Meta Platforms options flow is mixed. The stock is flat year-to-date at 5% gain. It reports Q3 results soon. A freshly signed eight-year deal to retain Mark Zuckerberg in California adds a governance footnote heading into the print.