Chips Drive Both Sides of Options Flow

Semiconductor stocks are pulling the most options activity this Wednesday, with bulls and bears alike piling into the sector as chip names stage a rebound after a bruising stretch.

Micron Technology sits at the top of the options flow table for both bullish and bearish bets over the past seven days. Its RSI has fallen to 37, well into oversold territory. Yet positive options bets on MU are running neck-and-neck with negative ones. Traders appear split on whether the memory cycle has bottomed. ORTEX data shows analysts still see 87.5% upside from current levels.

Sandisk Corporation draws the second-heaviest bearish options flow. The stock is up 375% year-to-date. RSI has slipped to 30. That combination tends to invite hedging, and the options market is delivering it.

NVIDIA appears on both lists. Its RSI sits at 33, another oversold reading. Positive and negative bets are both elevated. Near-term expiries cluster weekly through mid-November, with a larger expiry wall on 18 November. Analysts price in 62.8% upside on average.

Intel and Advanced Micro Devices round out the bearish flow names. Intel's RSI has slid to just 23, the lowest in the group. That is deep oversold territory, though low RSI alone does not guarantee a bounce.

Away from chips, Uber Technologies drew fresh options attention after a report said its driverless fleet could top 2,000 vehicles by 2027. Its nearest listed expiry is 6 November. Analysts see 51% upside. The stock is down 18.5% year-to-date, giving call buyers a wide range to target.

On the macro side, SPY has daily expiries through the week and a string of weekly expirations stretching to 27 November. Senate Majority Leader Schumer's comments about ending a war pushed markets mid-session, lifting broader sentiment. Options traders watching SPY have a full ladder of near-term strikes to work with.