Options flow is showing a sharp split in the market. Chips are attracting heavy put bets. Defensive names are pulling strong call interest.
Micron Technology and Intel lead the negative options bets list over the past seven days. Both stocks have run hard in 2026. Micron is up 162% year-to-date. Intel has surged 239%. That kind of momentum often draws bearish options hedgers. Traders are loading up on downside protection even as prices stay elevated.
Advanced Micro Devices also appears in the top put-flow names. AMD is up 113% YTD. Its RSI sits at 80.8 — deep into overbought territory. Options bears are clearly sceptical of further gains.
On the bullish side, Prologis saw 100% of its 7-day options flow land in positive-bet territory. HCA Healthcare and General Dynamics matched that reading too. These are defensive and rate-sensitive names. The options market is treating them as safety plays.
IREN Limited stands out among smaller names. The stock is up 71% in one month. Short sellers are digging in. The options chain for the May 15 expiry shows heavy put open interest at lower strikes — over 5,000 contracts sitting at the $18 strike alone. That is significant hedging for a sub-$60 stock.
Cytokinetics also draws attention. Its ORTEX short score hits 59. Its options score is among the highest in the biotech space. Upcoming Q1 results will be a key test for a stock that has rallied 21% this year.
The clearest options theme right now: sell the chip rally, buy the defensive dip.
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.
