Chips & Contrarians: Options Flow Flags Divergence

Options sentiment data from ORTEX is flashing a clear split this week. Bullish flow is running hot in semiconductors. Bearish bets are piling into the same sector's best performers.

Semis Lead Bullish Options Flow

MACOM Technology Solutions sits at the top of the ORTEX options score ranking. The chip maker has surged 110% year-to-date. Its RSI stands at 81.5 — deep in overbought territory. Yet options buyers this week tilted decisively bullish. Earnings are due imminently, with a Q2 2026 call on the horizon.

NXP Semiconductors also ranks highly on positive options flow. It is up 36% YTD. The stock has a rich expiry curve stretching to July, with near-term May 15 contracts in focus.

Bears Target Memory Stocks

On the other side, Micron Technology leads for negative options bets this week. The stock is up a remarkable 162% this year. That run appears to be drawing hedgers. Micron options stretch to an August expiry — the furthest of any name in this screen. That signals traders are buying downside protection well out in time.

Advanced Micro Devices and Intel also rank high for bearish options flow. Both are up triple digits YTD. Analysts meanwhile hold a net negative return potential on both names.

Defensive Shift in Large Caps

Progressive and Equinix showed 0% positive options flow — all bets were bearish over the past week. Both have sold off this year. Progressive is down nearly 15% YTD. That aligns with the bearish options positioning.

The clearest signal: options flow is bifurcating sharply between momentum chasers in semis and hedgers protecting gains. Traders are not ignoring the risk in this rally.

This article is for informational purposes only and does not constitute financial advice.