Semiconductors are dominating options flow this week. Micron Technology and NVIDIA sit at the top of both negative bet count and positive bet volume charts — a rare split that signals active two-sided positioning across the chip sector.
Micron draws the most bearish options orders among large caps. The stock has already rallied 154% year-to-date. That run invites protection buyers. Near-term expiries cluster around May 22 and May 29, suggesting traders want short-dated hedges rather than long-term bets.
NVIDIA tells a different story. Its options score remains elevated, with bullish bets still outweighing bearish ones. The next meaningful expiry date is May 20 — tomorrow — making Friday a key test for the AI chip giant heading into its next earnings cycle.
Advanced Micro Devices is up 98% year-to-date. Options flow there leans positive. Analysts see 8% upside remaining. Its RSI of 67 is not yet overbought, leaving room for call buyers to stay active.
Outside chips, Cytokinetics stands out. It carries a short score of 59 and 6.3 days to cover. Analysts see 38% upside. That mix — heavy shorting plus bullish analyst targets — often attracts speculative call buying ahead of a catalyst. Its Q1 results are due shortly.
Joby Aviation flags a different signal. Down 22% this year with a short score of 68 and 7.6 days to cover, put activity remains elevated. No earnings confirmation yet adds to uncertainty.
The broader theme: options traders are hedging large-cap chip gains while reaching for calls in beaten-down biotech and speculative growth names.
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.
