Options traders ramp up bets against chips with huge put trades in Micron and Nvidia
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Bearish traders piled into semiconductor options on Friday, buying 129,000 SMH put contracts versus far fewer calls, pushing the put-to-call open interest ratio to 1.95, its highest since mid-August. In Nvidia, a single trader bought 100,000 180-strike January puts for $21 million, a speculative bet requiring a 22% drop by expiry. Micron saw about $270 million in premium tied to likely put-buying, including a string of deep in-the-money puts expiring June 2028 with strikes between 2,250 and 2,500.
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