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$16 Million in Calls While Michael Burry Is Short Micron

NowPress play to follow along0:00 / 6:29
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ticker lesson

Breakdown

0:00lesson

Options activity amid sector tension

  • Unusual options activity signals market debate on memory sector fundamentals
  • Micron and SK Highix show 20-30% price declines from peaks
  • Bullish calls bought on ask despite bearish sentiment
  • Market questions if growth narrative sustains
1:45Micron· ticker

Micron — momentum bet with 8.76M call premium

  • August 14th 865 call at 5.74M premium
  • August 14th 920 call at 3.02M premium
  • 78-79% implied volatility for 3-day expirations
  • No earnings report until next month
3:30SK Highix· ticker

SK Highix — 45DTE call positioning

  • September 25th 150 call at 4.79M premium
  • September 25th 145 call at 1.79M premium
  • 85% implied volatility for 45-day expirations
  • Open interest near zero pre-trade
5:19lesson

Sector fundamentals vs market reaction

  • Micron's 41.46B revenue vs 9.3B year earlier
  • Earnings beat at 25.11 vs 20.49 expected
  • Operating cash flow up to 25.39B from 4.61B
  • HBM3e/HBM4 sold out through 2027
5:20lesson

Signal vs noise in options positioning

  • 45DTE calls signal longer-term bullish thesis
  • Short-term momentum bets lack earnings catalysts
  • Market pricing reflects conflicting narratives
  • Traders debate if shortage persists beyond 2027

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