A single block of January 2027 $600 Micron call options carried $12.5 million in premium. The purchases follow a 17.46% one-day drop in the stock, even as the company reported record fiscal fourth-quarter revenue.
A buyer put $12.5 million in premium on a single block of January 2027 $600 call options on Micron, bought at the ask. Investors bought the same contract in repeated clusters, not as a one-off trade.
What the options flow shows
The contracts expire January 15, 2027, with a $600 strike. A call gives the buyer the right, but not the obligation, to purchase shares at the strike price before expiration.
Open interest in the $600 call contract now exceeds 5,000. Open interest counts contracts that remain outstanding. The broader picture of unusual options activity on MU has been described as mixed but generally bullish.
Micron shares fall from a record high
Micron hit an all-time high of $1,213.56 on June 25, 2026, and the shares have since fallen more than 40%. On November 5, 2026, the stock closed at $656.39, a 17.46% drop in a single session.
The stock then rebounded roughly 5% to around $690 to $692 on November 6, 2026. The slide has been tied to a broader selloff in semiconductor and AI stocks, particularly after the November 2026 US midterm elections, and concerns about a slowdown in data center construction have added to the pressure.
Earnings point the other way
Micron reported record fiscal fourth-quarter 2026 revenue of $54.23 billion, a 379% increase year over year. Non-GAAP earnings per share came in at $33.42, beating estimates.
For fiscal Q1 2027, the company expects revenue of approximately $61.5 billion and adjusted EPS of about $38.15. However, Micron has paused plans for a $4.5 billion plant in Taiwan amid current market conditions.
Reading the bet
With the stock around $690 to $692, the $600 strike sits below the current share price, which puts the calls in the money. If the selloff deepens below $600 by expiration, the calls could expire worthless.
Large options trades are signals, not guarantees. Big buyers can be hedging other positions, and a single block does not show a trader's broader book.
Source: Crypto Briefing
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