Bullish options flow on Micron as traders pile into $600 calls

Someone just put $12.5 million on Micron bouncing back. That is the premium on a single block of January 2027 $600 call options, bought at the ask.

It was not a one-off. Investors bought the same contract in repeated clusters, which suggests conviction rather than a stray trade. The timing matters: Micron’s stock has spent the past few months getting pummeled.

What the options flow shows

The contracts in question are calls expiring January 15, 2027, with a $600 strike price. A call gives the buyer the right, but not the obligation, to purchase shares at that strike before expiration.

The $12.5 million premium on one transaction is the headline number. It was paid “at the ask,” meaning the buyer accepted the seller’s asking price instead of haggling toward the middle.

Open interest in the $600 call contract now exceeds 5,000. Open interest counts contracts that remain outstanding, so it measures how much money is still parked in the bet rather than traded in and out.

The broader picture of unusual options activity on MU has been described as mixed but generally bullish. This particular cluster leans firmly to one side.

A stock that went from rocket to rollercoaster

Micron hit an all-time high of $1,213.56 on June 25, 2026. Since then, the shares have fallen more than 40%.

The worst of it came recently. On November 5, 2026, Micron closed at $656.39, a 17.46% drop in a single session.

The next day brought some relief. The stock rebounded roughly 5% to trade 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. Concerns about a slowdown in data center construction have added to the pressure.

The fundamentals tell a different story

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, Micron expects revenue of approximately $61.5 billion and adjusted EPS of about $38.15.

Not every signal is rosy, though. 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. That makes these calls in the money right now.

That structure can appeal to investors who expect a recovery but want a defined downside after a 17.46% one-day drop. If the selloff deepens below $600 by expiration, the calls could expire worthless.

What this means for Micron watchers

The most immediate question is whether Micron can deliver on its Q1 2027 guidance. The $61.5 billion revenue target and roughly $38.15 adjusted EPS are now the yardsticks for this trade.

Large options trades are signals, not guarantees. Big buyers can be hedging other positions, and a single block does not tell you everything about a trader’s broader book.

Still, repeated clusters at the same strike, paid at the ask, carry more weight than one isolated print. Combined with open interest above 5,000, the flow shows real money leaning toward a rebound.

The gap between record earnings and a share price down more than 40% from its peak will not last forever. These options buyers have placed a sizable wager on which side closes it.