Analyst Rocky said on X that a whale has just established a large downside position on Micron. The trade involved MU $900 put options expiring on June 26, 2026, with a premium of $21.23 million. Rocky described the position as a $21.2 million bet on a decline in Micron.
The option contract recorded volume of 7,311 and open interest of 3,909, with the strike standing 13% out of the money. According to Rocky, more than 84% of the volume was executed at the ask, showing active buying of the put options. The size of the position was also larger than existing open interest, which led Rocky to characterize it as a new bearish bet rather than a simple adjustment to an existing position.
Rocky also noted that the premium rose throughout the trading session and closed near its high. He said the transaction was one of the largest semiconductor put option trades in the market today.