Jim Cramer Flags 'Boatload' of Bullish Option Buying in Micron, Sandisk, Intel

Key takeaways

• A wave of $90 million in short‑dated calls on key chip names suggests upbeat sentiment, possibly from a large hedge fund, ahead of Micron’s earnings and the memory market’s AI‑driven upside.
• $90 million in call premiums
• $44 million on Micron
• $41 million on SanDisk

What happened

Jim Cramer highlighted a surge of short‑dated call option buying in memory and chip stocks, totaling more than $90 million in premiums on Friday. The trades targeted October 2 calls at the $1,000 strike for Micron (MU), $1,600 strike for SanDisk, $115 strike for Intel (INTC) and $250 strike for Marvell (MRVL). Cramer suggested the buyer may be Leopold Aschenbrenner’s Situational Awareness fund, which had previously held billions in these names before a July collapse.

Why it matters

The volume and size of the trades imply significant upbeat sentiment ahead of key events: Micron’s fiscal Q4 earnings and the broader memory market’s sensitivity to AI demand. If the moves are from a large, sophisticated hedge fund, they could signal a shift in market expectations and potentially influence short‑term…

Short-term and longer-term

Short-term. Traders should watch the October 2 expiration for potential volatility spikes, especially around Micron’s earnings release.

Longer-term. Investors should note that the activity reflects an upbeat stance on AI‑driven demand for memory and chips, which could support longer‑term upside if the sector continues to benefit from data‑center growth.