MU – Multi-Million Dollar Put Buying Hits as Data Center Trade Unwinds

The data-center unwind accelerated today, and Micron (MU) finally cracked with the rest of the AI-hardware names. NVDA, AMD, and SMCI all sold off sharply, and MU — which had been one of the strongest semis in the group — broke trend on the 4-hour and weekly charts. That breakdown lined up with a surge of multi-million-dollar put flow, which is what pushed this onto my radar.

The Options Flow

The most notable activity today was the aggressive buying in the 11/28 $230 puts, which saw several million dollars in combined notional value. These were not small speculative bets — the size, timing, and repeated sweeps showed clear conviction that MU’s recent weakness may continue.

Additional bearish flow included:

• High-delta near-term puts

• Front-week contracts hit aggressively on the bid/ask

• Follow-through sweeps as MU lost intraday support

But the 11/28 $230p stood out as the anchor flow — heavy size right as MU slipped below short-term trend support.

source: blackboxstocks.com

Technical Setup

4-Hour Chart:

MU finally lost its rising 4-hour trend channel after weeks of grinding higher. The breakdown was clean: price fell through channel support, volume expanded, and the MACD rolled over sharply. Every bounce was sold into, showing a shift from buy-the-dip to sell-the-rip behavior.

Weekly Chart:

MU printed a clear rejection from the $250–255 zone, which had been acting as resistance for the past several weeks. This week’s candle is the first meaningful fade off those highs, with the weekly MACD flattening after a prolonged run. A pullback into the $225–230 area would align with prior support, and losing that zone opens up a deeper move toward $205–210 — the top of the previous base.

With the entire data-center and AI-infrastructure group under pressure, MU’s weekly structure is showing its first signs of trend fatigue after a massive run.

The Trade

I opened a small put position on November 13th, targeting a move into the $215–225 zone initially, with potential continuation if the sector continues unwinding. I’ll be watching:

• The $230 level — whether it holds or breaks cleanly

• Additional large put clusters around the 11/28 expiration

• Sector confirmation (NVDA/SMCI/AMD weakness)

UPDATE – 11/4/26 – The next day the market bounced and MU surged, blowing through $248 and heading past $255. I exited at around the $239 level, for a loss. The stock might reverse and get back down to 230, but I’m not willing to lose all of my premium to find out.

Disclaimer: This post is for informational and educational purposes only. Nothing here should be considered financial advice or a recommendation to buy or sell any security. Always do your own research and trade based on your own risk tolerance and strategy.