Micron options surge with $2.8B traded as bulls bet on continued chip stock rally amid AI boom

Options traders are heavily buying into Micron, spending over $2.8 billion on options premiums in a single day, surpassing combined trades in major ETFs SPY and QQQ. This surge follows a 700% rally over the past year driven by Micron's role in the AI chip market, with call options dominating as traders expect further gains. Related chip stocks like SanDisk and Western Digital also saw strong call-buying, while Intel hit a $550 billion market cap after a 13% jump, reflecting renewed investor confidence in semiconductor stocks. The activity highlights strong bullish sentiment on chipmakers amid the ongoing AI technology boom, with earnings reports still months away.