MU options: $1.4B premium turnover into 2026-07-29; largest line MU260731P00800000 $27MMU 期权异动：期权成交额约 $1.4B，到期 2026-07-29，最大合约 MU260731P00800000 约 $27M
Options Flow Snapshot
On July 29, 2026, Micron Technology (MU) recorded 393,521 total options contracts traded, with total option premium turnover of $1.37B, equal to 3.1% of the underlying stock’s daily dollar volume. Call volume hit 213,913 contracts, put volume 179,608, for a 1.19 call-to-put volume ratio. The largest single active contract was the MU260731P00800000 put option, with a $800 strike, expiring July 31, 2026, with $27.3M in premium turnover. Near-the-money average call IV was 156.9%, average put IV 148.9%, an 8.0 percentage point call over put skew, and the ATM straddle implied a 5.7% near-term price move.
Signal Read-Through
This event constitutes a concentrated options flow signal with partial downside risk pricing: call volume modestly leads put volume, but the largest single trade is a large notional put position, paired with elevated overall implied volatility. This signals market participants are pricing in both bullish sentiment and short-term downside risk, falling into a volatility repricing with localized risk monitoring regime.
Fundamental and Event Cross-Check
On July 28, 2026, Micron CEO and Director Sanjay Mehrotra filed multiple Form 4 insider sale transactions, totaling over $7M in stock disposals. On the same day, MU’s stock price dropped 8.85%, with industry news citing AI bubble fears driving a broad semiconductor sector pullback. As of December 31, 2025, 78.4% of Micron’s float was held by 2,805 institutional investors, with 680 new institutional positions added and 1,579 positions increased in the prior reporting period.
Follow-Up Markers
This signal only reflects options market trading and pricing activity, and does not confirm actual directional equity position changes. Follow-up items include monitoring options open interest changes ahead of the July 31 expiration, official corporate announcements from Micron, and subsequent semiconductor sector market performance.
期权成交结构
2026年7月29日，美光科技（MU）的期权市场成交总量达393,521张合约，期权溢价总成交额约13.66亿美元，相当于当日股票成交额的3.1%。其中看涨期权成交213,913张，看跌期权179,608张，看涨看跌成交量比率为1.19。最活跃的单一合约为行权价800美元、2026年7月31日到期的看跌期权MU260731P00800000，溢价成交额达2729.45万美元。当日近价期权窗口平均看涨隐含波动率156.9%，平均看跌隐含波动率148.9%，看涨看跌隐含波动率差为8.0个百分点，ATM跨式策略隐含波动幅度为5.7%。
信号含义
本次事件属于集中期权成交信号，伴随局部下行风险定价：看涨期权成交量略占优，但最大单笔成交为大额看跌期权，叠加偏高的整体隐含波动率，显示市场参与者既存在做多情绪，也对短期股价下行风险进行了定价，属于波动率重估叠加局部风险关注的市场风险状态。
基本面与事件交叉验证
2026年7月28日，美光CEO兼董事Sanjay Mehrotra提交多份Form 4内幕交易文件，累计减持公司普通股，套现总额超700万美元。当日美光股价下跌8.85%，相关行业新闻提及AI泡沫担忧引发半导体板块整体回调。此外，2025年12月31日的机构持仓数据显示，美光浮筹的78.4%由2805家机构持有，当月有680家新机构建仓、1579家加仓。
后续关注
本次信号仅反映期权市场的成交与定价行为，未证明存在实际的方向性股票持仓变动。后续需关注7月31日期权到期前的持仓变化、美光的官方公告以及半导体板块的后续市场表现。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。