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Bears built up positions against semiconductor stocks on Friday, with significant options activity in Micron Technology and Nvidia calling into question the recent move in chip shares.
According to ThinkOrSwim and SpotGamma data, more than 180,000 puts traded in the VanEck Semiconductor ETF (SMH) by midday, compared to 50,000 calls.
The premium tied to these puts reached $46 million, versus $26 million for calls. SpotGamma data indicates that 129,000 put contracts appear to have been bought by volume.
Barchart data show the ratio of open interest in put contracts to calls for SMH climbed to 1.95, the highest level since the second week of August.
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