Investors repeatedly bought Micron call options expiring on January 15, 2027, with a $600 strike price, including one transaction that required a $12.5 million premium. Open interest in the contract now exceeds 5,000 contracts, indicating a substantial bet on a recovery in the stock. Micron has fallen more than 40% from its all-time high of $1,213.56 reached on June 25, 2026, after dropping 17.46% on November 5, 2026. The company nevertheless reported record fiscal fourth-quarter 2026 revenue of $54.23 billion and expects approximately $61.5 billion in revenue for the first quarter of fiscal 2027. The buyers are wagering on a rebound, but the options could expire worthless if Micron falls below $600 before expiration.
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