SanDisk shows fresh bullish options positioning, including about $20M of out-of-the-money call buying. Answering MarketsMuse's view that these are hedges, the long-dated trades look like new positions: a June 2027 $2,860 call traded 125 contracts against open interest of 7, with similar January 2028 spreads, and nobody scalps a delta-neutral book 157% out of the money. Positioning is observable; intent is a guess. x.com  x.com  x.com 

Large option buyers are signaling something big ahead for SanDisk and the memory theme. Over the past week or so, whales have been loading up 2028 calls at strikes of $3,000 and above, and did so again today, after someone bought over $3.2 million of September 2027 $3,350 calls. x.com 

SanDisk has likely topped for this cycle, and memory stocks such as Micron are rolling over even though fundamentals still look incredible. In cycles, price weakens first, estimates and targets fall later, and the narrative flips only after the damage is done, with vicious failed rallies along the way. SanDisk already guided lower, its gross margin has plateaued and price action has been terrible, so it likely goes lower. Sell on technicals rather than waiting for fundamentals to erode. x.com  … Show more

Institutions are buying the dip in Sandisk and Micron, which makes the pullback a chance to buy alongside them rather than a reason to be scared off. x.com 

Sandisk is drawing a massive put seller, a bullish signal for the stock. x.com 

A large investor's bet signals serious conviction in SanDisk reaching $2,460 by December. The investor spent more than $2M on December $2,460 calls, about 55% out of the money, which is not a casual wager. Reaching $2,460 still requires a bull market, but it is not impossible. x.com 

SanDisk faces two near-term catalysts: Nasdaq-100 inclusion on April 20, which makes every tracking ETF and fund a forced buyer, and April 30 earnings showing a fundamental change. Consensus expects EPS of $13.90 versus a $0.30 loss a year ago and revenue of $4.61B versus $1.70B. The stock rose on Friday while the S&P 500 and Nasdaq fell. Analysts keep raising targets, all at Buy: Cantor Fitzgerald to $1,000, Bank of America to $900 and Citigroup to $875. x.com 

Micron and SanDisk could get automatic buying support if they bounce next week, because put-side implied volatility skew is at an all-time high. That setup would add vanna and charm buying flows into options expiration. Kioxia and SK Hynix already tested their 50-day moving averages in Asia and bounced strongly. x.com 

SanDisk's gross-margin plateau signals long-term discipline, not the cycle peak bears fear. Not squeezing customers, plus balanced capex under its NBM long-term agreement model, avoids overinvesting at the top. Investors should watch volume, not price: while big tech keeps spending and compute stays scarce, memory shortages cannot ease alone, so rising volume and the LTA price floor should grow the profit pool enormously. With buybacks, memory should rerate as essential AI infrastructure. x.com 

SanDisk's short bull flag is more likely to work because it has been the liquid market leader of the cycle, and institutions keep a constant bid under such leaders. The pullback was controlled, on low volume, and was the first tap of the 20-day moving average. x.com