$MU$

Micron shorts covered, followed by a $50 million bullish call order.

I joked earlier that Trump wanted to buy MU cheap — shorting it hard with big put positions, and that once those puts closed, it might be time to bottom-fish.

Turns out that wasn't entirely a joke. On Tuesday's open, two of the most prominent short-dated bearish positions were closed:

$MU 20260424 420.0 PUT$ 
$MU 20260424 400.0 PUT$ 
$MU 20260424 380.0 PUT$ 

Then, looking at open interest, a new position emerged: 29,000 contracts of the June 18th 400 call $MU 20260618 400.0 CALL$  were bought.

How did that trade execute? If it was all after the Iranian president's speech, that'd be one thing. But this order $MU 20260618 400.0 CALL$  was filled throughout the day — in batches, across different times.

A similar pattern appeared in TSMC: 34,000 contracts of the June 370 call $TSM 20260618 370.0 CALL$ .

What does this tell us? The trader is highly confident in a mid-year rebound, but chose June expiry — perhaps to allow for near-term uncertainty. More importantly, someone knew Trump was serious about TACO. This is the kind of conviction that warrants size. Classic informed flow.

For comparison, the same day, a typical institution rolled their TSM long calls — lowering the strike and extending the expiry:

Closed $TSM 20260618 300.0 PUT$ , rolled to $TSM 20260618 300.0 PUT$  (same strike, further date).

What I didn't expect: Micron bounced so fast there was barely any time to get in.