SanDisk Corp (NASDAQ: SNDK) has seen a surge in options activity, with a single buyer purchasing more than $41 million worth of call options. The trade targets the $1,600 strike price, with the contracts set to expire in October.
The transaction was identified by CNBC’s Jim Cramer, who noted that the buyer spent over $90 million in total premium on short-dated calls across SanDisk, Micron Technology (NASDAQ: MU), Intel Corp (NASDAQ: INTC), and Marvell Technology Inc (NASDAQ: MRVL). SanDisk accounted for the largest portion of this total.
Trading data indicates that the stock closed above the $1,600 strike on Friday, though it remains below its 52-week high. The concentrated call buying suggests the trader is positioning for a sharp near-term move rather than a long-term investment.
This activity has drawn attention to the Tradr 2X Long SNDK Daily ETF (BATS: SNXX). The fund aims to provide 200% exposure to SanDisk’s daily performance through swaps and options. However, due to the nature of daily compounding, returns over longer periods may differ significantly from the underlying stock.
SNXX experienced significant volatility recently, jumping 23.38% on September 4 before falling for five consecutive sessions. The fund rebounded 11.96% on September 17 to close at $14.70. On Friday, the ETF rose 13.81% to $16.73, with trading volume surging to 47.3 million shares.
The options expiration date falls just after a broader catalyst window for the memory industry, making the trade sensitive to earnings expectations and shifts in AI-related memory demand.
