Massive bearish options trades on Micron and Nvidia signal growing skepticism in chip sector. On Friday, over 180,000 put options traded in the SMH semiconductor ETF by midday, compared to 50,000 calls, with $46 million in put premiums versus $26 million in calls. In Nvidia, a single trade saw 100,000 180-strike puts expiring on January 15 bought for $21 million, implying a 22% drop in Nvidia's stock by expiry if it's a speculative position. For Micron, approximately $270 million in premiums were tied to likely put-buying, including deep in-the-money put contracts expiring in June 2028, suggesting a net $14.5 million bearish spread position.