SNDK Sees $126M Net Bullish Premium as Calls Cluster Near ATH
Short-dated call buying dominates flow, but December puts suggest some hedging
Photo by Oren Elbaz on Unsplash
Sandisk drew $126M in net bullish premium today with call activity concentrated around the $1770-$1820 zone. Long-dated put buying hints at portfolio…
The Flow Picture
SNDK pulled in $126.1M in net bullish premium today, with the bulk of that action landing in calls at strikes clustered just above the current share price around $1760. The standout was a $0.70M hit on the September 18 $1820 calls, flagged for repeated fills at the ask. That strike sits about 3.4% out of the money, close enough to carry real delta but far enough to offer leverage if the AI memory rally legs higher.
The next largest call prints came through on the June 18 $1770 strike ($0.15M) and the June 5 $1800 strike ($0.26M). All three were tagged on repeated hits, meaning buyers kept coming back to the same strike over time rather than lifting a single block. That pattern often suggests institutional accumulation rather than a one-off directional punt.
Where Does This Sit Relative to the Stock?
SNDK has been on an extraordinary run since its spinoff from Western Digital in early 2025. The stock traded as low as $36 last April and now sits near $1760, making it one of the most violent AI beneficiaries on the tape. The company is sold out of memory products through 2026 and cloud service providers are reportedly locking up 2027 supply.
Susquehanna raised its price target to $3,250 last week. Barclays recently upgraded the stock to Overweight with a $2,300 target, calling memory and storage "the most attractive vertical below accelerators." With next earnings not due until August 13, there's no imminent catalyst forcing volatility higher. That makes the June weekly calls interesting: buyers are paying up for near-term upside without the IV crush risk of an earnings straddle.
The Put Side Tells a Different Story
The flow isn't all bullish optimism. Three sizeable put prints showed up in the longer-dated chains. The largest was $0.85M in December 18 $1310 puts, followed by $0.52M in December 18 $1400 puts. Both were flagged for descending fills, which often indicates sellers chipping away at size. That's consistent with someone unloading puts they bought earlier, or it could be new sellers writing downside protection to capture theta.
There was also $0.33M in February 2027 $1240 puts with repeated hits. That strike sits more than 30% below current price and implies a bet on a significant correction if held outright. The more likely read: this is hedge activity from a holder of stock or calls looking to collar risk into year-end. The premium spent pales next to the call buying, so it doesn't shift the overall bullish skew of the tape.
Dealer Positioning Context
With the stock pressing new highs near $1804 intraday, dealers are likely short calls and therefore short gamma above current price. That means market makers hedging their exposure must buy stock as SNDK rises and sell as it falls, amplifying moves in both directions. The $1800 strike in particular has seen repeated activity in recent sessions and may act as a local pin if open interest grows.
The September $1820 calls are more interesting from a vanna perspective. As the stock rises and implied volatility holds steady, the delta on those calls increases, forcing further dealer hedging. If IV actually falls on a grind higher, vanna effects could accelerate the bid under the stock. That's a tailwind until it isn't.
What to Watch
The June 5 $1800 calls expire this Friday. If SNDK closes above that strike, expect delta hedging to intensify into the close. If the stock stalls below $1750, those calls decay fast and the short-term bullish thesis gets tested.
For a cleaner read on whether today's flow is directional or structured hedging, track follow-through in the [Whale Alerts dashboard](/whalealerts). A continuation of at-the-ask call buying with no offsetting put spreads would confirm the bullish lean. The December put activity bears watching too: if those prints grow, it would suggest larger holders are building protection into year-end, even as they stay long.
For informational purposes only. Not investment advice. Published Tuesday, June 2, 2026.