Daily Options Seller Strategy | Morgan Stanley’s Breakdown Ignites the New 'Storage Tax' Narrative! MU Gained Over 4% and SNDK Rose Nearly 11% in the Previous Session—What Should Options Sellers Do?

I. Market Barometer

All three major U.S. equity indices rose in the previous session, with the semiconductor sector continuing its high momentum. Morgan Stanley released a bill-of-materials (BOM) teardown report on NVIDIA’s Rubin platform, revealing a new 'AI storage tax' narrative: memory value surged by 435%, and its share of total cost jumped to 26%. Micron Technology and SNDK rallied sharply in response, offering options sellers a strategic window in this high-momentum segment.

II. Focus on Hot Targets

$Micron Technology (MU.US)$、 $SanDisk (SNDK.US)$: The AI Memory Super Cycle Begins—Morgan Stanley’s Teardown Report Validates the 'Storage Tax' Thesis

$Micron Technology (MU.US)$ It closed up 4.11% at $731.99 in the previous trading session, with a year-to-date gain of 167.13%.

$SanDisk (SNDK.US)$ It closed up 10.75% at $1,542.24 in the previous trading session, with a year-to-date gain of 549.69%.

On the news front, Morgan Stanley released a bill-of-materials (BOM) teardown report on NVIDIA's Rubin platform (VR200 NVL72) rack, revealing that AI rack value is shifting from GPU-dominated to a multipolar growth structure. Morgan Stanley’s teardown of NVIDIA’s next-generation Rubin rack found its selling price will reach approximately $7.8 million—nearly double that of the GB300—with the incremental value not primarily driven by GPUs.

The report noted that memory prices have risen sharply since NVIDIA launched the GB200 NVL72. Under the previous memory pricing structure, memory accounted for only 5% to 10% of the GB200 NVL72 rack BOM; in the VR200,the combination of higher memory capacity and significantly increased prices has pushed memory’s share to roughly 25%–30%, translating into an estimated absolute value of about $2 million—an increase of approximately 435% compared to around $370,000 in the GB300.

Morgan Stanley specifically highlighted that within the $2 million memory valuation, approximately $1 million comes from NAND flash—a detail that directly validates the narrative that 'NAND is evolving from a commodity into a strategic asset.'

From a technical perspective, Micron Technology and SanDisk shares remain in a strong uptrend, with current prices well above their 20-day, 30-day, and 60-day moving averages, maintaining a clear medium- to long-term bullish alignment. However, the near-term 5-day and 10-day moving averages are intertwined, indicating ongoing short-term price volatility risk.

III. Seller Options Strategy

1. Cash Secured Put

Sell 1 contract of $Micron Technology (MU.US)$June 18, 2026 $600 Put; estimated required margin (for reference only): $60,000 ($600 × 100)

Sell 1 contract of $SanDisk (SNDK.US)$ June 18, 2026 $1,250 Put; estimated required margin (for reference only): $125,000 ($1,250 × 100)

Opportunity filtering logic:

For investors who have not yet established positions but wish to participate in the AI memory supercycle, Micron Technology and SanDisk have recently seen rapid short-term share price gains, making direct chasing of these highs susceptible to technical pullback risks. However, Morgan Stanley analyst Rubin’s breakdown report reveals a structural revaluation thesis for the memory sector—NAND flash is evolving from a supporting component into a strategic asset, offering a clear medium- to long-term investment case for memory.

By selling puts, if the stock price consolidates at current elevated levels or continues to rise, investors can collect option premiums to enhance the annualized return on idle cash. If the stock price pulls back toward the strike price, investors can still establish positions in leading AI memory companies at more attractive entry points.

IV. Risk Control Reminder

Although the seller strategy has a high probability of success, investors must still manage risks effectively:

– Position management is key:The biggest risk for option sellers lies in black swan events. It is recommended that margin exposure for a single underlying should not exceed 20% of total capital. Never sell options beyond your capacity for the sake of greedy premiums.

– Timely rolling of covered call options: When a covered call option becomes deeply in-the-money (stock price far exceeds the strike price), and if the underlying stock is still viewed favorably, decisively 'roll' the position — that is, close the current option by buying it back and simultaneously sell an option with a later expiration date and a higher strike price to avoid having the stock called away at a low price.

– Cash-secured put options warn of 'left-tail risk':For cash-secured puts, if the stock price collapses due to deteriorating fundamentals (rather than a normal pullback), do not hold on stubbornly. At this time, stop losses should be executed, or 'rolling down' can be employed to buy time and wait for volatility to normalize.

Make good use of the options seller zone to understand the income strategies for selling optionsEarn option premiums!

Options Risk Warning

An option is a contract that grants the holder the right, but not the obligation, to buy or sell an asset at a fixed price on a specific date or at any time before that date. The price of an option is influenced by various factors, including the current price of the underlying asset, the strike price, time to expiration, and implied volatility. Implied volatility reflects the market’s expectations for the level of volatility in the option over a future period. It is a data point derived inversely from the Black-Scholes option pricing model and is generally regarded as an indicator of market sentiment. When investors anticipate greater volatility, they may be more willing to pay a higher price for options to hedge risks, resulting in higher implied volatility. Traders and investors use implied volatility to assess the attractiveness of option prices, identify potential mispricings, and manage risk exposure.

Disclaimer

This content does not constitute any offer, solicitation, recommendation, opinion, or guarantee for any securities, financial products, or tools. The risk of loss in trading options can be substantial. In some cases, losses incurred may exceed the initial margin deposited. Even if you set contingency orders, such as 'stop-loss' or 'limit' orders, these may not necessarily prevent losses. Market conditions may make such orders unexecutable. You may be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account resulting from such liquidation. Therefore, before trading, you should study and understand options and carefully consider whether such trading suits you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon expiration. Options trading involves extremely high risks and is not suitable for all investors. Investors should read Characteristics and Risks of Standardized Options carefully before engaging in any options trading strategy.

Editor/Doris

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