Another Chip Leader Making Noise This Afternoon

Micron Technology Inc (NASDAQ:MU) stock is up 6.2% to trade at $1,031, feeding off the broader chip sector surge that took place early this morning, thanks to Nvidia's (NVDA) N1X superchip reveal. Plus, Raymond James lifted its price target to $1,100 from $530, keeping a "buy" rating. 

The shares gapped above the $1,000 threshold out of the gate, earlier tapping a record high of $1,039, just days after surpassing the $1 trillion market cap level. Fresh off its best monthly performance since November 1985, MU is up 262% since the start of the year. 

Micron Technology stock continues to hold its place on Schaeffer's Senior Quantitative Analyst Rocky White's list of names on the S&P 500 Index (SPX) that have attracted the most options volume in the last two weeks. During the most recent timeframe, MU saw over 4.9 million calls and roughly 4 million puts exchanged. The weekly 5/29 1,000-strike call, which expired Friday, was the most popular, with selling activity present. 

Short interest has been falling of late, down 5.5% during the most recent reporting period, accounting for 3.1% of the stock's available float. MU also sports a 14-day Relative Strength Index (RSI) of 80, firmly in "overbought" territory.

Lastly, Micron Technology stock's Schaeffer's Volatility Scorecard (SVS) comes in at 89 out of 100. This suggests the equity has consistently realized higher volatility than its options have priced in.