$40 Million Large Order Bets on Near-Term Semi Pullback
SOXL
Why near-term? Because this pullback appears carefully orchestrated. On Tuesday, a large bearish order hit the triple-long semiconductor ETF: $SOXL 20260612 170.0 PUT$ — 17,000 contracts, over $40 million in premium.
You can gauge conviction by the notional. At $40M+, this isn't a lottery ticket — it's a serious short.
Large orders in leveraged ETFs are rare — they decay over time and don't behave well in slow grinding moves. When they show up, it signals an explosive move either way. Expiration is June 12, roughly 30 days out, implying a short, sharp correction — could last a week, maybe two.
These trades tend to take profits quickly. So watch the 170 put $SOXL 20260612 170.0 PUT$ — when it closes, the pullback is likely over, and it's time to bottom-fish.
SOXS
An even more classic setup: a bull call on the triple-short semiconductor ETF: $SOXS 20260515 10.0 CALL$ — 18,000 contracts, premium around $800k. 0DTE-style leveraged puts decay fast — the trade needs a quick profit. Translation: the sell-off probably happens in the next day or two.
That said, there's a chance the sell-off overshoots even the bears' expectations. Sudden unexplained drops often trigger crowd stampedes and even reverse squeezes, along with headlines about AI bubbles and peak chips. We saw plenty of those when MU hit 300 in March. Whether you believe them is another matter. Either way, if you missed the last entry, don't miss this one.
INTC
Expect Intel to pull back to around 110$INTC 20260515 110.0 PUT$ — possibly further to 100.
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