Options brief, Oct 5, 2026

Micron guided fiscal Q1 2027 revenue to $61.5 billion at an 86.25% gross margin after posting $54.23 billion of fiscal Q4 revenue, up 379% year over year. Management said on the September 30 call that more than 75% of fiscal 2027 supply is already committed across 26 long-term agreements, and remaining performance obligations reached about $150 billion, which exceeds the company's entire fiscal 2026 revenue of $133.2 billion. HBM is sold out through 2027, and Seoul Economic Daily reports HBM4 prices are set to roughly double to about $1,300. The stock barely moved on the report and trades at 1074, about 14% below its 1255 high, while IV rank sits at 8 with a 30-day IV of 52.8% against 49% realized volatility. June 2027 calls therefore price in almost none of the contracted backlog. The main risk is an AI capex reversal. Startup Fortune reports Michael Burry has built a put position against AI memory names, and the 2.17 beta would amplify any drawdown. A supply surge in calendar 2028 would also erode the pricing story.

TeraWulf signed a 20-year lease with Anthropic for about 401 MW at its Justified campus in Hawesville, Kentucky, worth roughly $19 billion in contracted revenue over the initial term, per the company's July 6 press release. That revenue figure is about two and a half times the current $7.7 billion market cap. Kentucky regulators approved 482 MW of electric service for the site in August, and Engineering News-Record reports Fluor is leading a redevelopment worth more than $4 billion, with lease revenue starting in the second half of 2027 per BestStocks. TeraWulf also sold its Abernathy joint venture stake for about $530 million to fund the buildout. The stock sits at 15.53, roughly half its 52-week high of 29.84, and IV rank is 6.5, so June 2027 calls are cheap against the stock's own history despite a 77.75% absolute IV. The main risk is leverage and concentration. TFTC reports a planned $3.5 billion debt raise, higher rates would raise the cost of capital, and the 4.53 beta would punish the stock in any AI spending pause. Earnings on 2026-11-09 fall inside the trade window and the lease depends on one tenant.