Memory Games - Part II
New Mega-Cap Boomer Trade
I just had a flashback to “Memory Games - Part I” that triggered a new trade.
Back in December 2024, we bought Micron calls (ticker: MU) on the back of people smarter than us (not difficult), namely Venture Capitalist Josh Wolfe, pitching the Memory trade as a non-consensus play on AI:
With the stock at $89, we paid $14 for the Jan 16th 2026 $100 calls, giving ourselves more than a year for the trade to play out.
On the Jan 16th 2026 option expiry, Micron closed at $363, our calls went up nearly 20x and we would be writing this piece from a beach in Maldives…
… except that we sold the calls a month after we bought, to lock in a +60% gain while cheering like little monkeys.
I guess we deserve this meme…
To be fair to us, at the time it was the right decision because Micron subsequently sold off to as low as $67 and our calls would’ve been annihilated in the short-term. But we had plenty of time to get back in and we didn’t. Call it laziness, call it pride, we just call it monkey business.
Anyway.
The reason I’m going through this trade again is because there may be a new opportunity in another Mega-Cap Tech stock …