Micron Out, SK hynix In: Hypergrowth Rewrites Its Memory Line and Rolls a Call 120 Points Higher

One book traded this week and it traded on one day. Hypergrowth wrote ten lines on Friday: it closed Micron and Qualcomm, sold a quarter of its Nebius, opened Lumentum, SpaceX and SK hynix, and bought back its short Nebius December call 95 dollars in the money to sell a January-2028 call 120 points higher. Global Tech 50, AI Build-Out, the derivatives book and Global ETFs logged nothing. After the Saturday of the rotation, this was the Saturday of one book changing what it means by memory.

The two closes first. Micron went out in full: 20 shares carried at about 973 and sold at 976.00, a realised gain of 58 dollars, flat to the cent on a position bought under 1,000 that had traded above it on Tuesday and Wednesday. Qualcomm went out in full: 100.45 shares carried at 171 and sold at 183.74, a realised gain of 1,274.50, about 7 percent, on the week the chip designer rose 8 percent on a 60-billion-dollar Amazon deal. Both were sold into Friday's chip bounce. Micron finished the day at 975.26, Qualcomm at 181.97.

What came in: SK hynix at 80 ADRs and 188.30, the Korean memory maker replacing the American one line for line, and 15 percent above where Global Tech 50 bought the same ADR seven days earlier. Lumentum at 20 shares and 935.70, the photonics name that rose 11 percent on Tuesday in the fibre rally and gave back 5 percent by Thursday. SpaceX at 75 shares and 148.18, the book's first line in the launch company. About 45,000 dollars went into the three lines against 38,000 that came out of the two closes and 11,300 from the Nebius trim; cash rose by 2,075 dollars to just under 3,000.

The Nebius work is the week's most instructive entry. The book sold 50 of its 200 shares at 225.56, a realised gain of 6,376 on a cost near 98 a share, 130 percent, and kept 150, which is still the largest line in the book at about 11 percent. At the same time it bought back two short December-2026 130 calls at 103.50 each, a realised loss of 15,982 on options it had sold for about 23.60 a share when the stock was far lower, and sold two January-2028 250 calls at 91.31. Net cash on the roll: 2,440 dollars out, for a strike 120 points higher and thirteen months longer. Nebius closed the week at 224.55, down 0.8 percent from last Friday after a 243.88 print on Tuesday; the new calls are 25 dollars out of the money, the old ones were 95 in. A short call that goes deep in the money is a position that has already given away its upside; rolling it up and out buys the upside back at the cost of the loss booked today. The book paid 2,440 dollars net for 120 points of Nebius it did not own on Thursday.

Two housekeeping lines. ASE sold 4.01 shares at 39.62, a 66-dollar gain, to leave the position at a round 500 against its six short January-2027 40 calls, the fractional shares from reinvested dividends cleared. Walmart-Q reinvested a dividend of 0.40 shares on Tuesday. Where Friday's fills stood at the close: SK hynix 190.07, up 0.9 percent on the fill; SpaceX 151.21, up 2.0; Lumentum 927.03, down 0.9.

Read the book's week as one sentence: it sold the American memory maker flat and the American chip designer up seven, and bought the Korean memory maker, the fibre company and the rocket company. That is the same sort the market ran all week, the memory economy over the logic economy and the physical layer over the digital one, applied inside a fifty-line growth book. Whether SK hynix at 188 is a better memory line than Micron at 976 is the question the book has now put its own money behind, and the two prices will answer it in public.

The four other books did nothing. Global Tech 50 and AI Build-Out carried last Friday's chip-equipment purchases through a week in which SK hynix rose 7 percent and the tools were sold on Thursday; the derivatives book's at-the-money Cloudflare put from last Friday is now about 27 dollars out of the money after the stock rose 10 percent on Wednesday and closed the week at 306.53; Global ETFs logged an eighth consecutive zero-transaction week, and Saturday's Global letter has that book's mark. Prices quoted are Friday's closes; the executed fills sit in the log, line by line.

The four wikifolios that run alongside these books keep their own public ledgers: every transaction in Closelooknet, AI Cycle 2030, ETF Generation and The Compound is visible on wikifolio itself, trade by trade. How the vehicles work, and who the issuer is, lives on the Trade the Look page. Nothing here is a recommendation and none of it is advice: it is the log of what this diary's books actually did between last Friday's close and this one's. The full ledger, newest first, is on the signals page.