Strasmore Research
Deep Dives · Matt ConnorBy Matt Connor · · Updated 2026-07-26

MU: 美光 2026年6月 最大成交量 排名

美光2026年6月常規交易時段成交量達995.7億美元，在美國市場排名第first位，當月價格波動年化14，為上半年波動最劇烈月份。

美光在2026年上半年經歷劇烈價格調整，6月價格雖趨緩，但市場走勢並未平靜。MU收於$1151.01，月漲14%，為2月以來最平靜的一個月，此前5月則為89.8%。其常規交易時段$995.7億美元成交量，在整個美國市場排名first，甚至超越SPY本身。若以每日波動衡量，6月也是上半年波動最劇烈的月份（年化127.6%）：所謂平靜只是終點幻象。以下為6月營收、市場走勢、財報週申報文件、波動率、同業比較、價差、選擇權、空頭部位，以及六個月趨勢。每項數字均為儲存查詢結果；展開任一區塊即可查看其SQL語法。

一個月濃縮為一列

查詢美光6月一覽：開盤、收盤、高低點、成交量及相關收據
每個數據背後的精確 SQL 語法
WITH
    (
        SELECT count() FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker = 'SPY'
          AND window_start >= toDateTime('2026-06-19 00:00:00') AND window_start < toDateTime('2026-06-20 00:00:00')
    ) AS spy_jun19,
    (
        SELECT max(toFloat64(high)) FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker = 'MU'
          AND window_start >= toDateTime('2026-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
    ) AS hi,
    (
        SELECT min(toFloat64(low)) FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker = 'MU'
          AND window_start >= toDateTime('2026-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
    ) AS lo
SELECT
    round(argMinIf(toFloat64(open), window_start, (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199), 2) AS month_open,
    round(argMaxIf(toFloat64(close), window_start, (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199), 2) AS month_close,
    round((argMaxIf(toFloat64(close), window_start, (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199) / argMinIf(toFloat64(open), window_start, (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199) - 1) * 100, 1) AS month_return_pct,
    round(hi, 2) AS month_high,
    formatDateTime(toTimeZone(minIf(window_start, toFloat64(high) >= hi - 0.011), 'America/New_York'), '%Y-%m-%d %H:%i') AS month_high_first_bar_et,
    round(lo, 2) AS month_low,
    formatDateTime(toTimeZone(minIf(window_start, toFloat64(low) <= lo + 0.011), 'America/New_York'), '%Y-%m-%d %H:%i') AS month_low_first_bar_et,
    round(minIf(toFloat64(low), (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199) - lo, 2) AS rth_minus_extended_low,
    round(toFloat64(sum(volume)) / 1e9, 2) AS month_shares_bn,
    round(sumIf(toFloat64(close) * toFloat64(volume), (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199) / 1e9, 1) AS rth_dollar_bn,
    uniqExact(toDate(toTimeZone(window_start, 'America/New_York'))) AS session_days_observed,
    spy_jun19 AS spy_bars_june19
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'MU'
  AND window_start >= toDateTime('2026-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
Run this yourself →

以這個規模的標的而言，月內震盪幅度極為驚人：從 850.1 美元低點（2026-06-05 16:34 美東時間）到 1255 美元高點（2026-06-25 09:35 美東時間），波動區間比多數股票一整年還寬。6月19日為全市場休市日（0 根SPY K線），因此該月共計 21 個交易日。

六月與半年走勢的對比

+14% 算大嗎？對這檔股票而言，在這個半年裡，它反而是平穩的月份。本面板每月以相同方式即時重新計算。

查詢美光逐月即時重算：報酬率、收盤價及常規時段成交量
每個數據背後的精確 SQL 語法
SELECT toString(toStartOfMonth(toDate(toTimeZone(window_start, 'America/New_York')))) AS period_start,
    round((argMaxIf(toFloat64(close), window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959) / argMinIf(toFloat64(open), window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959) - 1) * 100, 1) AS month_return_pct,
    round(argMaxIf(toFloat64(close), window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959), 2) AS month_close,
    round(sumIf(toFloat64(close) * toFloat64(volume), (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959) / 1e9, 1) AS rth_dollar_bn
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'MU'
  AND window_start >= toDateTime('2026-01-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
GROUP BY period_start
ORDER BY period_start
Run this yourself →

半年走勢：一月為 40.5%，二月持平 0%，三月 -15.9% 創下該半年收盤低點（$337.62），接著四月 48.4%、五月 89.8%，六個月內從 $414.73 來到 $1151.01。成交量也隨之攀升：從一月的 $235.8 十億美元增至六月的 $995.7 十億美元。六月的價格變動是二月以來最小的一次；六月的成交量則是該期間內最大。

價格降溫，波動未歇。

14%個月的平靜算得上嗎？以每日收盤變動年化計算的實現波動率，對六月的解讀截然不同。

查詢美光按月統計：年化實現波動率、平均區間幅度、最大單日漲跌幅
每個數據背後的精確 SQL 語法
SELECT
    toString(toStartOfMonth(et_date)) AS period_start,
    round(stddevSamp(log_ret) * sqrt(252) * 100, 1) AS realized_vol_ann_pct,
    round(100 * stddevSamp(log_ret) / max(stddevSamp(log_ret)) OVER (), 1) AS pct_of_peak_vol,
    round(avg(day_range_pct), 1) AS avg_day_range_pct,
    round(max(abs(day_move_pct)), 1) AS biggest_day_move_pct,
    count() AS return_days
FROM (
    SELECT et_date, day_range_pct,
        if(prev_close > 0, ln(close_usd / prev_close), NULL) AS log_ret,
        if(prev_close > 0, (close_usd / prev_close - 1) * 100, NULL) AS day_move_pct
    FROM (
        SELECT et_date, close_usd, day_range_pct,
            lagInFrame(close_usd) OVER (ORDER BY et_date ASC ROWS BETWEEN 1 PRECEDING AND CURRENT ROW) AS prev_close
        FROM (
            SELECT toDate(toTimeZone(window_start, 'America/New_York')) AS et_date,
                argMaxIf(toFloat64(close), window_start, (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959) AS close_usd,
                (maxIf(toFloat64(high), (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959) / minIf(toFloat64(low), (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959) - 1) * 100 AS day_range_pct
            FROM global_markets.delayed_stocks_minute_aggs
            WHERE ticker = 'MU'
              AND window_start >= toDateTime('2026-01-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
            GROUP BY et_date
        )
    )
)
WHERE isFinite(log_ret) AND log_ret IS NOT NULL
GROUP BY period_start
ORDER BY period_start
Run this yourself →

依此指標，六月是本半年波動最劇烈的月份：年化127.6%，甚至高於五月的101.4%，平均每日區間達7.6%，其中一次收盤價對收盤價的變動幅度為15.8%。開端與結尾相對平靜，但中間的日子並非如此。

逐場交易時段分析

查詢21個交易日：收盤價、收盤價變動、全日成交量
每個數據背後的精確 SQL 語法
SELECT et_date, close_usd,
    round(if(prev_close = 0, NULL, (close_usd / prev_close - 1) * 100), 1) AS change_pct,
    shares_m
FROM (
    SELECT et_date, close_usd, shares_m,
           lagInFrame(close_usd) OVER (ORDER BY et_date ASC ROWS BETWEEN 1 PRECEDING AND CURRENT ROW) AS prev_close
    FROM (
        SELECT toDate(toTimeZone(window_start, 'America/New_York')) AS et_date,
            round(argMaxIf(toFloat64(close), window_start, (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199), 2) AS close_usd,
            round(toFloat64(sum(volume)) / 1e6, 1) AS shares_m
        FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker = 'MU'
          AND window_start >= toDateTime('2026-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
        GROUP BY et_date
    )
)
ORDER BY et_date
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行情走勢劇烈擺盪，從 2026-06-01 的 $1034.83 一路震盪，最終收在 $1151.01 。所謂「月線 14% 」掩蓋的正是這點：只有起點與終點相對平靜。波動最劇烈的交易時段集中在財報週，詳見下方表格。

這些波動是否與已公布的季度報告吻合？

這些波動可以追溯到美光（MU）在美國證交會（SEC）自家索引中的六月文件紀錄，並與同期股價走勢相互對照。

查詢美光6月SEC申報文件及季度8-K申報後交易日
每個數據背後的精確 SQL 語法
WITH
    (
        SELECT maxIf(filing_date, form_type = '8-K')
        FROM global_markets.stocks_sec_edgar_index
        WHERE cik = '0000723125' AND filing_date >= toDate('2026-06-01') AND filing_date <= toDate('2026-06-30')
    ) AS last_8k_date,
    (
        SELECT minIf(filing_date, form_type = '10-Q')
        FROM global_markets.stocks_sec_edgar_index
        WHERE cik = '0000723125' AND filing_date >= toDate('2026-06-01') AND filing_date <= toDate('2026-06-30')
    ) AS tenq_date,
    (
        SELECT (count(), countIf(form_type = '8-K'), countIf(form_type = '4'))
        FROM global_markets.stocks_sec_edgar_index
        WHERE cik = '0000723125' AND filing_date >= toDate('2026-06-01') AND filing_date <= toDate('2026-06-30')
    ) AS filing_census,
    (
        SELECT toDate(toTimeZone(min(window_start), 'America/New_York'))
        FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker = 'MU'
          AND window_start >= toDateTime('2026-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
          AND toFloat64(high) >= (
              SELECT max(toFloat64(high)) FROM global_markets.delayed_stocks_minute_aggs
              WHERE ticker = 'MU' AND window_start >= toDateTime('2026-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
          ) - 0.011
    ) AS month_high_date
SELECT
    toString(last_8k_date) AS earnings_8k_filed,
    if(last_8k_date = toDate('2026-06-24'), 1, 0) AS eightk_on_jun24,
    toString(tenq_date) AS tenq_filed,
    dateDiff('day', last_8k_date, tenq_date) AS days_8k_to_10q,
    filing_census.1 AS june_filings_total,
    filing_census.2 AS eightk_filings,
    filing_census.3 AS form4_filings,
    round((anyIf(close_usd, et_date = toDate('2026-06-25')) / anyIf(close_usd, et_date = toDate('2026-06-24')) - 1) * 100, 1) AS next_session_move_pct,
    round(anyIf(shares_m, et_date = toDate('2026-06-25')), 1) AS next_session_shares_m,
    round(anyIf(shares_m, et_date = toDate('2026-06-25')) - maxIf(shares_m, et_date != toDate('2026-06-25')), 1) AS shares_lead_over_next_busiest_m,
    if(month_high_date = toDate('2026-06-25'), 1, 0) AS month_high_on_jun25
FROM (
    SELECT toDate(toTimeZone(window_start, 'America/New_York')) AS et_date,
        argMaxIf(toFloat64(close), window_start, (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199) AS close_usd,
        toFloat64(sum(volume)) / 1e6 AS shares_m
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker = 'MU'
      AND window_start >= toDateTime('2026-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
    GROUP BY et_date
)
Run this yourself →

美光的季度8-K報告日期為 2026-06-24 日，10-Q報告則晚 1 天（分別為 8 年6月的申報文件，以及 3 份內部人Form 4申報）。8-K報告日期後的第一個交易日收盤 15.8% 上漲，成交量達 77.2 百萬股，為當月最大量，比次高量多出 5.9 百萬股；當月最高價 1255 美元也出現在同一交易日（美東時間 2026-06-25 09:35 時；比對欄位確認吻合）。此處僅呈現此一對應關係，本文不作進一步推論。

美光的故事，還是記憶體的故事？

記憶體與儲存相關類股是否也同步上漲？以下投資組合已固定並明確列出：六月份新聞中與美光（MU）共同標記最多的三家儲存類股，加上NVDA和SPY作為基準。

查詢6月並列比較：記憶體/儲存類股、NVDA及SPY
每個數據背後的精確 SQL 語法
WITH (
    SELECT (argMaxIf(toFloat64(close), window_start, (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199) / argMinIf(toFloat64(open), window_start, (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199) - 1) * 100
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker = 'MU' AND window_start >= toDateTime('2026-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
) AS mu_return
SELECT ticker,
    round(june_return_pct, 1) AS june_return_pct,
    round(june_return_pct - mu_return, 1) AS vs_mu_pct_points,
    rth_dollar_bn,
    round(100 * rth_dollar_bn / max(rth_dollar_bn) OVER (), 1) AS pct_of_top_turnover
FROM (
    SELECT ticker,
        (argMaxIf(toFloat64(close), window_start, (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199) / argMinIf(toFloat64(open), window_start, (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199) - 1) * 100 AS june_return_pct,
        round(sumIf(toFloat64(close) * toFloat64(volume), (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199) / 1e9, 1) AS rth_dollar_bn
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker IN ('MU', 'SNDK', 'WDC', 'INTC', 'NVDA', 'SPY')
      AND window_start >= toDateTime('2026-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
    GROUP BY ticker
)
ORDER BY june_return_pct DESC
Run this yourself →

這是記憶體類股的漲勢，而美光（MU）落後於整體表現。SNDK 上漲 31.3%，INTC 上漲 27.5%，WDC 上漲 19.1%，每一檔儲存類股都超越美光（MU）5.1 至 17.3 個百分點，而 SPY 和 NVDA 在六月份收低。美光（MU）的獨特之處在於：其成交量在此表中名列前茅。

盤面上最顯眼的標的

查詢全美股市依2026年6月常規時段美元成交量排名（排除一個待實體驗證的重複代碼）
每個數據背後的精確 SQL 語法
SELECT ticker,
    round(sum(toFloat64(volume) * toFloat64(close)) / 1e9, 1) AS regular_hours_dollar_bn,
    round(100 * sum(toFloat64(volume) * toFloat64(close)) / max(sum(toFloat64(volume) * toFloat64(close))) OVER (), 1) AS pct_of_leader
FROM global_markets.delayed_stocks_minute_aggs
WHERE window_start >= toDateTime('2026-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
  AND (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199
  AND ticker NOT IN ('SPCX')
GROUP BY ticker
ORDER BY regular_hours_dollar_bn DESC
LIMIT 10
Run this yourself →
查詢排名收據：美光名次、領先下一檔的差距及計算基準
每個數據背後的精確 SQL 語法
WITH (
    SELECT sum(toFloat64(volume) * toFloat64(close))
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker = 'MU'
      AND window_start >= toDateTime('2026-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
      AND (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199
) AS mu_d
SELECT
    countIf(d > mu_d AND ticker != 'MU') + 1 AS mu_rank,
    round(mu_d / 1e9, 1) AS mu_dollar_bn,
    round((mu_d - maxIf(d, d < mu_d AND ticker != 'MU')) / 1e9, 1) AS lead_over_next_bn
FROM (
    SELECT ticker, sum(toFloat64(volume) * toFloat64(close)) AS d
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE window_start >= toDateTime('2026-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
      AND (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199
      AND ticker NOT IN ('SPCX')
    GROUP BY ticker
)
Run this yourself →

MU在6月常規交易時段中，以995.7億美元的成交金額，在所有美國上市標的中排名第first位，領先第二名SPY達224.3億美元。單一公司成交金額連續一個月超越旗艦指數ETF，屬於罕見的盤面結構；上述財報週與同業章節已提供相關背景脈絡。基準期間：6月1日至30日常規交易時段，已排除一檔重複掛牌標的（待實體驗證，其憑證）。全市場概覽請見6月回顧。

這條行情記錄的構成

查詢美光全盤一覽：成交筆數、筆數規模及報價統計
每個數據背後的精確 SQL 語法
WITH
    (
        SELECT (round(count() / 1e6, 2),
                round(100.0 * countIf(bid_price > 0 AND ask_price > 0 AND ask_price > bid_price) / count(), 2),
                countIf(bid_price > 0 AND ask_price > 0 AND ask_price < bid_price),
                countIf(bid_price <= 0 OR ask_price <= 0))
        FROM global_markets.cache_stocks_quotes
        WHERE ticker = 'MU'
          AND sip_timestamp >= toDateTime64('2026-06-01 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
    ) AS quote_census
SELECT
    round(count() / 1e6, 2) AS prints_m,
    quantileDeterministic(0.5)(toFloat64(size), toUInt64(abs(sequence_number))) AS median_print_shares,
    round(avg(toFloat64(size)), 1) AS avg_print_shares,
    round(100.0 * countIf(size < 100) / count(), 1) AS odd_lot_pct_of_prints,
    round(100.0 * countIf(toFloat64(size) != round(toFloat64(size))) / count(), 2) AS fractional_pct_of_prints,
    quote_census.1 AS nbbo_updates_m,
    quote_census.2 AS clean_two_sided_pct,
    quote_census.3 AS crossed_updates,
    quote_census.4 AS one_sided_or_empty_updates
FROM global_markets.stocks_trades
WHERE ticker = 'MU'
  AND sip_timestamp >= toDateTime64('2026-06-01 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
Run this yourself →

35.17 萬筆成交，中位數為 8 股，以及 91.7% 筆零股交易，是我們測量過散戶切割程度最高的行情之一（NVDA 六月的數據明顯更低；其深度分析有雙面板圖）。在四位數股價下，「整股」代表金額龐大，因此小額成交自然佔多數；碎股交易（9.04%）也指向相同方向。報價方面：19.64 百萬筆 NBBO 更新，99.86% 筆為乾淨的雙邊報價，16963 筆為交叉報價，78 筆為單邊或無報價，已揭露，無隱藏。

重新定價期間的價差

一檔股票在單季內漲幅近三倍，對價差提出的問題截然不同：在價格尋找新水位的過程中，報價是否仍維持緊密？

查詢各交易日價差：常規時段中位數（美分及基點）
每個數據背後的精確 SQL 語法
SELECT session,
    round(quantileDeterministicIf(0.5)(toFloat64(ask_price) - toFloat64(bid_price), toUInt64(toUnixTimestamp64Micro(sip_timestamp)), bid_price > 0 AND ask_price >= bid_price) * 100, 1) AS med_spread_cents,
    round(quantileDeterministicIf(0.5)((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 10000, toUInt64(toUnixTimestamp64Micro(sip_timestamp)), bid_price > 0 AND ask_price >= bid_price), 2) AS med_spread_bps,
    count() AS quote_updates,
    countIf(NOT (bid_price > 0 AND ask_price > 0 AND ask_price >= bid_price)) AS invalid_dropped
FROM global_markets.cache_stocks_quotes
WHERE ticker = 'MU'
  AND sip_timestamp >= toDateTime64('2026-06-01 13:30:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
  AND (toHour(sip_timestamp) * 60 + toMinute(sip_timestamp)) BETWEEN 810 AND 1199
GROUP BY toDate(toTimeZone(sip_timestamp, 'America/New_York')) AS session
ORDER BY session
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以基點計算，價差在整段漲勢中始終維持機構級水準：3.96 個基點（2026-06-01）、4.19 個基點（最後交易日），美分欄大致與價格本身的水位同步。關於運作機制，請參閱價差說明。

選擇權：雙向交易簿

查詢美光選擇權市場一覽：總量、到期分布、買權/賣權比例
每個數據背後的精確 SQL 語法
SELECT
    round(count() / 1e6, 2) AS prints_m,
    uniqExact(ticker) AS distinct_contracts,
    round(sum(size) / 1e6, 2) AS contracts_traded_m,
    round(sum(toFloat64(price) * size) * 100 / 1e9, 2) AS premium_notional_busd,
    round(toFloat64(sumIf(size, substring(ticker, 11, 1) = 'P')) / toFloat64(sumIf(size, substring(ticker, 11, 1) = 'C')), 2) AS month_put_call_ratio,
    uniqExact(substring(ticker, 5, 6)) AS expiries_traded,
    round(intDiv(toUInt32OrZero(substring(argMax(ticker, sz), 12, 8)), 1000), 0) AS busiest_strike_usd
FROM (
    SELECT ticker, price, size, sum(size) OVER (PARTITION BY ticker) AS sz
    FROM global_markets.options_trades
    WHERE startsWith(ticker, 'O:MU') AND length(ticker) = 19
      AND sip_timestamp >= toDateTime64('2026-06-01 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
)
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16.76 百萬口合約，涵蓋 11789 個不同履約價，對應77.13 億美元權利金，且該交易簿呈現雙向格局：當月賣權/買權比率為 0.99，基本上處於平價狀態（NVDA 的 6 月合約偏向買權；比較）。在劇烈重新定價期間出現接近平價的狀況，顯示選擇權市場在多空雙方均有佈局；數據呈現的是分歧，而非意圖。

查詢合約落點：依履約價區間劃分之買權與賣權成交量
每個數據背後的精確 SQL 語法
SELECT
    concat('$', toString(toUInt32(bucket))) AS strike_bucket,
    call_contracts,
    put_contracts,
    round(100.0 * put_contracts / (call_contracts + put_contracts), 1) AS put_share_pct
FROM (
    SELECT
        least(floor(toFloat64(toUInt32OrZero(substring(ticker, 12, 8))) / 1000 / 100) * 100, 1500) AS bucket,
        toUInt64(sumIf(size, substring(ticker, 11, 1) = 'C')) AS call_contracts,
        toUInt64(sumIf(size, substring(ticker, 11, 1) = 'P')) AS put_contracts
    FROM global_markets.options_trades
    WHERE startsWith(ticker, 'O:MU') AND length(ticker) = 19
      AND sip_timestamp >= toDateTime64('2026-06-01 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
    GROUP BY bucket
)
ORDER BY toUInt32OrZero(substring(strike_bucket, 2))
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履約價分佈範圍涵蓋了在 1 月時會被視為荒謬的區間，從 $0 區間到 $1500 以上區間均有實際成交量，反映出標的資產的波動幅度有多大。持有這波波動的代價為何？當月最後一個交易日的價格提供了答案：

查詢月底波動價格：6月最後一筆價平跨式組合
每個數據背後的精確 SQL 語法
WITH (
    SELECT argMaxIf(toFloat64(close), window_start, (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199)
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker = 'MU' AND window_start >= toDateTime('2026-06-30 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
) AS spot
SELECT
    toString(any(expiry)) AS nearest_expiry,
    dateDiff('day', toDate('2026-06-30'), any(expiry)) AS calendar_days_to_expiry,
    round(spot, 2) AS spot_close,
    argMin(strike_usd, (dist, strike_usd)) AS atm_strike,
    round(argMin(call_last + put_last, (dist, strike_usd)), 2) AS straddle_usd,
    round(argMin(call_last + put_last, (dist, strike_usd)) / spot * 100, 2) AS straddle_pct_of_spot,
    count() AS two_sided_strikes
FROM (
    SELECT expiry, strike_usd, abs(strike_usd - spot) AS dist,
        anyIf(last_px, opt_type = 'C') AS call_last,
        anyIf(last_px, opt_type = 'P') AS put_last
    FROM (
        SELECT
            toDateOrNull(concat('20', substring(ticker, 5, 2), '-', substring(ticker, 7, 2), '-', substring(ticker, 9, 2))) AS expiry,
            substring(ticker, 11, 1) AS opt_type,
            toFloat64(toUInt32OrZero(substring(ticker, 12, 8))) / 1000 AS strike_usd,
            argMax(toFloat64(price), (sip_timestamp, toFloat64(price))) AS last_px
        FROM global_markets.options_trades
        WHERE startsWith(ticker, 'O:MU') AND length(ticker) = 19
          AND sip_timestamp >= toDateTime64('2026-06-30 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
        GROUP BY expiry, opt_type, strike_usd
    )
    WHERE expiry > toDate('2026-06-30')
    GROUP BY expiry, strike_usd
    HAVING countIf(opt_type = 'C') > 0 AND countIf(opt_type = 'P') > 0
)
WHERE expiry = (
    SELECT min(toDateOrNull(concat('20', substring(ticker, 5, 2), '-', substring(ticker, 7, 2), '-', substring(ticker, 9, 2))))
    FROM global_markets.options_trades
    WHERE startsWith(ticker, 'O:MU') AND length(ticker) = 19
      AND sip_timestamp >= toDateTime64('2026-06-30 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
      AND toDateOrNull(concat('20', substring(ticker, 5, 2), '-', substring(ticker, 7, 2), '-', substring(ticker, 9, 2))) > toDate('2026-06-30')
)
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截至 6 月 30 日收盤，距離最近到期合約尚有 2 個日曆日；價平組合（即履約價 1150 美元的買權與賣權）最後成交價合計為 69.95 美元：相當於 1151.01 美元股價的 6.08%。買方需要在 2 天內，股價朝任一方向出現如此規模的變動才能損益兩平；6 月收盤時，市場仍為超乎尋常的波動幅度定價。

新聞動態

查詢6月美光標籤文章：數量、最大發布者占比、共同標籤
每個數據背後的精確 SQL 語法
WITH
    (
        SELECT (JSONExtractString(any(publisher), 'name'), count())
        FROM global_markets.stocks_news
        WHERE has(tickers, 'MU')
          AND published_utc >= toDateTime('2026-06-01 00:00:00') AND published_utc < toDateTime('2026-07-01 04:00:00')
        GROUP BY JSONExtractString(publisher, 'name') ORDER BY count() DESC LIMIT 1
    ) AS top_pub
SELECT
    count() AS june_articles,
    uniqExact(JSONExtractString(publisher, 'name')) AS publishers,
    top_pub.1 AS top_publisher,
    round(100.0 * top_pub.2 / count(), 0) AS top_publisher_pct,
    countIf(has(tickers, 'NVDA')) AS nvda_co_articles,
    countIf(has(tickers, 'SNDK')) AS sndk_co_articles,
    countIf(has(tickers, 'INTC')) AS intc_co_articles
FROM global_markets.stocks_news
WHERE has(tickers, 'MU')
  AND published_utc >= toDateTime('2026-06-01 00:00:00') AND published_utc < toDateTime('2026-07-01 04:00:00')
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195 篇標記為 MU 的文章來自 4 家媒體，應以質疑態度閱讀；其中 The Motley Fool 一家媒體就撰寫了 59% 篇。共同標籤勾勒出半導體相關敘事：NVDA 出現在 86 篇文章中，SNDK 在 32 篇，INTC 在 21 篇。這些文章的主題是什麼？供應商自身的文章標籤提供了詞彙，但未加以採納：

查詢6月美光報導主題：供應商自訂文章標籤統計
每個數據背後的精確 SQL 語法
SELECT keyword, count() AS articles,
    round(100.0 * count() / (SELECT count() FROM global_markets.stocks_news WHERE has(tickers, 'MU') AND published_utc >= toDateTime('2026-06-01 00:00:00') AND published_utc < toDateTime('2026-07-01 04:00:00')), 1) AS pct_of_articles
FROM global_markets.stocks_news
ARRAY JOIN keywords AS keyword
WHERE has(tickers, 'MU')
  AND published_utc >= toDateTime('2026-06-01 00:00:00') AND published_utc < toDateTime('2026-07-01 04:00:00')
GROUP BY keyword
ORDER BY articles DESC, keyword ASC
LIMIT 10
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「AI infrastructure」以 49 的佔比領先於 195 篇文章，其後依序為「memory chips」、「DRAM」與「high-bandwidth memory」，這是一套 AI 記憶體詞彙，以標籤計數呈現，而非作為解釋。

空單縮減，回補缺口仍在

查詢FINRA場外放空成交量：美光6月覆蓋率及標記放空占比
每個數據背後的精確 SQL 語法
SELECT toString(date) AS d,
    round(toFloat64(any(short_volume)) / 1e6, 2) AS short_shares_m,
    round(100 * toFloat64(any(short_volume)) / toFloat64(any(total_volume)), 1) AS short_pct_of_offexchange
FROM global_markets.stocks_short_volume
WHERE ticker = 'MU' AND date >= toDate('2026-06-01') AND date <= toDate('2026-06-30')
GROUP BY date
ORDER BY date
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先看覆蓋率：美光6月的空單檔案僅涵蓋 16 個交易日中的 21 個。除了全市場在6月29日的資料截斷外，美光有多筆資料列直接缺失，因此不計算月級比率；每日資料為真實數據，缺失部分已揭露。

查詢6月結算配對：月中與月底放空餘額
每個數據背後的精確 SQL 語法
SELECT
    toString(maxIf(settlement_date, settlement_date <= toDate('2026-06-20'))) AS mid_june_settlement,
    round(toFloat64(maxIf(short_interest, settlement_date <= toDate('2026-06-20'))) / 1e6, 2) AS mid_june_shares_short_m,
    toString(maxIf(settlement_date, settlement_date > toDate('2026-06-20'))) AS eom_settlement,
    round(toFloat64(maxIf(short_interest, settlement_date > toDate('2026-06-20'))) / 1e6, 2) AS eom_shares_short_m,
    round((toFloat64(maxIf(short_interest, settlement_date <= toDate('2026-06-20'))) - toFloat64(maxIf(short_interest, settlement_date > toDate('2026-06-20')))) / 1e6, 2) AS decline_m_shares,
    round(toFloat64(maxIf(short_interest, settlement_date > toDate('2026-06-20'))) / toFloat64(maxIf(avg_daily_volume, settlement_date > toDate('2026-06-20'))), 2) AS eom_days_to_cover
FROM global_markets.stocks_short_interest
WHERE ticker = 'MU' AND settlement_date >= toDate('2026-06-01') AND settlement_date <= toDate('2026-06-30')
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結算配對完整：在 2026-06-15 結算日的 41.59 百萬股空單，到 2026-06-30 已降至 31.67 百萬股，後半段（涵蓋財報週）減少了 9.92 百萬股。月底空單部位相當於 0.53 天的平均成交量，對這檔股票來說規模偏小。本頁面首次上線時該數據尚未公布（此延遲屬正常現象）；上方數字即為公布後的結果。

表象之下的基本面

公司自身的財報顯示了什麼？有一點需要注意：資料更新速度落後於申報時程，最新一筆資料早於6月的10-Q報告，因此重點在於趨勢，而非最新數據。

查詢美光最近六季申報資料：營收、淨利、稀釋後每股盈餘
每個數據背後的精確 SQL 語法
SELECT quarter_end, revenue_bn,
    round(100 * revenue_bn / max(revenue_bn) OVER (), 1) AS pct_of_peak_revenue,
    net_income_bn, diluted_eps
FROM (
    SELECT toString(period_end) AS quarter_end,
        round(toFloat64(revenue) / 1e9, 2) AS revenue_bn,
        round(toFloat64(net_income_loss_attributable_common_shareholders) / 1e9, 2) AS net_income_bn,
        round(toFloat64(diluted_earnings_per_share), 2) AS diluted_eps
    FROM global_markets.stocks_income_statements
    WHERE has(tickers, 'MU') AND timeframe = 'quarterly'
    ORDER BY period_end DESC
    LIMIT 6
)
ORDER BY quarter_end ASC
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在已存檔的六個季度中，營收從7.75億美元（2024-08-29）到13.64億美元（2025-11-27）不等，最新一筆資料是該區間的最高點，該季度淨利潤為5.24億美元，稀釋後每股盈餘為4.6美元。雖然並非直線上升，但這個區間結束在最高點。

此後觀察重點

純粹的日曆資訊：下一期空頭持倉結算日在7月中旬，依FINRA慣例延遲公布；待數據源更新後，6月申報的季度數據將成為基本面的一行；而7月的交易記錄將在本系列下一期以同樣方式處理。

常見問題

為何美光科技（MU）股價在2026年6月波動如此劇烈？

本頁面著重衡量而非解釋：MU 交易區間介於 $850.1 與 $1255 之間；該季的 8-K 報告日期為 2026-06-24，下一個交易日上漲 15.8%，並創下當月最高成交量；整個記憶體類股在此期間走勢一致。

MU 在2026年6月的波動程度如何？

這是該股半年內波動最劇烈的一個月：年化實現波動率達 127.6%，平均每日區間為 7.6%，但期間終點至終點的報酬率僅 14%。

MU 6月的波動是公司特定因素還是整體產業因素？

屬於整體產業現象，但 MU 是漲勢中的落後者：SNDK 上漲 31.3%，且所有儲存類股表現均優於 MU 的 14%，而 SPY 與 NVDA 則收低。MU 的獨特之處在於成交量：$995.7 億美元，為該族群中最大。

MU 的融券餘額是否偏高？

相對於其自身交易量而言並不高：截至 2026-06-30 結算日，融券餘額為 31.67 百萬股，約需 0.53 天的平均成交量來回補，較6月中旬減少 9.92 百萬股。融券餘額數據通常會因結算延遲而延後公布。

MU 的賣權/買權比率代表什麼意義？

6月的比率為 0.99，表示賣權與買權的交易量幾乎相當，呈現雙向市場，而非單邊押注。比率遠低於1代表偏向買權（NVDA 6月的情況即是如此），遠高於1則代表偏向賣權。

資料說明

完整資料說明
  • 標的實體。 MU 為美光科技公司（Micron Technology, Inc.），CIK 編號 0000723125，具備單一連續的 EDGAR 身分；無代碼重複使用之疑慮。
  • 空單成交量涵蓋範圍。 六月份的檔案涵蓋 16 至 21 的交易日（因 6 月 29 日截斷以及 MU 特定日期缺失所致）；比率僅顯示每日數據。
  • 同業比較組合。 SNDK、WDC、INTC 為 6 月份 MU 新聞報導中最常出現的儲存類共同標籤，另加入 NVDA 與 SPY 作為衡量基準；組合事先宣告，絕非事後拼湊。
  • 選擇權解析。 到期日／類型／履約價係從 OCC 代碼重新解析（第 5、11、12 個字元）；權利金假設採 100 股乘數。
  • 跨式組合方法。 採用最後成交價格（非報價），選取最接近收盤價的履約價，以及月底後最近到期的契約；此為成交紀錄，而非模型隱含波動率。
  • 基本面延遲。 損益表數據的更新進度落後於申報時程；其最新一筆 MU 資料列早於 6 月份的 10-Q 季報，僅供趨勢參考。
  • 6 月 19 日休市 已由 SPY 零成交量柱狀圖的收據確認。
  • 價差圖表 排除交叉報價或單邊報價，各圖表中已揭露被剔除的筆數。
  • 涵蓋全市場背景、以及本檔股票在整體交易量排行榜居首的相關資訊，收錄於 2026年6月回顧。

方法論

  • 期間為2026年6月1日至30日（21個交易時段，經觀察K線驗證）。報酬率計算自常規交易時段開盤至收盤；6月全程為美東夏令時間，因此常規時段原始邊界為13:30–20:00 UTC。後續對比面板涵蓋美東標準時間月份，並改用美東時鐘篩選條件。
  • 已實現波動率 = 每日收盤對收盤對數報酬率（常規時段收盤價）的樣本標準差，乘以252的平方根進行年化；當月第一個報酬率跨越月份邊界，計入後一個月份。
  • 對比計算均為即時重新運算，從不採用儲存值。
  • 資料生成僅透過閘控唯讀路徑進行批次處理；公開頁面從不查詢即時資料。資料倉儲截至2026年7月12日。

每個面板均為一個儲存物件，包含圖表、表格、SQL。如需進一步查詢，請在Strasmore終端機上執行。

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