Buying chip stocks is getting pricey. Traders don't care

semiconductors are on a tear — up 17 of the last 18 sessions. the vaneck semiconductor etf (smh) has gained over 30% this month alone, with another 5% pop on friday. implied volatility is rising alongside the price, making options trades more expensive. intel earnings overnight were the latest catalyst. shares jumped 23%, nearly triple the expected move from thursday's options market. intel's market cap crossed $400 billion for the first time since the dotcom bubble. amd surged 15% in sympathy. options traders are notably bullish on memory stocks like micron and sandisk, where calls outnumber puts nearly 2:1 and total call premiums are at least four times bigger than puts. nvidia is the exception — implied vol is lower than the smh etf, with the stock sitting about $3 below its october all-time highs. one trader bought 7,500 $230-strike calls expiring may 15, a $413,000 bet on a 13% rally. nvidia reports earnings on may 20.