Advanced Micro Devices closed at $473.25, rising 0.81%.

Institutional options activity skewed decisively bearish, highlighted by a $2.39 million double-long put combination and an additional bear put spread for a net credit of $339,800. Total bearish flow reached $6.48 million versus only $1.32 million in bullish flow, leaving a net bearish imbalance of $5.16 million. Aggressive long-put buying across deep out-of-the-money strikes signaled conviction for a sharp downside repricing rather than a mild drift lower.

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Options Indicators

AMD’s implied volatility is 55.84%, while its IV percentile stands at 25.10%, which places current option pricing in the lower end of its historical range. Although the absolute IV level is not low by itself, the percentile suggests volatility is relatively subdued versus where AMD options have traded over the past year, so options appear cheaply priced rather than stretched. The IV/HV ratio of 0.70 also indicates implied volatility is running below historical volatility, reinforcing the view that current premiums are on the inexpensive side.

The Call/Put volume ratio is 1.00.

Large Trades

A directional double-long PUT combination worth a net debit of $2.39 million was the largest highlighted trade, pairing long 240.0 puts expiring June 17, 2027 with long 300.0 puts expiring January 15, 2027. Both legs were out of the money versus the $473.25 reference stock price, making this a clear downside volatility and directional bearish expression rather than a premium-selling structure. Because both puts were bought outright across different expirations, the trader paid premium up front and positioned for a meaningful decline in AMD over time, with the structure suggesting a conviction that the stock could reprice sharply lower rather than simply drift sideways.

A bear put spread with a net credit of $339,800 was the second displayed trade, built by selling the 230.0 put expiring September 17, 2027 and buying the 300.0 put expiring January 15, 2027, with both strikes also out of the money. Although labeled as a bearish spread, the fact that it was established for a net credit indicates the trader collected premium while still maintaining downside exposure through the long higher-strike put, likely using the short lower-strike leg to partially finance the position. Strategically, this points to a moderately bearish stance rather than an outright crash bet, expressing expectations for downside while improving carry through premium intake.

Overall, large-trade sentiment was bearish, with total bearish flow at $6.48 million versus bullish flow at $1.32 million, leaving a net bearish imbalance of $5.16 million. The conclusion is that institutional-sized activity leaned clearly to the downside, driven primarily by aggressive long-put buying and additional bearish put-spread positioning, while the bullish side was comparatively limited and concentrated more in put-selling structures. Taken together, the bulk-order profile suggests market participants were more focused on protecting against or positioning for a decline in AMD than on chasing further upside.

Strategy Reference

For a low assignment probability, a put seller may consider the 300.0 strike expiring January 15, 2027, which is roughly 36.61% out of the money relative to the $473.25 spot, though the existing long interest at that strike suggests monitoring institutional positioning; alternatively, a narrower bear put spread such as buying the 300.0 put and selling the 230.0 put limits margin while still capturing downside exposure.