Advanced Micro Devices closed at USD 476.15, down 1.90%.

A strikingly bearish tone dominated AMD’s options market as large traders aggressively bought puts. A massive $0.73 million block trade targeted the deeply out-of-the-money $350 strike, while another $0.26 million went into the near-the-money $475 put, signaling conviction in both near-term weakness and potential long-term downside.

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Options Indicators

AMD’s implied volatility stands at 82.29%, and with an IV percentile of 91.63%, current option volatility is clearly in an elevated regime, indicating that options are priced expensively relative to their own recent history. At the same time, the IV/HV ratio of 0.96 suggests implied volatility is roughly in line with realized volatility, so while premiums are rich on a percentile basis, they are not dramatically detached from the stock’s actual recent movement profile. The Call/Put volume ratio is 1.06.

Large Trades

A PUT buy worth $0.73 million was the largest displayed trade, consisting of 3,000 contracts of the 350.0 strike put expiring on 2026-08-21. With AMD referenced at $476.15, this put was deeply out-of-the-money at execution, making it a clearly bearish position that likely targets a sizable downside move over a longer-dated horizon. The trade structure suggests the buyer was willing to pay premium for convex downside exposure rather than hedge near current levels, which points to a relatively low-probability but high-payoff bearish view if AMD were to weaken materially over time.

A PUT buy worth $0.26 million was the second highlighted trade, covering 1,299 contracts of the 475.0 strike put expiring on 2026-07-31. Given the reference stock price of $476.15, this strike was slightly out-of-the-money, so the position expressed a more immediate and price-sensitive bearish stance than the first trade. Strategically, buying near-the-money downside protection or speculation at this strike indicates expectations for short-term weakness, with the buyer paying premium to gain direct exposure to a decline just below the current stock level.

Overall, the large-trade flow in AMD was decisively bearish. The sentiment summary shows bearish premium flow overwhelmingly dominated bullish activity, and the tone of the biggest trades reinforces that view because the most meaningful capital was concentrated in put buying rather than upside positioning. In particular, traders appeared willing to spend premium on downside exposure across both a near-current strike and a much lower long-dated strike, which suggests caution on AMD’s near-term price action as well as concern about potential deeper downside over a longer horizon.

Strategy Reference

For traders seeking to capitalize on elevated IV percentile without directional conviction, selling a 20-delta call spread or a put credit spread with a strike well below the $475 put buyer target could offer a defined-risk way to collect rich premium.