Semiconductors are dominating options flow this week. AMD, Micron, and NVIDIA sit at the top of both positive and negative options bets screens — a sign of heavy two-way conviction as earnings season hits the sector.
AMD is up 68% year-to-date. Its nearest expiry cluster runs through May 8, then again May 15 and May 22. That short-dated stacking points to traders positioning around its upcoming Q1 results. Positive options bets are running high. But negative bets are equally elevated — unusual for a stock in this kind of rally.
Micron tells a similar story. Shares are up 90% YTD. The stock sits at the top of both bullish and bearish large-bet screens simultaneously. That kind of split flow often signals an event-driven strangle — traders buying both sides ahead of a potential volatility spike.
NVIDIA has 29 active expiry dates stretching to July 31. No other name comes close for options depth. The spread of expiries suggests institutional positioning across multiple time horizons, not just near-term bets.
Sandisk is the outlier worth watching. Shares are up 429% YTD — the biggest gainer on the screen. It tops the large negative bets list. Traders appear to be hedging or fading the extreme run.
Meta shows the highest near-term expiry density alongside NVDA and Amazon. Both have expiries today, May 6. That means elevated gamma risk into the close — market makers will be aggressively hedging deltas.
The broader signal: semiconductor options flow is two-sided and heavy. That rarely happens without a catalyst around the corner.
This article is for informational purposes only and does not constitute financial advice.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
