1. $NVDA's P/C sits at 0.41, about as call-heavy as it gets today. But look at the $210 call, 454k traded against just 13k open interest, that's fresh money chasing the tape higher, not old positions unwinding. Weird part: the $205 put is carrying more IV (34%) than that $210 call (27%), so somebody's still paying up for downside insurance even while the crowd buys calls. If NVDA holds above $205 the call-heavy tape wins, if it cracks that put skew may have been the smart money.
2. $AMD's $500 call is running 58% IV, the highest number we're seeing across the whole watchlist today, and it's already trading 20k contracts against just 1.5k open interest. The whole AMD chain is call-skewed (P/C 0.44) with IV elevated across every near strike, 40-43% even a few bucks out of the money. That's juicy premium if you're renting out shares here, just know you're selling into a crowd betting on more upside, not less.
3. Remember $MU's $900 call running 114% IV back on the 31st? That's settled down hard, top strikes today are all low-50s to high-60s IV, whatever the market was bracing for either happened or got priced out. $SMH meanwhile is still the lone name on the board with more puts than calls (P/C 1.45), cooled off from the 2.03 read on the 27th but the $515 and $475 puts are still getting bid at 98% and 87% IV. Semis feel calmer up top, but somebody's still paying for a hard landing underneath.
Aggregated and distilled by Two Sentence Traders. Not financial advice.