1. $MU is still call-heavy, P/C down at 0.54. Yesterday the tell was the $900 strike, today the crowd's already chasing $950, 85k contracts against just 2,502 open interest with IV up at 52%. That's not profit-taking on the old strike, that's fresh money betting on more room. If you're writing covered calls on $MU, that's the kind of premium worth renting the house out for.
2. $AMD is call-heavy at 0.60 P/C, but the IV curve is the real story. The $490 and $487.5 calls sit at 27-30% IV while the $500 strike, both this week's and next week's expiry, is running 50-57%. That's a big jump for $10 of distance, could be a catalyst on deck, could just be thin OTM chasing, the tape doesn't say which. Worth knowing why before selling into that juice.
3. NVDA, AMD and MU are all stacked call-heavy today, but $SMH is the holdout at 1.20 P/C, still put-heavy like it's been all month. The $555 put (Aug 14) and $570 put (Aug 21) are carrying IV in the high 30s to mid 40s, above what the calls are pricing. Someone's still paying up to hedge the group even while the individual names run, that skew flipping would be the tell that semis are fully in the clear.
Aggregated and distilled by Two Sentence Traders. Not financial advice.