1. $SMH puts are still running the show, put/call sitting at 3.37 today. Fresh money keeps piling into the $520, $522.5, $517.5 and even $500 strikes for July 31, and OI north of 50k-90k contracts on those says this hedge has been building for a while, not just a today thing. Spot's up at $585.42 so these are deep out of the money, more tail insurance than a call for an imminent drop. If you're selling covered calls up here, the premium might be juicier than the tape's actual downside conviction, worth checking before you pick aggressive strikes.
2. $AMD volume is dwarfing open interest across the board today, the $550, $540, $530 and $535 calls for July 22 are running 8-10x their OI in one session. That reads like new money chasing upside, not just rolling old paper. IV's sitting 82-87%, so if you're renting out the house on AMD shares right now the premium's fat, might be worth collecting some of that heat instead of chasing it yourself.
3. $META calls are stacked way above the tape, the $700 and $725 strikes for July 24 already carry real size (26.6k and 14.2k OI) with spot only at $647.76. Put/call is 0.27, about as call-heavy as anything on the board today. IV's just mid-50s for strikes that far out of the money, so the crowd's pricing this as plausible, not a moonshot. We'll see if the stock actually gives them a reason.
Aggregated and distilled by Two Sentence Traders. Not financial advice.