1. $SMH put/call eased again to 1.76, continuing the slow fade from 3.37 to 2.39 to here. Spot's up at $576.79 now, well above the $500 and $520 strikes still holding massive open interest (88k and 96k) for July 31, so those look like legacy hedges getting stale, not fresh conviction. If the unwind keeps going the fear premium in $SMH could keep bleeding out, good news for anyone renting out shares up here.
2. $MU IV is loud across the board (88 to 91 percent on the mains) but the $850 put for tomorrow's expiry is sitting at 137% IV, way out ahead of everything else on the chain. That's a lot of fear priced into a strike 14% below spot ($988.80), even with calls otherwise leading the tape at 0.71 put/call. Meanwhile the $1000 calls, basically at the money, pulled 36.7k volume against just 12.4k OI today, so fresh money's piling in both directions. Juicy premium if you're selling calls up here, but that put skew is worth a second look before getting comfortable.
3. $AMD put/call sits at 0.69, calls doing the driving, but the real headline is IV pinned at 90 to 95% across every strike we're watching. The $600 calls, 12% above spot, are carrying the biggest open interest of the bunch at 7.5k. Nothing screams a specific catalyst here, just a chain priced hot everywhere. Rich premium for covered call writers, but rich for a reason, don't be a hero chasing the calls themselves.
Aggregated and distilled by Two Sentence Traders. Not financial advice.