AMD Unusual Options Activity: $2.87M in Bullish Call Flow Targets $740 Strike Into 2027

By TrendSpider Editor

Advanced Micro Devices is drawing attention from the options market this Monday, with two unusual call contracts totaling $2,867,400 in combined premium flagged as notable flow. The dominant trade, a $2,829,000 call sweep at the $740 strike expiring January 15, 2027, signals that at least one large

AMD Unusual Options Activity: $2.87M in Bullish Call Flow Targets $740 Strike Into 2027

Advanced Micro Devices is drawing attention from the options market this Monday, with two unusual call contracts totaling $2,867,400 in combined premium flagged as notable flow. The dominant trade, a $2,829,000 call sweep at the $740 strike expiring January 15, 2027, signals that at least one large player is positioning for a significant rally over the next six months. AMD shares currently trade at $502.99, up 1.46% on the session, and sit well above the 52-week low of $141.91, though still below the 52-week high of $584.73.

Key Drivers of the AMD Stock Move

• Main Catalyst: Two unusual call contracts were flagged today, headlined by a 600-lot CALL at the $740 strike expiring January 15, 2027, carrying $2,829,000 in premium and an open interest percentage of 180%, indicating the position is large relative to existing open interest. A second smaller CALL at the $512.50 strike expiring August 7, 2026 saw a size of 10 contracts but a striking 1,000% OI ratio with $38,400 in premium.
• Bull Case: The $740 strike represents a substantial move above the current price of $502.99, and the willingness to spend nearly $2.83 million in premium on a single out-of-the-money call suggests conviction in a multi-month breakout thesis. The $512.50 strike, also out of the money, adds to the directionally bullish tone. Combined, both contracts reflect $2,867,400 in call-side premium with zero put contracts flagged today.
• Bear Case: Both contracts are out of the money, meaning they expire worthless if AMD fails to climb meaningfully beyond its current level. The 52-week high of $584.73 represents an immediate technical ceiling well below the $740 target, and the stock would need to clear that resistance before the January 2027 expiration becomes relevant. The near-term August 7 call at $512.50 faces an even tighter window to profit.

AMD enters this week with modest upside momentum, up 1.46% today, and the options flow suggests the smart money sees a longer runway ahead. The $740 target on the January 2027 call implies that traders are pricing in a continuation well beyond the current 52-week high. The near-term August $512.50 call, despite its tiny premium, is notable for its 1,000% open interest ratio, suggesting a position that dwarfs existing activity in that contract. Whether this reflects a hedge, a speculative bet, or part of a larger structured trade remains to be seen, but the directional message is clear: call buyers are in control of today's unusual flow, with no put activity flagged to balance the picture.

AMD Unusual Options Activity

• Contract 1: CALL | Strike: $740 | Expiry: January 15, 2027 | Volume: 600 | Open Interest %: 180% | Status: Out of the Money | Premium: $2,829,000
• Contract 2: CALL | Strike: $512.50 | Expiry: August 7, 2026 | Volume: 10 | Open Interest %: 1,000% | Status: Out of the Money | Premium: $38,400

Total unusual contracts flagged: 2. Total premium: $2,867,400. Put contracts flagged: 0. The flow is entirely call-sided, with no bearish hedging activity detected in today's unusual options scan.

AMD Seasonality

Mid-July through early August has historically been an active period for semiconductor stocks as earnings season heats up and forward guidance shapes the second-half outlook. With AMD currently trading near the upper half of its 52-week range, seasonal momentum in the chip sector can amplify both breakouts and reversals around this time of year.

AMD Relative Performance

AMD is up 1.46% today, trading at $502.99 against a 52-week range of $141.91 to $584.73. The stock is approximately 14% below its 52-week high, suggesting room to run if the broader semiconductor sector continues to attract institutional interest. Today's price action, combined with the bullish options flow, positions AMD as one of the more directionally active names in the chip space heading into the second half of 2026.