SMCI Options Traders Bet Both Ways With Over $1M in Unusual Activity as Stock Hovers Near Lows

By TrendSpider Editor

Super Micro Computer (SMCI) is drawing notable options attention today, with three unusual contracts totaling $1,057,550 in combined premium hitting the tape. The activity skews toward puts, with two downside contracts accounting for $650,000 of that total, even as a bullish long-dated call rounds o

SMCI Options Traders Bet Both Ways With Over $1M in Unusual Activity as Stock Hovers Near Lows

Super Micro Computer (SMCI) is drawing notable options attention today, with three unusual contracts totaling $1,057,550 in combined premium hitting the tape. The activity skews toward puts, with two downside contracts accounting for $650,000 of that total, even as a bullish long-dated call rounds out the picture. SMCI shares are currently flat at $27.92, sitting in the lower half of their 52-week range of $19.49 to $62.358, underscoring the uncertainty that traders appear to be pricing in.

Key Drivers of the SMCI Stock Move

• Main Catalyst: Three unusual options contracts were flagged today across two puts and one call, generating $1,057,550 in total premium. The largest single contract is a June 18, 2026 PUT at the $30 strike, carrying $457,000 in premium and currently in-the-money relative to the $27.92 share price. A second put at the $25 strike for June 18 added $193,000, while a January 15, 2027 CALL at the $27 strike brought in $407,550 in premium.
• Bull Case: The $27 CALL expiring January 15, 2027 represents $407,550 in premium and currently sits in-the-money, with a size of 500 contracts and an open interest concentration of 41%. A trader committing that level of premium to a long-dated call suggests conviction in a meaningful recovery over the next eight-plus months.
• Bear Case: The two June puts together account for $650,000 in premium, with the in-the-money $30 put alone representing $457,000 of that. Both contracts expire June 18, 2026, just six weeks out, implying a near-term bearish thesis. The $30 put is already in-the-money with SMCI trading at $27.92, meaning the position is already profitable for the buyer.

The mixed signals here reflect the broader tension surrounding SMCI heading into the summer. The near-term put positioning at strikes of $25 and $30 suggests some traders are hedging against further downside from current levels, while the longer-dated call bet indicates at least one participant sees a floor forming. SMCI has been working to rebuild credibility after a turbulent stretch that included accounting review concerns and delayed filings, and the stock remains well off its 52-week high of $62.358. The forward setup is one of cautious rehabilitation, with options activity today reflecting a market that has not yet reached consensus on whether the worst is behind the company.

SMCI Unusual Options Activity

• Contract 1: PUT | Strike: $25 | Expiry: June 18, 2026 | Volume: 1,000 | Open Interest: 9% | Out of the money | Premium: $193,000
• Contract 2: PUT | Strike: $30 | Expiry: June 18, 2026 | Volume: 1,000 | Open Interest: 10% | In the money | Premium: $457,000
• Contract 3: CALL | Strike: $27 | Expiry: January 15, 2027 | Volume: 500 | Open Interest: 41% | In the money | Premium: $407,550

SMCI Seasonality

May and June have historically represented a transitional period for technology hardware names, with institutional repositioning common ahead of summer. The concentration of the two put contracts on the June 18 expiration suggests traders are specifically targeting the weeks immediately following any potential earnings or company update catalyst in that window.

SMCI Relative Performance

At $27.92, SMCI is trading roughly 55% below its 52-week high of $62.358 and only about 43% above its 52-week low of $19.49. That positioning near the lower end of its annual range stands in contrast to broader AI infrastructure peers that have largely recovered from their early 2026 pullbacks, highlighting the company-specific overhang that continues to weigh on the stock relative to sector peers.