Super Micro Computer Sees Heavy Bearish Options Activity as $1.4M Put Sweep Targets $35 Strike

By TrendSpider Editor

A dominant bearish options signal is flashing in Super Micro Computer (SMCI) today, with a single $1.41 million put contract at the $35 strike driving the bulk of $1.60 million in total unusual options premium detected on Tuesday. SMCI shares are trading at $41.015, down 1.83% on the session, sittin

Super Micro Computer Sees Heavy Bearish Options Activity as $1.4M Put Sweep Targets $35 Strike

A dominant bearish options signal is flashing in Super Micro Computer (SMCI) today, with a single $1.41 million put contract at the $35 strike driving the bulk of $1.60 million in total unusual options premium detected on Tuesday. SMCI shares are trading at $41.015, down 1.83% on the session, sitting in the middle of a wide 52-week range that spans from $19.49 to $58.775. The clustering of large put activity well below the current price raises questions about near-term conviction among sophisticated market participants.

Key Drivers of the SMCI Stock Move

• Main Catalyst: Three unusual options contracts were flagged today totaling $1,599,464 in premium. The most significant is a 3,000-contract put block at the $35 strike expiring March 19, 2027, carrying $1,413,000 in premium and an open interest ratio of 99%, indicating this position is nearly equal in size to all existing open interest at that strike.
• Bull Case: A call contract at the $60 strike expiring May 21, 2027 was also flagged, with an open interest ratio of 238%, suggesting the position is more than double existing open interest and that a meaningful number of participants are still positioning for a move significantly above current prices toward the 52-week high of $58.775.
• Bear Case: The $35 put block alone accounts for 88% of all unusual premium captured today, and the $35 strike sits roughly 14.7% below the current price of $41.015. A separate long-dated put at the $10 strike expiring December 15, 2028 adds additional bearish texture, with 648 contracts and $94,608 in premium, suggesting at least one participant is hedging against a more extreme downside scenario over a multi-year horizon.

The forward setup for SMCI is defined by persistent uncertainty around its financial reporting and competitive positioning in the AI server market. The stock has already experienced extreme volatility within its current 52-week range, trading as low as $19.49 before recovering toward current levels near $41. The outsized $35 put block with a March 2027 expiration gives bearish participants roughly six months for the thesis to play out. With total put premium today dwarfing call premium, the options market is leaning decidedly cautious heading into the final months of 2026 and into early 2027.

SMCI Unusual Options Activity

Three contracts were flagged as unusual on Tuesday, September 29, 2026, spanning both the bullish and bearish sides of the ledger:

• Call, $60 Strike, Expiry May 21, 2027: Volume of 164 contracts, open interest ratio of 238%, out of the money. Premium: $91,856.40.
• Put, $10 Strike, Expiry December 15, 2028: Volume of 648 contracts, open interest ratio of 1%, out of the money. Premium: $94,608.00.
• Put, $35 Strike, Expiry March 19, 2027: Volume of 3,000 contracts, open interest ratio of 99%, out of the money. Premium: $1,413,000.00. This is by far the dominant contract of the session.

The $35 put block is the clear standout, with its 99% open interest ratio indicating that this single trade nearly doubled the existing open interest at that strike in one transaction. Combined put volume today outnumbers call volume, and put premium represents the overwhelming majority of total unusual premium captured.

SMCI Seasonality

Historically, the final quarter of the calendar year can bring volatility to high-beta technology hardware names as institutional investors rebalance and year-end positioning accelerates. For SMCI specifically, the late September entry point for these put positions suggests bearish participants may be anticipating pressure through the first quarter of 2027.

SMCI Relative Performance

SMCI is down 1.83% today, trading at $41.015. The stock remains well off its 52-week high of $58.775 but has recovered substantially from its 52-week low of $19.49, meaning it has more than doubled from its lowest point over the past year while still trading roughly 30% below its annual peak. Today's session decline combined with the bearish options flow suggests the stock is facing near-term headwinds relative to its recent recovery trend.