SMCI Options Traders Make a $1.3 Million Bearish Bet Expiring in Late 2028

By TrendSpider Editor

Super Micro Computer (SMCI) is drawing attention in the options market after a single unusual put contract worth $1,306,875 in premium landed on the tape, signaling a notable bearish position with a long time horizon stretching to December 2028. SMCI shares are trading at $35.15 today, up just 0.17%

SMCI Options Traders Make a $1.3 Million Bearish Bet Expiring in Late 2028

Super Micro Computer (SMCI) is drawing attention in the options market after a single unusual put contract worth $1,306,875 in premium landed on the tape, signaling a notable bearish position with a long time horizon stretching to December 2028. SMCI shares are trading at $35.15 today, up just 0.17% on the session, and sit roughly in the middle of their 52-week range of $19.49 to $54.08. The size and structure of this trade suggest a well-capitalized player is making a deliberate, long-dated directional bet against the stock.

Key Drivers of the SMCI Stock Move

• Main Catalyst: A single put contract at the $23 strike, expiring December 15, 2028, printed with a size of 2,125 contracts and open interest of 134%, generating $1,306,875 in total premium. The OI percentage exceeding 100% confirms this is new positioning rather than a roll of an existing trade.
• Bull Case: At $35.15, SMCI is trading more than 52% above the $23 put strike, meaning the stock would need to fall dramatically for this position to pay off. The current price is also well above the 52-week low of $19.49, suggesting the market has already priced in considerable downside risk over the past year.
• Bear Case: The $1,306,875 premium commitment on a deep out-of-the-money put with a multi-year expiration is not a casual hedge. This is the kind of trade that suggests the buyer anticipates a sustained deterioration in the stock, potentially targeting a breakdown toward or below $23, which would represent a decline of roughly one-third from the current price.

The forward setup for SMCI remains complex. The stock has spent much of the past year recovering from its 52-week low of $19.49, but it remains well off its 52-week high of $54.08, leaving it in a wide and unresolved range. A long-dated, out-of-the-money put of this magnitude often reflects concern about a structural issue rather than a short-term catalyst, and with the December 2028 expiration giving the position over two full years to play out, the trade is built to withstand near-term volatility. Investors watching SMCI should treat this options flow as a data point worth monitoring, particularly if additional bearish positioning begins to accumulate at similar strikes.

SMCI Unusual Options Activity

One unusual contract was flagged in today's session for SMCI:

• Type: Put | Strike: $23 | Expiry: December 15, 2028 | Volume: 2,125 | Open Interest: 134% of prior OI

This is the only contract flagged today, making it the entire basis of the unusual activity signal. The 134% open interest reading confirms the position is entirely new and was not drawn from pre-existing contracts. With zero calls flagged and one put driving $1,306,875 in total premium, the options flow for SMCI today is unambiguously one-sided to the downside.

SMCI Seasonality

Late October has historically been a transitional period for technology and server hardware names, as third-quarter earnings results and forward guidance begin to reshape sentiment heading into year-end. A multi-year put position initiated in this window may be designed to capture any negative guidance revisions or macro headwinds that could weigh on SMCI through 2027 and into 2028.

SMCI Relative Performance

SMCI's 0.17% gain today is essentially flat, offering little directional conviction from price action alone. With the stock trading at $35.15 against a 52-week range of $19.49 to $54.08, it sits closer to the midpoint of that range, underperforming peers that have reclaimed highs in the AI infrastructure space. The lack of price momentum, combined with today's bearish options flow, suggests the market is not yet rewarding SMCI with the same confidence extended to some of its direct competitors in the server and data center hardware segment.