AMD stock sees unusual options activity as whale calls dominate

Big investors placed a flurry of options bets on Advanced Micro Devices (NASDAQ: AMD stock), according to Benzinga’s options scanner, which flagged 32 unusual trades.

Calls outnumbered puts, and the largest tickets targeted a wide range of strikes from $140.0 to $280.0 over the last three months.

The trading activity occurs because AMD’s stock price stands at $215.89, while momentum indicators show no clear direction, and the company will release its next earnings report in 34 days.

The Seeking Alpha analysis from recent times showed the stock entered a bear market during Q4, but the price stayed above $195, which showed both positive business development targets and potential market competition threats.

Benzinga flags 32 unusual AMD options trades. The number of calls exceeds the number of puts while whales focus on buying between $140.0 and $280.0.

The stock price currently shows $215.89 while investors wait for earnings announcements to happen in the following 34 days.

What the options tape shows

Benzinga reported the overall sentiment among large traders was split between 46% bullish and 28% bearish.

The premium value from 23 call contracts reached $1,565,207, while 9 put contracts generated $761,064 in premium value.

The dataset shows how investment duration affects market standing through its most detailed data presentation.

• PUT trade, 02/20/26 expiry, $260.00 strike, priced at $47.3 for a total of $473.0K
• CALL trade, 05/15/26 expiry, $230.00 strike, priced at $23.5 for a total of $235.0K
• CALL sweep, 01/09/26 expiry, $217.50 strike, priced at $5.55 for a total of $222.0K
• CALL trade, 01/21/28 expiry, $180.00 strike, priced at $86.69 for a total of $147.3K
• CALL sweep, 01/16/26 expiry, $217.50 strike, priced at $7.54 for a total of $82.8K.

The volume and open interest data, which Benzinga analyses, enable users to understand market liquidity and interest levels at these particular strike prices.

The Benzinga analysis demonstrates that whales have dedicated their market buying activities to the $140.0 to $280.0 price range throughout the last three months.

Price range and near-term setup

At the time of the scan, AMD’s trading volume stood at 6,099,232, and the stock was up 0.26% to $215.89.9.

The current RSI values showed market conditions remained between overbought and oversold states according to Benzinga.

The company will disclose its earnings results through an official announcement, which will occur in 34 days, to verify or reject market expectations based on present options market data.

Analyst view and broader context

Benzinga noted that 1 professional analyst weighed in over the past 30 days with an average price target of $277.0.

The analysts at Truist Securities assigned a Buy rating which included a $277 price prediction.

Separately, a Seeking Alpha analysis by JR Research said AMD fell into a bear market in Q4 but found support above $195.

The company needs to achieve 30% revenue growth during FY2028 to prove the positive outlook about AI rack scale deployments and strategic partnership development because Nvidia and Google, and Amazon’s custom chips create obstacles for the company.

The investment risk of options exceeds shares, but traders who master this strategy can achieve better returns, according to Benzinga who notes that seasoned traders monitor various market signals while actively controlling their investment portfolios.

The recent AMD options trading shows call options dominance because investors made multiple large trades between $140.0 and $280.0 strike prices while the stock price remains at $215.89 before the earnings announcement.

The current analyst target price for this stock stands at $277, but most analysts predict the company will face intense competition while working to achieve its aggressive expansion targets.

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