A significant bullish options trade was recorded for AMD involving long-dated LEAPS (Long-term Equity Anticipation Securities). The trade involved buying 1,936 call options at the $240 strike price with an expiration date of June 18, 2026. The expiry is under a year away, yet the trade reflects long-term bullish conviction. Each contract was purchased for $8.98, resulting in a total premium of $1.7 million—a strong indicator of institutional interest.
At the time of the trade, daily volume for the contract came in at 2,206, while open interest sat at 2,861. This yields a Volume/Open Interest (V/OI) ratio of ~0.77. Potentially, this indicates new positioning rather than mere adjustments. Furthermore, the type of order is a “Sweep”, often used to execute large orders quickly across multiple exchanges. This order type is frequently associated with urgency and conviction. The trade was executed with the underlying AMD stock trading at $162.84, indicating that the $240 strike is quite out-of-the-money, emphasizing a long-term bullish bet.
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On August 6th, there was a notable surge in trading activity for the AMD $240 Call option expiring on June 18, 2026. Volume jumped to 2,352 contracts, while the open interest remained at 2,861 contracts. This spike in volume suggests that the majority of these contracts were likely newly initiated positions rather than closing existing ones.
The Volume/Open Interest (V/OI) ratio stands at ~0.82, which indicates substantial new speculative interest. Additionally, the contract closed at $9.25 with an implied volatility of 44.52%, reinforcing the idea that traders are positioning for a significant move in AMD’s stock over the long term. The table also shows this is the first major activity for this contract, hinting at fresh bullish sentiment in AMD LEAPS.
More Notable Options Trades Observed
Another large bullish sweep order hit the tape for AMD. The contract specifications include a strike of $140 and an expiry of November 21, 2025. The trade involved the purchase of 400 contracts at a price of $27.25 per contract, totaling a $1.1 million premium. This was executed when AMD’s stock was trading at $158.81, placing the strike price in-the-money.
The daily volume for this contract is 437 contracts. Compared to an open interest of 2,135, this results in a V/OI ratio of approximately 0.2, suggesting these may be additive rather than dominant new positions. The fact that this was a sweep order implies urgency in execution, often a sign of institutional conviction. With just over 3 months until expiration, this sizable in-the-money position suggests a bullish stance on AMD continuing its momentum into late 2025.
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AMD recently reported its second-quarter 2025 earnings, with results and forecasts that attracted significant market attention. For the quarter ending June 2025, AMD posted revenue of $7.7 billion, up 32% year-over-year, and adjusted earnings per share of $0.48. The posted figures matched analyst consensus, but slightly below some bullish expectations. Net income reached $872 million, a substantial increase over the same period last year. Though, results were weighed down by an $800 million inventory write-down linked to U.S. export controls restricting sales of its advanced AI chips to China
The company saw robust demand for its Ryzen desktop CPUs—especially the new Zen 5 line—and EPYC server processors. The Client and Gaming segment delivered exceptional growth. Revenue climbed 69% year-over-year to $3.6 billion, driven by record client CPU sales and a surge in gaming chip demand. The Data Center segment, which includes AI and server chips, achieved $3.2 billion in revenue, up 14% from last year.
About AMD
AMD (Advanced Micro Devices) is a leading American semiconductor company that designs and manufactures high-performance computing and graphics products. Founded in 1969 and headquartered in Santa Clara, California, AMD is best known for its CPUs (Central Processing Units) and GPUs (Graphics Processing Units). The company’s chips power everything from personal computers and gaming consoles to data centers and artificial intelligence workloads.
Its main product lines include the Ryzen series for consumer PCs, EPYC processors for servers, and Radeon graphics cards. AMD is a major competitor to companies like Intel and NVIDIA and plays a critical role in advancing technologies in gaming, cloud computing, and AI-driven applications.
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| Firm | Rating | Updated |
|---|---|---|
| CFRA | ★★★★★ (5 stars) | 08/06/2025 |
| Market Edge | Long | 05/14/2025 |
| Argus | Buy | 07/07/2025 |
| Morningstar | ★★★ (3 stars) | 08/06/2025 |
| LSEG | Outperform | 08/05/2025 |
| Schwab Equity Ratings | D | 08/06/2025 |
The analyst ratings for AMD as of August 6th, reflect a mostly bullish to cautiously optimistic sentiment across major research firms. CFRA gives AMD a strong endorsement with a 5-star rating, indicating a high level of confidence. Market Edge also expresses bullishness with a “Long” rating, a notable shift from previously more neutral stances.
Argus maintains a “Buy” rating, reinforcing its positive outlook. Morningstar provides a more moderate view with a 3-star rating, suggesting the stock is fairly valued. LSEG (formerly Refinitiv) rates AMD as “Outperform”, indicating expectations for the stock to do better than the broader market. On the bearish end, Schwab Equity Ratings stands out with a “D” grade, suggesting a relatively negative outlook, despite the positive consensus from other sources.
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Disclaimer: Options trading involves significant risk and is not suitable for all investors. You may lose the entire investment, and certain strategies may result in losses exceeding the initial amount invested. Past performance does not guarantee future results. This content is for informational purposes only and should not be considered investment advice. Always consult a financial or tax advisor before making investment decisions.
