Advanced Micro Devices Inc (NASDAQ:AMD) stock is up a whopping 26.6% to trade at $208.54 at last glance, amid news that OpenAI will take a 10% stake in the chipmaker. As part of the deal, OpenAI will deploy up to 6 gigawatts of AMD Instinct GPUs in the next few years, with a 1-gigawatt rollout in 2026. Plus, AMD issued the AI giant a warrant for up to 160 million shares.
AMD is trading just shy of its March 2024 record highs. The shares are on track for their best single-day percentage pop since April 2016, up 148.8% in just the last six months with recent support at the 20-day moving average. So far in 2025, the stock has added 72.3%.
Options bulls are already firmly in control, per the security's 10-day call/put volume ratio of 3.17 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the 99th percentile of readings from the past 12 months.
Bulls are doubling down today, with 729,000 calls and 421,000 puts traded so far, which is six times the options volume typically seen at this point. The most popular contract by far is the October 200 put, where positions are being sold to open.
