While Nvidia's (NVDA) earnings report is lifting many Big Tech names today, Advanced Micro Devices Inc (NASDAQ:AMD) and Micron Technology Inc (NASDAQ:MU) are not so happy to see their competitor thrive, despite renewed AI trade optimism. In fact, both semiconductor stocks reversed earlier gains.
AMD was last seen down 6% to trade at $209.05, pacing for its sixth-straight daily drop. Shares are extending their pullback from an Oct. 29, all-time high of $267.08, after a failed attempt to conquer that peak earlier this month. The security still sports an 73% year-to-date lead, though.
Bearish bets on AMD have been more popular than usual of late. This is per its 10-day put/call volume ratio over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 96% of annual readings.
Meanwhile, MU is pacing for its fourth-straight negative session, down 7.7% at $208.48 at last check. The equity is taking a breather from its Nov. 17, record high of $260.58, but still boasts an impressive 150.2% year-to-date lead. What's more, the 50-day moving average looks poised to contain today's pullback.
Drilling down to today's options activity, MU has seen 156,000 calls and 152,000 puts traded so far, which is double the amount typically seen at this point. Most active is the weekly 11/28 220-strike put, where new positions are currently being bought to open.
