Advanced Micro Devices Inc (NASDAQ:AMD) stock is moving 2.1% lower this morning, brushing off an "overweight" initiation from Piper Sandler. The analyst in coverage set its price target to $600, citing the chipmaker's GPU potential from deals with companies like Meta Platforms (META) as major long-term growth drivers.
AMD has spent the last few months consolidating below its June 30 record high of $584.73. The shares are up 143% in 2026 heading into today, with a floor of support emerging at $450.
Options traders have been loading up on puts. The stock's Schaeffer's put/call open interest ratio (SOIR) of 1.12 ranks higher than 81% of readings from the past 12 months, showing short-term options traders are more call-heavy than usual.
Premium is affordably priced, per AMD's Schaeffer's Volatility Index (SVI) of 51%, which ranks in the 21st percentile of its annual range. Lastly, the stock's Schaeffer's Volatility Scorecard (SVS) of 83 out of 100 indicates it has consistently exceeded expectations during the past year.
