Advanced Micro Devices' New Chip Ramps Up Competition

The equity could snap a three-day losing streak

Digital Content Manager
Dec 7, 2023 at 10:02 AM
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Advanced Micro Devices, Inc. (NASDAQ:AMD) has stolen the spotlight amid the emergence of artificial intelligence (AI), and it's in focus once again today. The semiconductor giant launched a new generation MI300X series AI chip, expected to compete with Nvidia's (NVDA) AI processor. The company also sees a $45 billion market for its data center AI processors in 2023, and expects it to rise to $400 billion by 2027.

AMD is up 4.7% to trade at $122.27 at last glance, bouncing off the $116 level after facing rejection at the $125 mark last week. The shares are set to snap a three-day losing streak today, and boast an 80.4% year-to-date lead.

At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), AMD sports a 10-day call/put volume ratio of 1.96 that ranks in the 85th percentile of its annual range. This means calls have been favored over puts at a faster-than-usual clip in the last two weeks.

Options traders are sticking to this trend today, with 147,000 calls and 50,000 puts today, volume that is four times the intraday average amount. The most popular contract is the 12/8 125-strike call, but positions are being opened at the 122-strike call in that weekly series.

 

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