Noteworthy Thursday Option Activity: MRNA, NOW, AMD

ServiceNow (NOW) and Advanced Micro Devices (AMD) are exhibiting notable options trading activity today, with NOW's options volume reaching 62.3% of its average daily stock volume and AMD's at 59.1%. Specifically, long-dated $850 strike put options for NOW, expiring September 2025, are seeing elevated trading volume, potentially signaling bearish positioning or hedging interest. Concurrently, AMD's long-dated $160 strike call options for September 2025 are also trading with high volume, suggesting significant bullish speculative interest.

Analysis

ServiceNow (NOW) and Advanced Micro Devices (AMD) are both experiencing unusually high options market activity, indicating significant institutional positioning. Today's options volume for ServiceNow represents 62.3% of its average daily share volume, a notable concentration of activity. Specifically, the high volume in the long-dated September 2025 $850 strike put options, with 715 contracts traded, suggests that market participants are either establishing hedges against long positions or making outright bearish bets on the stock's long-term trajectory. In contrast, AMD's options volume equates to 59.1% of its average daily share volume, with a strong focus on the September 2025 $160 strike call options, where 34,270 contracts have traded. This activity signals significant bullish speculation, with traders positioning for substantial upside in AMD over the same long-term horizon. The divergence in these large, long-dated trades points to distinct institutional views on the future performance of these two major technology companies.

Key Decisions for Investors

• Investors should monitor the open interest and volume in the specified NOW September 2025 $850 puts and AMD September 2025 $160 calls, as these flows can be a leading indicator of evolving institutional sentiment.
• The significant bearish positioning in ServiceNow (NOW) options warrants a review of downside risk for long holders; this activity may signal that sophisticated investors are hedging or anticipating a future price decline.
• For Advanced Micro Devices (AMD), the substantial bullish call volume could be seen as a positive sentiment signal, but investors should also be prepared for potential volatility as significant options-related activity can amplify price swings.