Advanced Micro Devices options market prices an 8.5% post-Q2 earnings move

Advanced Micro Devices is heading into its Aug. 4 Q2 2026 earnings release with heightened investor attention on AI-driven growth. The article says options markets are pricing in an 8.5% post-earnings move, implying a trading range of $440.39 to $522.67. Near-term options activity shows stronger call buying, but overall open interest slightly favors puts, suggesting traders are hedging for downside risk even as sentiment remains constructive. The heaviest positioning is concentrated at the $500 call and $400 put strikes. Overall, the setup indicates a high-expectation earnings event where AMD likely needs to deliver strong AI and guidance upside to justify its elevated valuation and recent momentum.