AMD Options Signal $230 Bull Call Play as KeyBanc Upgrades Target to $270 – Here’s How to Position

• AMD surges 6.37% to $220.93, breaking above 30D MA ($213.97) and testing Bollinger Upper Band ($224.26)
• Options data shows heavy call OI at $230–$300 strikes, with block trades hinting at institutional positioning
• KeyBanc raises 12-month target to $270, citing AI-driven server CPU demand and 50% revenue growth potential

The market is whispering: AMD’s next move hinges on $223.11

AMD’s 6.37% intraday rally has created a critical inflection point. While the RSI (42.44) suggests oversold conditions, the MACD (-2.79) and bearish 200D MA ($166.25) hint at lingering caution. But here’s the twist: options data tells a different story. The $230 call (AMD20260123C230) has 2,778 open contracts—nearly double the $225 call—while block trades show a $2.3M bet on the $230 strike. This isn’t just retail hype; it’s institutional conviction.

Options OI and Block Trades: A Bullish Playbook

Let’s break down the numbers. The top OTM calls for this Friday ($230–$300) have 17K–29K open interest, while puts ($100–$200) mirror that volume. The near-even put/call ratio (1.00) suggests balanced risk, but the block trades tell a clearer tale. A $3.1M sell of AMD20260116C212.5 and a $2.3M buy of AMD20260116C222.5 indicate a short-term strangle play. Meanwhile, the $230 call (next Friday expiry) has 2,778 OI—triple the $225 strike. This isn’t random. Traders are hedging a breakout above $223.11 (intraday high) with calls that profit if AMD hits $230 by Jan 23.

News Flow: AI Hype Meets Real Demand

KeyBanc’s $270 target isn’t just a number—it’s backed by data. Hyperscalers have sold out AMD’s 2026 server CPU inventory, and ASPs could rise 10–15% in Q1. The recent 6% rally aligns with this narrative, but insider sales ($63.7M by CEO Lisa Su) add a wrinkle. Think of it this way: insiders are trimming positions, but the broader market is buying the AI story. At CES 2026, AMD’s Helios AI platform and MI500 previews position it to challenge Nvidia—just ask the 2,778 traders who bought the $230 call.

Actionable Trades: Calls, Breakouts, and Risk Zones

For options players: AMD20260123C230 is the standout. If AMD closes above $223.11 (intraday high) by Friday, this $230 call could see 20–30% gains. For stock buyers: consider entry near $215.35 (30D support) with a stop below $214.99 (intraday low). A breakout above $224.26 (Bollinger Upper) targets $230–$240. Bearish? A put spread at $200–$190 (AMD20260123P200 + AMD20260123P190) could profit if sentiment shifts.

Volatility on the Horizon

AMD’s story isn’t just about today’s 6% pop—it’s about tomorrow’s AI-driven revenue surge. The 30D RSI at 42.44 suggests a rebound is likely, but the 200D MA ($166.25) remains a psychological floor. If AMD holds $215.35, the $230–$240 range becomes a new battleground. This is where the $230 call and $215 support converge—play it like a chess game: position early, watch the Bollinger Bands, and let the AI hype do the rest.