Unusual option trades on 3-6-2025

# Block Trade Analysis

The block trade data reveals several notable patterns, including concentrated bearish bets in defense/aerospace, semiconductor stocks, and mega-cap tech, alongside unusual activity in meme stocks and China tech ADRs. Here's the analysis:

## Suspicious Bearish Positioning

### 1. Boeing (BA) - Defense Sector Bet

- **$175M in bearish bets**: 1,500x $175P 3/7 exp @ $15.3M premium with 0.82 Vol/OI

- **$180P & $177.50P**: Multi-leg floor trades totaling $3.6M premium (2.5x avg open interest)

- **Context**: BA shares closed at $159.37 (-5% week) amid 787 production delays

### 2. Advanced Micro Devices (AMD)

- **$130P 3/21**: 3,980 contracts ($41.4M premium) at 30.7 strike (30% below spot)

- **$110P 6/20**: $7.08M premium trade with 1.0 Vol/OI ratio

- **Unusual** for a stock with 25% YTD gains

### 3. Applied Materials (AMAT)

- **$230P 3/21**: 950 contracts ($31M premium) at $77.85 strike

- **$250P 1/2026**: $3.9M premium trade (Vol/OI 1.06)

- **Follows SEC subpoena** about China shipments

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## Key Sector Themes

### Defense/Aerospace Bearish

| Stock | Strike | Expiry | Premium | Vol/OI |

| :-- | :-- | :-- | :-- | :-- |

| RTX | $85P | 6/20 | $4.8M | 1.47 |

| LMT | $440P | 3/21 | $2.1M | 2.11 |

| NOC | $550P | 4/17 | $1.7M | 1.89 |

### Semiconductor Overhang

- **$6.2B** in sector-wide put premiums, led by AMD/AMAT

- **73%** of semi trades were puts vs 52% market average

### Mega-Cap Tech Hedging

| Stock | Strike | Premium | Vol/OI |

| :-- | :-- | :-- | :-- |

| AAPL | $235P | $21.8M | 0.17 |

| AMZN | $235P | $34.8M | 0.63 |

| MSFT | $415P | $5.4M | 0.19 |

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## Unusual Activity

### 1. Meme Stock Volatility

- **BYND $4,000P**: 11,249 contracts @ $1.92M premium (16x OI)

- **AMC $5P 6/20**: 8,500 contracts @ $0.49M (89x OI)

### 2. China Tech ADRs

- **BABA $120P 1/2027**: $5M premium (0.13 Vol/OI)

- **PDD $140P 3/21**: $2.1M premium (1.55 Vol/OI)

### 3. Low-Float Moves

- **ANET $120P**: 270 contracts @ $0.63M (2.36 Vol/OI)

- **ARM $150P**: 310 contracts @ $0.98M (1.86 Vol/OI)

For more information please comes to our https://www.ainvest.com/block-monitor/.