$SMH June 23rd, 2026 The Asia Margin Call Flush!Semis got smoked today, and the tape confirms institutions were buying protection hard.Put volume ran 4.4x calls, and net premium was almost entirely puts: +$48.6M put premium vs basically flat/negative calls.The monster print was 50,000 contracts of Jul 17 $540 puts — a huge July hedge.My line in the sand is $600. Hold it and semis can stabilize. Lose it clean and the tape opens the door to 580 → 540 as the downside hedge zone.NFA