---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40259346.md"
description: "$AMD(AMD.US) is not the only one afraid of heights; it turns out $AMD(AMD.US) has also made an emergency U-turn from an offensive stance to a defensive one.Looking at the recent Put/Call volatility spread (Skew Slope) trend chart, we can see that the spread only briefly touched the zero line on a certain trading day—the moment when Call volatility was exactly equal to Put volatility—after which Put volatility rapidly surged, currently showing a strong rebound trend (up about 11.71). This indicates that the market has switched from a brief neutral sentiment to a strong defensive mode in an instant: everyone is scrambling to buy Puts for protection, fearing the risk of a pullback after the stock price continues to surge.The yellow line chart (historical 14-day 50-Delta implied volatility trend) further illustrates the point. This time, pre-earnings volatility has been pushed to a higher level than all previous earnings weeks. Sentiment is indeed "full," but it's not optimism; it's mostly fear of heights—abnormally high implied volatility means the market is extremely worried about the uncertainty of the May 5th earnings report, preferring to spend more on protection rather than chasing the rally naked.Looking at the single-day positioning flow chart, although the bulls are still building Calls, the bears' actions are clearly more aggressive: the intensity of Put accumulation and Call unwinding is greater. The overall flow has shifted from offense to defensive reduction.Since $AMD(AMD.US)'s earnings are scheduled for May 5th, we focus on the option positioning distribution expiring on May 8th. The current stock price is around $334. Looking upward, resistance isn't actually dense; it must surge above $400 for significant Call accumulation to appear. Looking downward, support is equally weak; it must fall to around $275 for Put accumulation to start, and the max pain point is still at $280.Seeing such an asymmetric positioning distribution—sparse Calls on the upside, low Put pain points on the downside—it's hard not to be afraid of heights. The market naturally chose to hit the brakes and switch from attack to defense.In short, the option logic is consistent: the volatility structure is calling for defense, the positioning flow is calling for defense, and the option distribution is also calling for defense. $AMD(AMD.US) is highly likely to maintain this "fear of heights" mentality in the short term, with caution being key before earnings."
datetime: "2026-04-28T12:28:14.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40259346.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40259346.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40259346.md)
author: "[LionKing333](https://longbridge.com/en/profiles/15271482.md)"
---

# $AMD(AMD.US) is not the only one afraid of heights…


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