Yet despite these tailwinds, the stock has broken its uptrend. This implies AMD's recent rally is based on expectations of a slew of processor releases for the 2nd quarter. With COVID delays and supply chain complications this doesn't seem particularly likely. Furthermore, much of AMD's revenue growth will take place in the corporate/datacenter markets from here on out. The enthusiast market is already saturated while mid- to low-end customers are likely to focus on spending thriftily. Hence, instead of a breakout, AMD's stock seems likely to take a nosedive on any news that processor releases will be delayed and/or the processors being released are OEM/low-end products.
Expect a much smaller hit than the nosedive pictured here if the release is not delayed and any OEM processor releases are paired with new OEM partners.
We got an announcement about AMD products in the corporate/datacenter, which should juice the stock price. Remember that this is an incremental rollout of a product already in service. AMD's valuation likely already accounts for this. Expect the hype to be short-lived.
This price action should not occur later than June 9th. Too much time between the drop on may 26-27 and the subsequent recovery will cause AMDenied's general thesis to be called into question. Thus it's time to wait and see.
Due to the low price of these puts it's extremely likely any attempt to sell them will result in little to no return. This is a risky put - but given the price action, I feel it's justified.