TradFi News | AMD Rises 2.4% Ahead of Earnings as Options Price a 9% Move; On-Chain Longs and Shorts Share a $522 Cost Basis

AMD shares rose about 2.4% to around $478 in pre-market trading on Tuesday, November 3, ahead of the chipmaker’s third-quarter results after the US market close. The earnings call is scheduled for 5:00 p.m. ET.What Analysts ExpectAnalysts expect third-quarter revenue of about $13.1 billion and adjusted earnings of $1.95 per share. AMD’s own guidance called for revenue of $13 billion, plus or minus $300 million, with a non-GAAP gross margin of about 56%.AI will be a central focus. AMD confirmed on October 27 that its first Helios racks had been installed and tested at Meta, and investors will look for details on the rollout pace and early profitability.Longs and Shorts at the Same PriceOn-chain AMD contracts show traders split almost evenly ahead of the report. According to TradingBeats, 27 addresses hold positions worth more than $100,000 each, totalling about $11.95 million. Nine long positions worth about $5.82 million have an average entry price of about $522.58, while 18 short positions worth about $6.13 million average about $522.37, just $0.21 apart. With AMD trading below that level, only two of the nine longs are in profit, against 15 of the 18 shorts. The largest long, at about $4.05 million with an average entry of $527.38, shows an unrealized loss of about $419,000. New buyers have also stepped in: two addresses opened longs worth about $285,000 and $232,000 at average prices of $475.34 and $467.78.Options Price a 9% MoveAMD options imply a large post-earnings swing. Based on Cboe prices near Monday’s close, a call and put at the $467.50 strike expiring on November 4 cost about $42.55 per share combined, roughly 9% of the stock price. A trader buying both would profit only if AMD moves above $510.05 or below $424.95 by expiry. For contracts expiring on November 6, the combined cost is about $48.20, with break-evens at $515.70 and $419.30.