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Options markets tend to concentrate risk around earnings dates, and positioning in semiconductor names has sharpened going into this cycle.
Advanced Micro Devices is pricing a move of 8.5% in either direction on the company's second-quarter results, according to derivatives market data.
What the implied move signals An implied earnings move is a measure of uncertainty, not direction.
It represents the market's aggregate estimate of how far a stock might travel when a result lands, derived from the cost of near-dated options around the event.
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