Applied Materials transcript from SEMICON West 2026 presentation
The transcript itself carries no positioning signal, and options are balanced, so the money shows no clear lean either way.
Seeking Alpha · 10/13
Undercurrent · Money-flow snapshot
AMAT Max Pain, Dark Pool & Options Flow
AMAT max pain for the Oct 16, 2026 expiry is $495, from the Tue Oct 13 options chain. The last price, $464.24, is 6.2% below it. Call wall $530 · put floor $400.
What the institutional money is doing on AMAT right now — dark pool, options positioning, and where the news and the money disagree. Free.
The money right now
Dark pool share
41.0% (market avg 51%)
Dark pool volume vs its norm
2.1×
Short share of that
31.0% (norm 39%)
Price
$464.24
Max pain
$495
Oct 16 exp
Call wall
$530
Oct 16 exp
Put floor
$400
Oct 16 exp
Put/Call ratio
1.09
Squeeze pressure
25
Dark pool share: Off-exchange volume ran 2.1× its norm — and only 31% vs a 39% norm of it was short
Off-exchange prints never touch the public book, so they move size without moving the quote. That is the point of using them. Volume rose while the short share stayed low, meaning most of that extra size was not sell-side. This is what quiet accumulation looks like on the tape.
Source: FINRA · Tue 10/13 close
What it means: Off-exchange trading in AMAT on Tuesday 10/13 close reached 41% of volume, below the 50.7% market average, while that off-exchange volume ran 2.11x its own 20-day norm. Calls and puts are balanced in open positions, and calls lead in traded volume. Watch whether the price holds above the $400 Put Floor, which sits outside the ±5.4% move options price for the 10/16 expiry.
News vs the money
Applied Materials sees AI driving market share gains and higher margins through 2030
The 2030 targets are long-dated, while the option and off-exchange data reflect short-term positioning, so the money does not confirm or contradict them.
MarketBeat · 10/13
Why Applied Materials fell today after its investor presentation
Options are balanced and calls lead in traded volume, so the money does not show the bearish pressure the drop implies.
The Motley Fool · 10/13
Chip equipment stocks fall as investors take profits after a strong year; Applied Materials down 7%
The sector sell-off is a broad profit-taking move, while AMAT's off-exchange volume running at 2.11x its norm points to heavy trading, though the open-position balance shows no clear bearish lean.
24/7 Wall Street · 10/13
Applied Materials expects to outperform as AI keeps demand strong for wafer fab equipment
The company's positive outlook is not contradicted by the money, since calls lead in traded volume and off-exchange trading ran above its norm.
GlobeNewsWire · 10/13
See it live, free
Get Undercurrent — the news behind the money →Add AMAT to My Watchlist in the free SIGNUM HQ app (iPhone · Android) →New to this? Why'd It Move? turns today's move into a 60-second lesson →What is a “divergence”?
A divergence is when the news narrative and the institutional money flow point in opposite directions — a bearish headline while large call premium is bought, or heavy dark-pool selling under a bullish story. It signals the crowd and the desks may disagree.
How to read these numbers
Dark-pool volume — The share of trading executed off-exchange, at wholesalers and dark pools. About half of all US share volume prints there on an ordinary day, so the level by itself says almost nothing. What carries information is the distance from this name’s own recent norm, and whether the off-exchange size ran above its usual.
Off-exchange short share — How much of that off-exchange volume was sold short. The median across all listed names is about 49%, because wholesalers filling retail buy orders sell short and cover later. A reading near half is plumbing, not a bearish vote — compare it to the same name’s own 20-day norm.
Max pain — The price where the most options expire worthless — positioning often gravitates toward it near expiry.
Call wall / Put floor — Strikes with the heaviest call/put open interest — they often act as short-term resistance and support.
Put/Call ratio — Below ~0.7 leans bullish (more calls); above ~1 leans defensive (more puts).
Nearby tickers
Today’s off-exchange leaders → · See all tickers →Today’s rankings — what broke from normal
Learn the numbers