A trader spent $129 million buying put options on the VanEck Semiconductor ETF (SMH), making it the largest options trade of the session. The position consists of 20,100 contracts with a 630 strike price expiring November 20, 2026, at a premium of $64.35 per contract. For the trade to be profitable, SMH would need to fall about 5% from its current level around $595 to below approximately $565.65. The semiconductor sector has already experienced a drawdown exceeding 10% earlier in 2026, and this large trade could amplify downward pressure as dealers hedge their exposure.
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