Applied Materials Inc. (AMAT)
AMAT Daily Delta Exposure
AMAT's current Delta Exposure (DEX) is 10.2M shares, which is 55% larger than the 3M average of 6.57M shares. During this period, DEX ranged from 1.44M on May 30, 2025 to 12.39M on Jul 15, 2025, with dealers maintaining net short exposure requiring continuous hedging. Delta exposure has been increasing recently, forcing increased dealer shorting that could cap rallies. The current put-call delta ratio of 0.38 shows bullish call positioning but leaves the market vulnerable to pullbacks. Near extreme DEX levels suggest potential for mean reversion as positions unwind.
DEX History
| Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 13, 2025 | 16,449,389.54 | -6,248,164.79 | 10,201,224.75 | 0.38 |
| Aug 12, 2025 | 15,485,687.58 | -6,334,130.86 | 9,151,556.72 | 0.41 |
| Aug 11, 2025 | 13,973,960.06 | -6,849,778.25 | 7,124,181.81 | 0.49 |
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