U.S. stock futures are headed lower this morning, as the reality of this week’s geopolitical slate hit Wall Street. The recent NSA leak on Russian interference with the 2016 election upped the stakes for former FBI Director James Comey’s testimony before the Senate Intelligence Committee later this week, and the U.K. election continues to heat up, with potentially serious consequences for Brexit. As a result, traders are seeking out safe havens following recent market highs.

Heading into the open, futures on the Dow Jones Industrial Average are down 0.23%, while S&P 500 futures have lost 0.25% and Nasdaq-100 futures have fallen 0.21%.

On the options front, volume evaporated on Monday, as only about 12.1 million calls and 10.1 million puts crossed the tape. On the CBOE, rampant call activity forced the single-session equity put/call volume ratio to plunge to 0.51, its lowest reading of the past six months. As a result, the 10-day moving average retreated once again to 0.61 — on the verge of its own multimonth low.

Topping Monday’s options activity, Advanced Micro Devices, Inc. (NASDAQ:AMD) saw call volume surge as tech experts weighed in on the latest Intel Corporation (NASDAQ:INTC) offering, and found it lacking. Meanwhile, Nvidia Corporation (NASDAQ:NVDA) and other semiconductor makers continued to receive a boost from Computex 2017 in Taipei. Finally, Amazon.com, Inc. (NASDAQ:AMZN) is targeting government assistance consumers for Prime expansion.

Advanced Micro Devices, Inc. (AMD)

When Intel announced its new Core i9 processor line-up, analysts lined up to praise the offering as a major blow to AMD’s recent efforts … even I jumped on the bandwagon. But the tech experts have had time to finally weigh in, and the new Core i9 appears to be embarrassingly rushed compared with AMD’s Threadripper platform. Pricing was immediately evident, with AMD having a clear edge, but Intel’s confusing architecture on the new i9 processors has led more than a few tech experts to express deep concern over the CPU (video).

As a result, AMD stock bounced back more than 3% on Monday, recovering most of the ground it lost following Intel’s announcement. What’s more, AMD options traders are pouring back into calls, with these typically bullish bets making up an above-average 81% of the more than 270,000 contracts traded yesterday.

A closer look at June open interest reveals that calls have quickly become the options of choice among short-term traders. Specifically, the June put/call OI ratio has plunged from its mid-May perch at 1.04 to its current reading of 0.63, with calls being added at a considerably faster pace than puts in the past several weeks. Remember, this bullish enthusiasm comes amid a fresh offering from Intel, which is quickly falling flat with the tech community. Look for more upside for AMD as this story plays out.

Nvidia Corporation (NVDA)

Computext 2017 has emerged as a major driver for a tech sector hungry for additional details on the latest high-end CPUs and tech offerings. Among those gaining ground during the conference, Nvidia unveiled its new MAX-Q gaming laptop technology, which uses improved algorithms and hardware designs to create more power in a smaller laptop design. The unveiling served to provide more fuel for the NVDA stock fire, which has seen the shares surge nearly 40% since the beginning of May.

Despite the company’s and NVDA stock’s recent success, options traders have been increasingly obstinate regarding the shares. On Monday, speculative traders gave the impression of more bullish activity, with calls making up 61% of the more than 386,000 contracts traded on NVDA stock. However, the June put/call OI ratio continues to rise, hitting 1.44 this morning, up from 1.37 on May 31.

NVDA remains overbought, and options traders may be trying to hedge a reversal following the recent surge, but, so far, this appears to be a losing game for the bears.

Amazon.com, Inc. (AMZN)

According to Wells Fargo, some 155 million Americans visited Amazon.com in the first-quarter, representing 63% of all U.S. internet users for the period. That’s staggering, but Amazon doesn’t appear satisfied yet. The company announced yesterday that it is slashing the price for a Prime subscription nearly in half for consumers on government assistance. Currently going for $99 a year, or $11 per month, consumers with a valid electronic benefit transfer (EBT) card will only pay $6 per month for Prime. Amazon is also working on ways to include those on assistance that do not use the EBT program.

With AMZN stock topping $1,000 in the past week, most traders have been focused on this milestone. Options traders have slowed their recent flood of call options in favor of a more defensive stance. On Monday, AMZN saw 212,000 contracts change hands, with calls and puts split practically down the middle.

The result of this recent mixed activity is a June put/call OI ratio of 1.30 — a middling reading for AMZN, with a modest focus on put activity. That said, most of these puts appear to be of the sold-to-open variety, with peak put OI for the series totaling 2,800 contracts at the deep-out-of-the-money $900 strike.

As of this writing, Joseph Hargett did not hold a position in any of the aforementioned securities.