$18.3M SMH Put Wall - Institutions Layering Bearish Protection Across Timeframes

$18.3M institutional options bet on SMH. Smart money just loaded up on $18.3 MILLION in SMH puts across two distinct timeframes today -- $15.5M on January 2027 LEAP $370 puts and $2.8M on near-term February 13 $405 put... Full analysis includes gamma levels, implied moves, price targets, and three t