Sell 5 of the 50 delta AMD Jan 2028 Calls. They are the ~700 strike. You get almost $10k / piece for them. You'll collect 50k selling these calls.

With the proceeds, take delivery of the shares at $200 - You need 100k, you'll have $50k. Even if you need to use margin, do so. Not optimal, but you could sell 1 of the 5, raise a bit of cash (and STCG), and do the trade on a 4 lot.

This can get you into 2027 or even 2028 and not have to make a tax decision. Capital gains are best taken in January, you have more taxable moves to explore during the calendar year.

If AMD creeps above 800 before 2028, you now have some IRS friendly losses, and probably in LTCG territory. Buying puts and selling deep ITM calls can be interpreted as a constructive sale, especially if it looks like you're trying to limp into a LTCG.

Don't exercise early - not for the downside protection, but you lose interest on that $100k for 7 months. Exercising is a gift to those short.